A term used by a majority of homeowners when they sell their property in lesser amount than the property owner still owes on it is considered as short sale. Only a few are really aware of short sale in Charlotte NC even though there are many people who are using this term. Believe it or not, there are plenty of benefits that a homeowner could possibly get by considering this sort of transaction. Even if short selling a property is not always the ideal option for property owners, it can still be the answer for some unfavorable situation. It is ideal to work with an expert first who can provide you vital information about this matter if you think that you have to depart your home just to avoid foreclosure.
Well, for you to clear your mind with regards to short selling a property, a couple of steps are listed below to give you better idea.
Step 1: It is important to get approval from the mortgage company primarily because they will be taking the financial loss in the selling. Majority of the time, property owners have been filing a hardship letter with the mortgage company which states additional information. This is essential to prove that there are other tactical reasons in defaulting the loan. The hardship letter may include loss of employment, illness, mandatory job transfer, change in salary flow, loss of cohabitants who help in paying the rent or divorce. Your chances of getting approval can be heightened if you are working with a professional real estate agent who is skilled in such case.
Step 2: The realtor is going to submit the property on various websites and on market at a lower pricing to attract short sale homes in charlotte nc buyers. The owner of the property has the power to either decline, accept or make counter offers just like a conventional sale through this. The lender will be reviewing the accepted offer. The lender will order the short sale Charlotte NC to be for appraisal or Broker Price Opinion after that.
In making things simpler, property owners will be able to walk away from their mortgages that they can’t repay and avoid foreclosure as well by considering short sale Charlotte NC. On the other hand, there are different types of sale that has its own consequences like delivering negative impact on the homeowner’s credit history and inability to buy a new lake norman homes for sale again for the period of 2 to 3 years. With that in mind, it is essential that everything must be planned carefully before making a short sale.
The Foreclosure Blog 