Have you seen these signs? They are certainly a "sign of the times". A pre-foreclosure, or short sale, is a system that allows the property owner to sell their property for less than what is owed. In other words, if you have a home on the market right now and prices have gone down to the point where you can't pay a realtor fee, closing costs and the mortgage...you feel trapped! So, give this a try: most banks are negotiable right now because they understand how costly foreclosures are for them and yes, for you too! A knowledgeable realtor can often times assist you in working out an arrangement with your lender to hold off on foreclosure proceedings during a reasonable marketing timeframe and/or sale, forgive some of their costs or perhaps even renegotiate terms for you to remain in your home.
There are investors who will purchase a home, threatened by foreclosure, for a quick cash sale and many sellers' are happy to just be out from under the threats and harassment. These sales can be a blessing. Some investors will cure the back payments and allow the seller to stay in the property or even make arrangements so the seller can purchase the property back. Then, there are the buyers who will give a seller a lump sum of cash so the seller can have some money to move forward. In other words, there are choices. Everyone's situation is different. Legal counsel is always a good safety guard in any of these 'creative' transactions.
Knowledge is king.... action is the problem solver. Enjoy the journey. - Robin Moffitt
