What is a short sale in real estate?
A short sale takes place when a borrower can no longer afford their mortgage and their lender allows them to sell the home for an amount less than the loan’s balance.
How do you qualify for a Wilmington, NC short sale?
You must owe more on your home than it is currently worth to qualify for a short sale. Additionally, you must prove to your lender that you can no longer afford the home because of a financial hardship you are experiencing. Hardships include divorce, job loss, relocation, medical expenses, decreased income, vacant rental property, job transfer, and others.
How long does a short sale take?
The average time span for a short sale is six months. We have seen some picture perfect transactions close in as little as two months while some of the horror stories everyone hears about can take well over a year. This varies from case to case and is determined by many different factors including Realtor’s experience, lender, home’s ability to attract a buyer, number of mortgages on the property and many others.
Do I need a Wilmington short sale Realtor to short sale my property?
Yes. In fact, your Realtor’s commission will be paid by your lender so there’s really no reason to not hire a short sale agent. This Realtor will know exactly how to handle all dealings with your bank and will properly market your home for sale. Short sales are very critical in that they are homeowners’ last chance to avoid foreclosure, don’t trust just anyone with this task! The average Realtor within our network of short sale specialists has closed over 50 short sale transactions.
What if I don’t have money for short sale closing costs?
No worries! Your lender will pay all of your closing costs! Borrowers who short sale are not required to pay a dime throughout the entire transaction.
If my lender has already begun the North Carolina foreclosure process can I still short sale?
Yes! In fact, your lender will likely be more than happy to push back the foreclosure auction in order to allow you some more time to attempt a short sale. A short sale will benefit them over a short sale in most cases.
Can I stay in my home during the short sale process?
Yes! Your home actually has a better chance of selling if it is still occupied since it will be kept in good condition unlike foreclosure properties that sit vacant for long periods of time. You are not required to vacate the home until closing.
What if the short sale is unsuccessful and my Wilmington home doesn’t sell?
If your home doesn’t sell, the end result is still the same: foreclosure. This is why you really have nothing to lose! A short sale will cost you nothing, so why not try one?