Littleton Homes For Sale Considering Littleton Short Sales-sorpack

UnCategorized With the turmoil in the housing market over the last few years, Littleton homes for sale have held their value surprisingly well. However, as with any area, there are still homes that are being foreclosed on. These homes can be bought both "pre" and "post" foreclosure, but you’ll need to understand the difference between foreclosed homes and Littleton short sales. When a buyer purchases a home and uses a mortgage to finance that purchase, the buyer is agreeing to make monthly payments to the bank or they will lose the home. If a buyer fails to make these payments, the bank can begin the foreclosure process and take possession of the home. Once the bank takes possession of the home (a process that can take several months) the bank will then list the home for sale as a foreclosure. Littleton foreclosures tend to sell for roughly 10%-20% below market value and usually have some repairs that will need to be done by the new buyer. These repairs vary greatly depending on the home and will impact the sales price of the home accordingly. In contrast, Littleton short sales are homes that are owned by individual sellers who owe more on the mortgage than the home is worth. These homeowners are often, but not always, behind on their mortgage payments and facing foreclosure. Because the foreclosure process is long and expensive for banks (attorney and other legal fees add up quickly), many times banks will accept less than the full mortgage amount from a homeowner to payoff the home. The short sale process can be very time consuming as well, but banks prefer having the home occupied and maintained by a homeowner rather than sitting vacant while the home is being sold. When a homeowner lists a home as a short sale, their real estate agent begins negotiating with their bank to get acceptance for a short payoff. For most Littleton short sales, we are experiencing a three to four month period before we receive an acceptance from the bank. Because of this delay, many buyers looking at Littleton homes for sale, are avoiding Littleton short sales. Three to four months is a long time to wait for an acceptance on a home. However, for those buyers in a position to wait, they can very often get a great deal on a home. There are several important things to keep in mind when you are dealing with Littleton short sales both as a buyer and as a seller: Sellers: 1.) Make sure you are aware of your banks’s policy on the deficiency amount. Many banks are pursuing sellers after the sale of the home in an attempt to collect the difference between what was owed and what was paid. Make sure you have an experience agent to help you navigate this. 2.) Be patient. Understand that most buyers need to close on a home within 30 to 45 days. Waiting for several months for a decision from the bank can eliminate your home as an option for these buyers. 3.) Don’t get discouraged if a buyer walks away in the middle of the process. Some of our Littleton short sales have had 3 buyers submit offers during the banks approval time period. However, we kept pushing ahead with the bank and our sellers closed. Buyers: 1.) Don’t be too quick to eliminate short sales in your search for Littleton homes for sale. We’ve had some buyers that would never have considered a buying a short sale end up purchasing a home that was near .pletion of the negotiation process. They closed in the timeframe they needed and saved quite a bit of money. 2.) Keep looking at homes on the market even after you’ve submitted a short sale offer. Many times banks don’t accept the first offer they receive on a short sale. You should keep looking at homes until your offer is accepted. 3.) Be willing to walk away. Some banks just are not realistic when they receive their first short sale offer. Don’t be afraid to walk away and look at other homes. About the Author: 相关的主题文章: