About Short Sales in Charlotte, NC

If you are a buyer in this market and are looking to get a great deal on a home it is near impossible to avoid coming into contact with a short sale property that you like. Most of my clients end up either looking at or making an offer on a short sale but the expectations I set are always clear but not easily understood. The short sale process is time consuming, confusing, and downright frustrating if the proper expectations are not set. The way that the short sale process works is first you have to start with a distressed homeowner who needs to get out of his or her home mortgage payments. Typically the homeowner will be several months behind on making mortgage payments and is looking for a way to avoid foreclosure. A listing agent will present this seller with the option to offer their home as a POTENTIAL short sale. Once this process starts the following takes place: 1. Valuation of the property 2. Listing of the property 3. Offer Acceptance (BY SELLER ONLY) 4. Offer is presented to the bank(s) (several liens in most cases) 5. Once the bank accepts, declines, or presents a counter offer to the original offer the buyer will then have the option of continuing with the purchase or to walk away (this step usually takes at least 3 months for various reasons) Step 5 is typically where the deal goes wrong for most buyers. The reason for this is that most people do not realize that the home is not fully under contract until the bank steps in and accepts the short sale. Remember they are the ones that have allowed for the property to be released from the sellers hands while not taking payment for the difference on how much is owed and what the property sold for. For further insight into short sales or any other real estate topics please contact Aaron Reed A.G. Reed Realty 704-281-0682 www.AGReedRealty.com

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