Tips and Information on Short Sales for Real Estate Buyers and Sellers in Dare and Currituck County, North Carolina Corolla, Duck, Hatteras, Nags Head, Manteo, Rodanthe, Kill Devil Hills, Kitty Hawk, Southern Shores, Colington, Carova 4 Wheel Drive Beaches
Most Frequently Asked Questions About Outer Banks Short Sales Should I purchase a short sale property? If you are patient and can endure tedious negotiation without a sure outcome then you may be a candidate to buy short sales. My first response to any buyer interested in short sales is to stay away from them. A short sale is really a last ditch effort by a seller and the seller's agent to move the property and often occurs when the seller's agent represents both sides. It serves the distressed property seller better than the average buyer except in the rare cases where a great deal can truly be had and negotiations go smoothly. Please click here to read the 11 reasons NOT to pursue a short sale. Should I attempt to "short sell" my Outer Banks property? There is no easy answer for this one. Two better sources when facing pre-foreclosure (since this is highly specific to the lender and the property owner) would be your accountant and your attorney. Short sales potentially create tax liability, credit damage and more recently banks are also seeking deficiency judgement against the homeowner for the short fall. However, if you are facing foreclosure almost any option is better. For more detailed information try this link for Sellers. click here Where can I find short sale real estate for sale on the Outer Banks? We can automatically update you with every potential short sale listed for sale on the Outer Banks, NC. Simply email with us or call us with your request. What is an Outer Banks short sale? Anytime the lender allows a borrower to sell a property for less than is owed it constitutes a short sell. This is an oversimplification because some lenders seek the difference, some lenders don't. The extent to which the borrower's credit is affected depends on the specific arrangements and the aggressiveness of the lender. It is by no means debt foregiveness that allows the borrower to simply wash their hands of a difficult situation. It may provide an better option for a homeowner facing foreclosure but is not a "get out of jail free" card. OBX Homeowners facing foreclosure in Dare or Currituck County should immediately contact their lender, an attorney and their tax accountant to face the problem at the earliest opportunity. We also encourage distressed homeowners to avoid the many internet and classified advertisements that offer "foreclosure avoidance assistance." Many of these are simply scams. |
