LISTING SEARCH















+ Show more options (i.e. Subdivision, zip code, keyword search) Login/Create Account

Bank Owned Properties
Short Sales And
Other Great Deals

BUYERS AND SELLERS:
SIGN UP FOR FREE INFO:

New Listing Alerts
Foreclosure and hot deals
Market value of your home
Excellent rates on mortgages

CLICK HERE TO SIGN UP

The Lake Mary / Heathrow Florida Real Estate Blog

Blogroll (52)
Charity (1)
Commercial News (13)
Custom Homes
Florida News (25)
General Real Estate Tips (24)
Greater Orlando Real Estate (21)
Heathrow Community (5)
Karen Arbutine (3)
Lake Mary Events (6)
Lake Mary News (9)
Local Events (4)
Misc. (1)
Mortgage News (9)
Mortgages (1)
other
Public Foreclosure Auctions
RE/MAX
Real Estate (9)
Real Estate Market Reports (1)
   Alaqua
   Berington Club
   Hanover Woods
   Hidden Lake & Hidden Lake Villas
Real Estate News (21)
Sites

Bookmark & Share

Email a friend, post this to your blog or share with social bookmarking sites:

RSS Subscription

SHARE THIS PAGE

Email a friend, post this to your blog or share with social bookmarking sites:

Lake Mary Homes For Sale / The Lake Mary / Heathrow Florida Real Estate Blog / /

Valuable Information Regarding Short Sale

Posted by at 12:53 PM on Thursday, October 15, 2009

According to the National Association of Realtors about one in every 10 home sales are short sales. About 16 million homeowners own more than their homes are worth and would have to seek a short sale if they were forced to sell their homes now. A short sale happens when a lender allows a borrower to sell the home for less than what is owed on the mortgage. The lender usually forgives the difference and considers the debt repaid. If the borrower defalts and the bank has to foreclose, there are costs to auction the property and maintain it while it's vacant. Foreclosed homes also typically sell for much less than short sales. A short sale will blemish a borrower's credit report but not as bad as a foreclosure. The short sale process is complicated and very time consuming, some taking more than a year to finish. Desperate sellers or inexperienced real estate agents often send in the wrong paper work, only to get kicked back. Lenders do not have enough staff to handle the amount of incoming short-sale applications. It can take months before a lender will get back to a seller about an offer from a potential buyer.�

Email a friend, post this to your blog or share with social bookmarking sites: