People today in the United States are unfortunately suffering because of financial distress. With unemployment rates and poor mortgages constantly increasing, the real estate market looks depressing. What’s heartbreaking to me is that over one out of every three home owners’ debt majorly overrides the worth of their home. Also, many homeowners believe they have an obligation to bring money that they do not have to closing if they were to sell their property. Some states show that one/fifth of the homeowners today turns up as delinquent when paying their mortgages. If you are currently dealing with this issue, do not get the impression that you are secluded from all other homeowners. I have many years of experience as a Wilmington short sale specialist and I would gladly inform you of all the options that you have availability to and offer you no cost assistance; which has helped many homeowners escape the tragedy of foreclosure. You can save your credit with my help as well as dodge foreclosure and be off to a new start.
What exactly is a North Carolina “short sale” in Real Estate?
The term short sale describes a transaction that happens when a lender comes to agreement in accepting a shorter pay off amount on a loan rather than what is owed to their property. In a short sale transaction, the borrower will be indebted more on their loans and liens versus their property’s worth at its current market value. Also, a lender will only agree to a short sale generally when the borrower can provide valid evidence that they are in some type of hardship.
How do I qualify for a Wilmington short sale?
In today’s world, fortunately, lenders have become a little more lenient towards homeowners in recent times. Because of that, there are usually three qualifications required for a short sale.
1. Financial hardship. Such hardships that qualify are: loss of employment or income, divorce or separation, relocation or job transfer, property in need of repairs without resources to make repairs, major sickness and medical expenses, death of a family member, vacant rental properties, etc.
2. The proceeds of the sale of the property, after all closing costs are paid, are less than the amount currently owed on the home.
3. Financial Insolvency (no other major assets).
What are the benefits to doing a Wilmington short sale?
Thankfully, your credit will usually recover within two years after you do a short sale, which gives you enough time to pay off old debt and establish your credit once again and qualify for loans. Simple as this, your credit history will read as “settled in full” or “paid as negotiated”, however, it will not display itself as “short sale”. A short sale is not an actual item on your credit so typically it does not affect any future employment where as a foreclosure keeps its title while potentially turning away employers, or even sacrificing your current job title.
If foreclosure is an apparent possibility on a homeowner’s record, it is to your advantage that you do research on Wilmington NC short sale Realtors before a decision is reached. In the event of choosing a short sale, a short sale specialist is the solution to your troubles. A qualified and highly trained short sale Realtor has the skills necessary to walk you through the steps of the short sale process while being responsible for all negotiations on your behalf.
Can my current North Carolina short sale Realtor® help me?
This question is very important. Short sales were specifically created to be cared for by experienced short sale Realtors who have accomplished many North Carolina short sales under their belt and can show the evidence to their claims. There are short sale Realtors who think of themselves highly being in the short sale process, but be wise and check the so called proofs to those claims. Starting a North Carolina short sale only to see it rejected would be heartbreaking. Don’t allow an incompetent Realtor who claims of being able to bring you to a successful completion of your short sale fool you. Once you seek out a short sale specialist, make sure you have a list of questions you would like them to answer and be sure you are at complete ease with their help. Remember, proper training is important for the short sale process; however, I do believe there is no substitute for experience. A weekend training course does not make somebody an expert in short sales. I am a short sale specialist and can offer you no cost assistance to guide you in the Wilmington NC short sale process.
Loran is a Real Estate agent (License No. 95901), covering the greater Wilmington NC area.
Helping Wilmington NC home owners avoid foreclosure with a North Carolina short sale and assisting homeowners for free with the Wilmington short sales process to ensure a smooth short sale. My name is Loran Johnson and I specialize in short sales in Wilmington NC. I am your Wilmington NC Short Sale Specialist Realtor and Wilmington NC loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advise under any circumstance. Seek legal advise and representation in all legal matters.