When it comes to foreclosures, the timeline from the first missed payment to the foreclosure sale can be a quick process- generally about six months. During the process there are many processes that take place, which each step inching the homeowner closer to having their home being foreclosed on.
Short Sales, Foreclosures
Foreclosure is a scary word to many homeowners. Few homeowners plan on ever having to go into foreclosure, and in many cases, they face sudden extenuating circumstances that force them to be unable to continue paying timely mortgage payments. In any case, homeowners looking to avoid or stop foreclosure seek the best possible options to get themselves out of the situation and onto the right track financially.
When foreclosure is on the horizon, many homeowners find it in their best interest to sell their home quickly. The goal is simple: sell the home as quickly as possible. Unfortunately, as a seller, you do not control how quickly your home sells. On the bright side, you DO control the three major factors that influence whether your home sells quickly or sits on the market.
?In the past few years, the word foreclosure has been associated with the thought of being able to purchase a dream home for a steal of a deal. Although there is some truth to this, this isn’t always the case. There are many myths about buying a foreclosure, but in reality, buying foreclosures can be a simple process if you know what you are getting yourself in to.
There are many REALTORS at KW who specialize in short sales and foreclosures. They are specially trained and have the knowledge and experience to navigate through the sometimes long and arduous process of buying a foreclosure or a short sale.
A classic buyer beware situation, an “as-is” property is one in which the buyer accepts it with ALL faults. Though this is the definition of as-is in its simplest terms, knowing the definition is not enough- especially when dealing with homes. There are many probing questions that buyers will have about buying an as-is property. This article will help guide you through the questions you should be asking.
Pre-approval:An assessment given by the lender that investigates the borrower
Mortgage:A contract that represents the debt owed by the borrower to the lender for the money borrowed to purchase a property.
insurance:Protection against specified hazards by a company that a party pays a premium to.
contingency:Under contract, this is an item that is contingent on the fulfillment of a specific condition
buyer:An economic downturn when buyers have the advantage.
buyer:A temporary agreement where the buyer will reside in the property before closing.
buyer:the agent that represents and guides the best wishes of the buyer in a business transaction, as either an individual agent or as a broker