Do You Owe More on Your Wilmington NC Real estate Than it is Valued?
If you owe more on your Wilmington, NC, real estate than it is worth or are struggling to make your bank loan payment, you should consider selling your home as a short sale. Short sales help prevent your home from going into foreclosure by allowing you to sell the home for less than what you owe on the bank loan. You may think that your bank will never agree to a short sale, but a foreclosure is the last thing a bank wants. Foreclosures cost banks bundles of money, so they are often willing to work with homeowners who are looking at the short sale option.
It is a common misconception that you need to be behind on payments to qualify for a short sale. A Wilmington, NC, short sale can be completed due to the value of the house dropping below the mortgage value or if the seller has fallen on hard times. A hardship situation is all you need to qualify for a short sale. Proving your hardship requires a little work on the part of the homeowner. All expenses and income must be documented.
Short sale negotiations on average take longer to execute than traditional contracts. Acceptance depends on the submittal of paperwork and the bank’s approval. An experienced Wilmington, NC, Realtor can make all the difference in the world when it comes to shortening negotiations that can take upwards of 200 days down to just a few months.
Melanie Cameron of Coldwell Banker Sea Coast Realty is a North Carolina Certified Short Sale Specialist. CSSS designees have knowledge of the short sale process, the transactional entities, and who the true Short Sale decision makers are. They can also identify predatory servicing strategies, and guide the consumers to the appropriate NC state regulatory bodies if necessary. Melanie Cameron can help you maneuver the short sale process when selling your Wilmington, NC, home or land.
You can reach Melanie at (910)202-2546 or you can visit her website at . If you’re looking to buy or sell your Wilmington, NC, real estate, The Cameron Team is read to help!
You can contact Melanie Cameron at (910)202-2546 or you can visit her website at .
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