Looking to Buy Short Sale in Inland Empire? Read this first....

Are you a homebuyer looking to buy a short sale home at a low price in today’s Short Sale market? Before you go out and start looking for a short sale home, understand the short sale process first.
By: Legacy Homes Realty - "Where Homes Matter"
 
 
Inland Empire Short Sales
Inland Empire Short Sales
Sept. 18, 2012 - PRLog -- Are you Buying a Short Sale Home? - Are you a homebuyer looking to buy a short sale home at a low price in today’s Short Sale market? Before you go out and start looking for a short sale home, understand the short sale process first.  In a Short Sale the current homeowner owes more to the bank than the home is currently worth, so he/she is underwater on their home mortgage. For example, Mike Jones has a mortgage of $450,000 but his home is now only worth $250,000 in today’s real estate housing market. So Mike Jones can choose to Short Sale his house, and negotiate with the real estate agent and his lender to allow the seller to sell his home for $250,000 and accept a “short payoff”, aka forgiveness, of the remaining balance. This allows the seller to walk away from his home without owing anything else to his bank (must be primary home), and also allows a buyer to get a bottom price in today’s market. Short sales are becoming increasingly popular due to its abilities to assist homeowners in today’s Real Estate market.

When you purchase a short sale, you, the buyer, have a lot of leverage. The bank who currently holds the mortgage on the home is afraid that the current home owner will just walk away, and let the property slide into a foreclosure, where it may take the bank an additional 5 to 6 months to evict any occupants, all while not receiving any mortgage payments. Further, if the home is foreclosed on, the bank also runs the risk of additional vandalism, break-ins, and additional legal expenses that can cost the bank a lot.


Conversely, in a short sale, the homeowner is usually few months late on mortgage payments, and sometimes not late at all, and the bank has the opportunity to sell it before they incur all of these additional burdens that come with a foreclosure process. In the last 3 years, banks have really stepped up their efforts to move to short sales. It’s a win win situation compared to the alternative. There are many benefits to buying a short sale.

Choose your Real Estate Agent wisely!

In the present real estate market, there are many listing specialists who – while they could be excellent Realtors – simply do not have the experience to effectively initiate a short sale. There are a lot of bumps and hairpin turns on the road to a effective short sale, and a lot of issues can go downhill in the approach. You will want to have a knowledgeable short sale realtor who can assist you direct this hard road.  Since a short sale home transaction is so different than other traditional sales, it’s important that you work with a Short Sale specialist in your local market area. That’s where we come in, we are certified HAFA short sale specialists agents, We have work with major lenders like: Bank of America, Wells Fargo, Chase, Citi Fin. HSBC, Ocwen, ING, U.S Bank, Sun Trust bank, GMAC and more.



Legacy Homes Realy

Office (951) 226-0905

Toll Free (855) 225-3422

www.LakeElsinoreShortSaleSpecialist.com

Like us on Facebook

Follow us on Twitter
End
Source:Legacy Homes Realty - "Where Homes Matter"
Email:***@legacyhomesre.com Email Verified
Zip:92532
Tags:Short Sale, Buy Short Sale Home, Inland Empire
Industry:Real Estate
Location:Lake Elsinore - California - United States
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse
Legacy Homes Realty News
Trending
Most Viewed
Daily News



Like PRLog?
9K2K1K
Click to Share