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Short Sale Basics
Can you snag a bargain by buying a short sale? Short sales-when homes sell for less than the outstanding mortgage are all the rage these days. And for good reason: They present savvy buyers with the opportunity to save thousands of dollars off the fair market value of a home.
Depending on your market, lots of short sales may be available. "When I look at the MLS, over half of the properties are short sales," said Jeffrey Kahn, an agent with CENTURY 21 Hansen Realty in Wilton Manors, Fla. "Buyers can really snag a bargain if they know what they're doing and if they have patience."
Indeed, patience is the biggest asset any short sale buyer can have. That's because the bank holding the mortgage has the final say on whether the deal will go through. After all, the bank needs to agree to take less money than it is due. And banks today are being bombarded with short sale applications.
Experts say it can take 30 to 60 days - or more - before you get an answer from the bank and know that the deal is a "go."
But a patient buyer can be rewarded. Kahn said he's seen buyers pick up properties for 30 to 35 percent off fair market value.
Short sales can be good for sellers too. A short sale typically blemishes your credit report for less time than a foreclosure.
If you're a buyer looking for a deal, or a seller trying to avoid foreclosure,
call our office.
A CENTURY 21 Professional Champion is here to assist you.
posted on June 30, 2009
Archive
- Maximize the chances of selling your home - 06/29/2009
Contact Us
9738 SE Washington St.
Suite #Q
Portland, OR 97216
Phone: 503-252-2121
Fax: 503-252-2621
Toll Free: 1-866-435-2121
First Time Buyer Credit
A person is considered a first-time home buyer if he/she has not had any ownership interest in a home in the three years previous to the day of the 2009 purchase and may be eligible for the $8,000.00 First Time Homebuyer Tax Credit ...
Century 21 Mortgage®
Jonelle Knipe
Mortgage Professional
My personal touch coupled with 18 years of experience will ensure that one of the biggest and most important purchases you'll ever make will also be one of your easiest. You can call on me to discuss financing options or to take your application for a pre-approval loan decision. I'm happy to do whatever it takes to show you an easier way home.
Phone: 503-382-7125
Fax: 856-917-1333
CENTURY 21 Hart Realty |
9738 SE Washington St., #Q |
Phone: 503-252-2121 |
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