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A short sale occurs when a home owner is in foreclosure but before the property goes to public auction. Under a short sale a lender must agree to accept less than the amount that is owed on the property. In other words, the proceeds from the sale fall short of the balance owed on a loan secured by the property sold.
The short sale typically is executed to prevent a home foreclosure, but the decision to proceed with a short sale is predicated on the most economic way for the bank to recover the amount owed on the property.
Unlike a foreclosue, investors typically buy the home for even less because investors are not paying off the existing loan nor making up the back payments. Investors are striking a deal with the existing lender to take less than what the lender has coming to avoid dealing with a foreclosure.
In short, a short sale is a workout option that allows the homeowner (mortgagor) to sell the home for less than the total amount owed on the mortgage. Upon final approval, a short sale can help mortgagors avoid foreclosure action. Although there will still be an impact to the mortgagor's credit history, the effect will be less than if the foreclosure had occurred. The mortgagor's credit report will be noted as follows: "Settled for amount less than owed."
Unfortunately the economy has caused the need for short sales and they can be found as you look for homes and commercial properties in Raleigh, Wake Forest, Garner and outer lying areas such as Cary, Durham, Louisburg, Morrisville and other areas. 
For Sale By Owner >Finding Buyers
When a home owner tries to sell "By Owner", they commonly use two basic marketing techniques to advertise the property. They place a "For Sale" sign in the front yard and a classified ad in the local newspaper. When a seller lists their home with a professional real estate agent, however, a very sophisticated process is set in motion in order to facilitate the home sales transaction.
Real estate agents have a backlog of prospective buyers for the homes in their market. Through the Multiple Listing Service, the agent cooperates with other brokers in the area who will show your home to their prospective buyers. Professional real estate agents also combine direct mail, telephone calls, and specialized advertising techniques incorporating media such as the Internet, to reach the sales market. In this way we create activity on our listings that help them to sell quickly--and for the best price.
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| Q |
In what real estate market are more than 90 percent of home sales cash transactions?
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| A |
Palm Beach, home to princes, politicians, and CEOs, has homes from 2,000 sq.ft. condos to 56,000 sq.ft. estates. |
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Deborah McCrae
World Properties International- McCrae Realty
7625 Kensington Manor Lane
Wake Forest, NC 27587
919-201-4361
Fax: 866-251-1948
deborahmccrae@NUMBER1EXPERT.com
Licensed in 1999, I, Deborah Georgetta McCrae have 10 years of successful residential and commercial real estate experience after having been a State of North Carolina employee for 19 years. I began working with Coldwell Banker Howard Perry & Walston always achieving Top Producer level, and in 2005 achieved the International President’s Elite Award, which was the second highest level one could earn.
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