The state of today's housing market leaves us all with something to be desired... but what we crave most is a GOOD DEAL. Whether you are a current homeowner, a former homeowner or a future homeowner; knowing what a short sale is and how you can make it work for you can help you save and make tons of money!
Now, if you're a homeowner facing foreclosure, this may be a great way for you to save yourself from the pain and drama of going through a foreclosure. If you're a buyer - you're in luck! Buying a short sale may save you tens of thousands of dollars on your dream home! If you're a current homeowner, not facing foreclosure, buying a short sale may just be that second home (and extra income) you can use to help you retire sooner!
To get started, you will need an agent. But not just ANY agent will do. You will need a specialist. Not just any agent can be a short sale specialist, although many will call themselves just that. You need an agent who is an EXPERT negotiator to deal with a short sale.
First, let's explain what exactly, this type of transaction is. Basically imagine a homeowner owes $500,000 on his home but can no longer make the payments and foreclosure is around the corner. You, as a buyer, can make an offer to the Lender that owns the bank for $400,000 and if you get approved, you've save the homeowner from foreclosure and pocketed a nice $100,000 savings! Extending yourself to distressed homeowners is a great way to be most successful at securing an approval. We have found that homeowners who are more than three payments behind on their mortgages are generally more amenable to such a transaction (and so are their lenders!).
Your agent will be KEY in getting an approval from the bank for you, which is why you must pick the right one! The agent handles negotiations with the bank and make sure that you are truly getting your money's worth.
For more information on how to find the best agent for you, click on the link below!
| Mitra Karimi, President |
