Have Questions? We Have Answers 919.762.5157

Experience Real Estate with Relationship

Quick Search


view all


Any

Any

No Min.

No Max.

Experience Real Estate with Relationship

SHORT SALE AND FORECLOSURE: HOW ARE THEY DIFFERENT?

As unfortunate as it can be when homeowners fall behind on mortgage payments and must face the possibility of losing their homes, short sales and foreclosures provide them options for moving on financially. The terms are often used interchangeably, but they’re actually quite different, with varying timelines and financial impact on the homeowner. Here’s a brief overview.

A short sale comes into play when a homeowner needs to sell their home but the home is worth less than the remaining balance that they owe. The lender can allow the homeowner to sell the home for less than the amount owed, freeing the homeowner from the financial predicament.

 

On the buyer side, short sales typically take three to four months to complete and many of the closing and repair costs are shifted from the seller to the lender.

On the other hand, a foreclosure occurs when a homeowner can no longer make payments on their home so the bank begins the process of repossessing it. A foreclosure usually moves much faster than a short sale and is more financially damaging to the homeowner.

After foreclosure the bank can sell the home in a foreclosure auction. For buyers, foreclosures are riskier than short sales, because homes are often bought sight unseen, with no inspection or warranty.

Comments

There are no comments for this post. Be the first to comment!

Leave a comment

Comment
Already have an account?


NCRE GROUP INC
1000 N Main Street, Suite 221
Fuquay Varina, NC 27526
Phone: 919.762.5157
Email: info@ncregroupinc.com

Blog

DISPELLING REFINANCING MYTHS

“Refinancing” is a scary word for many people, but that shouldn’t be the case for you. For many homeowners, refinancing can not only lower your monthly payments and help with your monthly budget, but it can save you thousands of dollars ... Read more

SHORT SALE AND FORECLOSURE: HOW ARE THEY DIFFERENT?

As unfortunate as it can be when homeowners fall behind on mortgage payments and must face the possibility of losing their homes, short sales and foreclosures provide them options for moving on financially. The terms are often used interchangeably, but th... Read more

Keep Your Independence Day Injury Free

No Independence Day Celebration is complete without fireworks. Check out these safety tips so you, your family, and friends can enjoy the holiday injury-free. Obey all local laws regarding the use of fireworks. Fireworks should never be used without ad... Read more
View All
 

Testimonials

You guys did a great job for us,we are still pretty amazed at how quickly the process went, thank you so much Mike A.
I had a wonderful experience working with these folks. Becky Fuller could not be anymore pleasant and professional! It was so stress free. Thanks so much!! Linda S.
"We were a little nervous about renting out our home when we were transferred but the team took care of everything, even handled repairs after Hurricane Matthew left some damage. They kept us well informed and we know we made the right choice!" Greg and Diane P.
"Thank you for the job well done! Our home was sold in 1 day! Thanks Nicole" "Emily H."

Experience Real Estate with Relationship

Dream Home Finder

For detailed information on buying a home or property, please complete the form below describing the type of home or property you are looking for. Someone will get back to you as quickly as possible with your results!










n/a

n/a








* fields are required

Experience Real Estate with Relationship

Real Estate Websites by iHOUSEweb iconiHOUSEweb | Admin Menu