Short Sales in Duluth

Short sales are becoming even more common due to the huge increase in the number of Duluth foreclosures, which are having an effect on home values across the nation. From 2008 short sales have doubled to average between 120,000-150,000 short sales per month, nationwide. Due to the current sub prime and anticipation of the more ARM resets, many people are considering short sales but are not clear on the short sale process and how it can be used to avoid foreclosure. A Short sale is basically a process which allows the borrower to sell the home for less than what is owed on the mortgage loan and allows the seller to avoid having their credit score hit with a foreclosure penalty.

Investing in a short sale can be a way to get a great deal on a home in the neighborhood that you desire.

Don’t let the name short sale mislead you. The term “short” does not refer to the time it takes to purchase a home but rather to the current borrower “shorting” the lender in the amount owed against the house. Purchasing a home through a short sale can be a great way to get a good deal on real estate, there are however some disadvantages. Short sales can be time consuming with some taking 6-9 months to complete a purchase. Not all of them will take this long but if you are considering putting in an offer on a short sale you must be willing to be patient. Also just because the seller agrees to a sales price it doesn’t mean that the lender will agree to it. Often time’s lenders will ask for more money, either from the seller of the property or form the buyers; it doesn’t matter to them as long as they get more money.

If you’re thinking of making an offer to purchase a short sale property, make sure to do your homework. It will also be in your best interest to find a real estate professional to help you through the long time consuming process. Look through our related articles in this site form more info, or if you can’t find what you’re looking for contact one of our real estate experts directly.

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