Short Sales

A short sale is a way for home owner who is behind on their mortgage payment to get their home sold and avoid foreclosure. Short sales didn’t used to happen much back when people people used to put at least 20% down to buy a home, but in the last few years, because of all the more exotic loan programs, many people were able to buy homes for no money down, or even in some cases, where the loan was over 100% of the home’s value. As you can imagine, in a market where prices have been flat and even declined in many areas, that was a recipe for disaster.

There are several Greenville SC short sales homes for sale. Just like Greenville SC Foreclosures, people taking advantage of the short sale option are from all socioeconomic status. Which means that Greenville SC real estate offers short sale homes that are not just in the lower income neighborhoods, but in the upscale and luxury homes neighborhoods as well. So, if you are facing foreclosure, you are not alone.

In a short sale, the seller is negotiating with the bank through their real estate agent to allow them to sell the home for less than is owed. The seller still signs the contract and closing documents, but contract terms are subject to final approval by the bank(s).

VIEW GREATER GREENVILLE SC SHORT SALE HOMES FOR SALE

Once a valid offer is received, the seller is required to write a hardship letter stating why they should be eligible to do a short sale. They must also provide bank statements, paycheck stubs, and a financial statement to show that they cannot make the payments. The bank will then send out their own appraiser or BPO (Broker Price Opinion) agent some time during the process to get an independent analysis done inorder to determine the as-is value. The bank will normally agree to take less than the mortgage amount because they know the alternative is likely that the homeowner won’t be able to keep up with mortgage payments, which can lead to foreclosure – and that’s an even worse option for the bank.

One of the biggest risks homeowners face in short sales is that they won’t be able to successfully negotiate with the bank to have them approve a short sale, or reduce the money due on their mortgage. Because of this, you need a savvy Greater Greenville SC REALTOR® who is experienced with successfully completing short sale transactions. Be sure to contact Victor Amadi at 864-642-1645 to find out how fast we can get the ball rolling on getting your home sold.

In a short sale, the banks can take a long time to respond to your offer. This can take weeks or months – yes months, which can be very frustrating for the buyer. Until the bank approves the sale, the buyer is in limbo, not knowing whether they will actually be able to buy the home. There is, unfortunately, no way to speed up the process. The banks won’t even talk to the real estate agents or homeowner in the meantime to let them know what the status of the approval is. Many buyers will walk away from short sale contract because of the delay by the bank, and sometimes this delay will cause the property to go to foreclosure sale before an approval can be generated. However, if you have a real estate professional on your side, you will have a much better chance of achieving your goals.

Are you facing foreclosure? Call me today at 864-642-1645 to see if a Short Sale is right for your Situation!

Greenville Area Short Sale Homes for Sale

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Greenville SC Short Sales – What is a “Short Sale” and how does the process of purchasing a “Short Sale” property work?