Many properties listed today are either bank-owned foreclosures or short sales. A short sale occurs when a home owner is upside down on the house and can no longer afford the mortgage payments. Rather than go through a lengthy, costly foreclosure process, the bank will agree to cooperate with the owners in trying to sell the home. The bank will accept less than what is owed and release the owner with minimal damage to the owner's credit. The bank still takes a loss but not as severe as a foreclosure.
When making an offer on a bank owned home or a short sale property, the key is to be realistic, patient and flexible. These listings are usually well-priced and lenders almost never accept low-ball offers. Additionally, it takes time. After writing an offer, you can expect to wait anywhere from two days to three months to begin the negotiating process. In the mean time, it is usually a good idea to keep looking for other properties.
Email Monty or call him at 619-922-1981 to access comprehensive lists of foreclosure and short sale homes.
If you are struggling with your payments and have negative equity in your property, foreclosure is not your only option. It may be time to consider a short sale. Monty is well-versed in the process and can negotiate effectively with lenders. Monty will help you get out from under this stressful, often painful situation with minimal damage to your credit and pocketbook. Call 619-922-1981 right away to learn about the process and get started.