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The possibility of losing your home can be very emotional; almost like losing a loved one and most people don’t want to face up to the reality until foreclosure sets in. We want you to know that we are people too, we care and are experienced in this approach to home sales in Raleigh, North Carolina.
If you are a home owner facing foreclosure, we may be able to help you through a Short Sale.
Lending institutions are changing their requirements and qualifications daily. We know how to deal with these changes correctly, making offers to the banks more effective.
If you are a seller experiencing difficulty and you feel you may be up-side-down in your current loan, then a short sale may be the way to live and breathe again. We utilize the 3-P's of this kind of transaction,patience,persistence and problem solving.
Here are a few of the scenarios that have lead up to the current market downturn and are potentially what homesellers will have to face. There are many underlying factors that lead up to a market full of distressed properties, some of which are the fact that Wake County has a higher than ever number of REO's "Bank Owned" properties. For the past few years in the Raleigh,Research Triangle market, homeowners who need to sell their homes just to break even were at a disadvantage because of the competition created by the amount of new homes or standing inventory on the market. Most re-sellers cannot compete with new homes. Some builders have huge pockets,assets and many resources to tap into that allows them to sell their homes for less when the market downtrends. This puts undue hardship on the average re-sale in this market. Curently the larger problem with homeowners in the re-sale market is the huge inventory of real estate owned,short sales, pre-foreclosures with discount figures cited as varying from 8 percent under to almost 20 percent under market value.
With the lack of "easy money lending" from the major banks; most builders have cut back on building and some even tasted the fate of the bankruptcy and foreclosure themselves. The homeowner re-seller has gotten a bit of a break from the new homes competition and now the re-sellers have to compete with reo's and foreclosures that are at an all time deep discount which puts the homeowners at an even greater disadvantage. Homes don't fall into distress and foreclosure for no reason at all and knowing what homes to make offers on requires experience and expertise. Conversely, knowing how to properly speak to a financial institution about your current situation can make the difference between getting a deal done quickly and avoiding a major impact to your credit report or even worse losing your home in foreclosure!
What other options besides a short sale?
Thanks to programs proposed by Fannie Mae and Freddie Mac to assist subprime borrowers, many lenders are more willing to offer a loan modification option. A loan modification can extend the term of the loan, add on past due payments to the loan balance or reduce the interest rate to make the loan more manageable for the home owner.
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