What is a short sale?
A short sale is a situation where a lender may agree to take less than is owed on a home in order to avoid it going in foresclose. This allows the seller to often sell below fair market value just to get out from under their loan and avoid the credit impact of a foreclosure.
How do Foreclosures work?
Typically once a property becomes a foreclosure a market analysis is done and the property is listed at fair market value. But banks are not interested in holding on to the property for a long time, they want to get the home sold and off the books as soon as possible.
Basically the longer the foreclosure home is on the market the more they will be willing to come down on the price. It's not unusual to see a 10% price reduction every four to six weeks so you can see how you can purchase a foreclosure well below market value.
How do I find Foreclosure and Short sale properties?
As a local Realtor familiar with the market I can identify foreclosures and short sales for my clients and help them through the entire process from beginning to end. Not all realtors even know how to identify these properties but I stay on top of the foreclosure and short sale market so that I can help my client buyers get the absolute best deals.
How do I get started?
Just give me a call or send me an email. Of course my services are free to a buyer. Just let me know your preferred area, single family home, condo or townhomes, your price range, likes and dislike in a home, timeframe for purchase, etc. and we'll get started!
If you are a seller facing the possibility of foreclosure communication with your mortgage lender is key! They can discuss your options to refinance and if that is not possible you they may be willing to work with you to negotiate a short sale rather than face foreclosure. An experience Realtor can discuss the short sale option with you and offer advice. Please let me know if I can help.
Thomas Tolbert
Keller Williams Realty
Office 912-232-8580
Direct (Best way to reach me) 912-308-6839
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