If you're a home buyer, you've probably heard the term "short sale" thrown around here and there. And as I posted earlier this week, the term short sale is an oxymoron normally. First of all, it's not a short (or quick) process usually. Read my post from earlier this week for proof of that.
Here's how InmanWiki describes and defines short sale (if you're really interested in know more, click here to read the whole accompanying description...):
A Short Sale is when a homeowner owes more against the home than what the home is worth. What's important to note here, is that the homeowner MUST sell.Click here to read the rest of the explanation of short sales.
If the homeowner does not have to sell, or does not want to sell their home, there are MANY options available to homeowners. They could move into a more affordable home and rent out their existing home, they could take on a roommate, they could refinance (although this is not always the best path. Homeowners in a short sale situation are often in financial distress, which means higher rates and fees because you're seen as a higher credit risk to a new lender), they could talk with their existing lenders to re-configure the terms of the loan.
So, if you're a buyer, and you're interested in purchasing a short sale home, you may be able to get a great deal right now.
If you're a seller, and you're in a situation where you have no other choice... contact me right away. We'll get you the help you need.
And always know, there's nothing to be embarrassed about if you come across financial hardship. Donald Trump was in debt $9 Million! Yep.
Dan Hamilton
Keller Williams Greater Columbus Realty
www.HamiltonHomesGroup.com
1 comment:
You write very well.
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