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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 >For Sale By Owner
The virtue of self-reliance is as American as baseball and apple pie--except if you are trying to sell your own home. Here such a "virtue" can cost you time, effort, and possibly money.
Because the overwhelming majority of homes that sell are listed with a real estate agent, you will be going against significant odds if you decide to sell your own home. The experience of a real estate professional may get you a better price and help you to avoid all the "little" things that can go wrong in a real estate transaction.
The desire to "save" the commission on a property is the reason most people decide not to work with a real estate agent. Prospective buyers who look for properties that are "For Sale By Owner" (FSBOs) are also wanting to avoid the commission--and to get a less-than-market-value deal. However, nothing is saved in the majority of FSBOs. Listing your home with a real estate professional can spare you the inconvenience of showing your home and save you the time you would spend talking to buyers who could not qualify for a loan.
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| Q |
What document must lenders provide within three days of receiving your application for financing?
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| A |
The "Truth In Lending Disclosure Statement" will give you complete financial information about the loan. |
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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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