Short Sales, Not Quick Sales

Being a REALTOR in Jacksonville NC can be challenging. What we are experiencing right now is a lot of potential buyers that need to get their financial life in order, so that they can qualify to purchase a home. Once that happens though and a buyer has been pre-qualified to purchase a home then the active search begins.

There are lots of Foreclosed homes on the market ranging from VA Repo’s to Bank Repo’s and then there are the short sales. Short sale homes are properties that will need the banks approval (the current mortgage holder) for a potential sale and the “owner of record” in most cases has to sign the offer to purchase. That means any offer that is made on a short sale property could take a few days for an answer of acceptance or rejection. A short sale is almost certainly NOT going to be a quick sale. And there is a pretty high probability that it will be sold “as is”. No repairs to be made, so when you have a home inspection and find something major that should be fixed, the bank is already looking at losing money and the “owner of record” will be getting nothing from the sale you may be out that money for the home inspection. So, please ask questions when you are out there looking for “a deal” it might not be quite what you are hoping for.  You need to remember that short sales are basically controlled by the bank that currently holds the mortgage, they already know they are going to lose money, they just need to determine how much of a loss they are willing to accept.  While it may be listed with a REALTOR, and the “owner of record” may be cooperating the bank has the final say, regardless of what the other parties may say.

If searching for homes in the CampLejeune, New River Air Station,
Jacksonville, Onslow County area please click here to search all active listings.

Ellen Hough, Jacksonville NC Real Estate , specializing in First time home buyers and sellers. Working with EXIT Independence Realty, 910-330-6103 (Cell)

 

 

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