The paper point out some facts that we have been trying to communicate to a number of buyers that initially contact us with interest in short sale proeprties. The average amount of time associated with the short sale process has increased, with some taking longer than six months, while others are not completed at all, the paper reports.
Short sales occur when lenders agree to accept an amount worth less than what a property's current homeowner owes. This type of transaction requires homeowners to have endured a financial hardship.
The article also indicated that, homes with multiple mortgages often take the longest to process. Many short sales fall through, or take increased amounts of time, when mortgage insurance is bought after the homeowner closes on the deal and the loan is later sold to other lenders and investors.
While sellers who are unable to make a down payment of at least 20 percent must buy private mortgage insurance, lenders buy insurance to minimize their risks associated with the transaction. This process can be time consuming.
All of this stresses the need for home owners and home sellers that are facing foreclosure to work with a real estate team that has experience working with short sales and stopping foreclosures and one that sets the correct expectations right up front.
Contact us for a Free Consultation regarding your situation:
The Earl of Real Estate™ Team
Keller Williams Realty
Phone: 571-926-9230
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