Search Outer Banks Short Sales - Corolla - Nags Head - Hatteras -OBX

Aug. 4, 2010 - PRLog -- All OBX Short Sales are listed for free at http://www.TheDeanAgency.com

Outer Banks Short Sales - A short sale is explained in detail later  in our Buyer Guide, but basically it involves a seller selling a property "short" of the net amount needed to pay off the mortgage. "Distressed, Underwater, Upside down and negative equity" are all terms used to describe these short sale properties. The distressed resort property buyer gets the distinct advantage of buying at the lowest possible market value and a house that is furnished, in a rental program and already running. These short sales are also sold "As Is", meaning the distressed sellers will not do repairs prior to closing. We always encourage inspections - home inspection, pest inspection and pool/spa inspection prior to closing to evaluate the property. The burden of negotiation will mostly fall on the listing agent, negotiating the lowest possible price with the seller's lender. The buyer and seller can usually agree very quickly on a low price because the seller will receive no proceeds from the sale. The linchpin of all short sales is that the seller's  mortgage holder  must agree to the terms of the contract negotiated between the buyer and seller.  This does not happen automatically; the seller's lender must have the property appraised and will require something close to market value if at all possible. In many cases the seller's lender will also negotiate, asking for a slightly higher price if the comparable sales support this. The short sale  process on the Outer Banks  typically takes 30-90 days to negotiate with the bank and then 30 days for the short sale contract to close. We are finding that Outer Banks short sales have a lot to offer our buyers who are patient. Although the short sale takes a while to complete, the advantages make it one of the best distressed property options on The Outer Banks today. Nags Head, Corolla, Duck, Hatteras and Kill Devil Hills have all offered excellent short sales this year for our clients.
All OBX Short Sales are listed for free at http://www.TheDeanAgency.com

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Outer Banks & Nags Head NCShort Sale Homes and Bank Owned Property for Sale. Contact our Short Sale specialists - oceanfront, golf course, luxury bank owned homes & OBX Short Sales for sale. Our Brokers will email current OBX foreclosure list. Bank Owned-Short Sales OBX