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If another offer is more attractive in price or terms, the lender may not approve the first contract and require the seller to accept the later offer. Buyers must be patient, willing to wait, and understand that they could lose the property at any time before closing. Similarly, if the listing broker learns a short sale is required after the contract is signed, or if the property goes into foreclosure while under contract, the listing broker has a duty to inform the buyer.
Licensees should encourage sellers to discuss these issues in detail with their attorney and tax advisor before deciding to do a short sale. An attorney may be able to assist an owner in pursuing options other than a short sale (such as a loan workout, refinance, deed-in-lieu of foreclosure, bankruptcy, or loan modification). “Flopping” is a newly coined word for certain scams involving short sales.
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IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Listings held by brokerage firms other than Zillow, Inc are indicated by detailed information about them such as the name of the listing firms. LENDER APPROVAL IS REQUIRED AND CAN BE COMPLICATED. Each lender may have different document and eligibility criteria to determine whether a short sale transaction will be allowed. Generally, a lender will require proof that the borrower is incapable of paying off the loan and that the lender will fare better through a short sale than through the foreclosure process. Sometimes, being upside down on the loan is enough, but the lender may still choose to evaluate the seller’s financial circumstances to confirm that his or her resources are truly insufficient to cover the loan amount. Additionally, all debt and costs must be ascertained in order to determine the feasibility of a short sale.
We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. If you wish to report an issue or seek an accommodation, please let us know. Please contact us for more information on placing an offer on a Wilmington area short sale, and be sore to look at the homes below. At Coastwalk Real Estate, we are experienced short sale agents. Below you will find a sampling of Wilmington NC short sales.
Short Sale - North Carolina Short Sale Homes
Our goal is to help you with the short sale process so you can get the best solution quickly for your property. A short sale is when a seller owes more on their home than it can be sold for. As a result, some banks are willing to "work" wiith the seller to wiave the deficiency, and /or adjust mortgage terms in such a say that a sale is permitted. If you would like to sell all short sales in Wilmington, click here. The nations leaders in online real estate foreclosure listings information delivery. Zillow Group is committed to ensuring digital accessibility for individuals with disabilities.
Brokers should take special care in assessing value in declining markets. In addition, a lender may not consider a short sale until a contract has been signed by buyer and seller. Once the parties submit a contract, the lender may take a long time to make a decision and may reserve the right to change the terms at the last minute. Moreover, a seller in a short sale transaction may not be financially able to make any repairs so the transaction is likely to be “as-is”.
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The property will be shown and the asking price will be lowered every two weeks until an offer is accepted. A property conditions report will be prepared to identify any issues with the property that may be helpful in negotiations with the lender. Is agreed upon by all parties, the sales process would then continue as normal. Save this search to get email alerts when listings hit the market. Team will submit the Short Sale package and all required documentation to the lender.
These debts include the amount of the delinquent loan, any home equity or other loans recorded against the property, past due HOA fees, and unpaid property taxes. The costs of the sale include any agreed closing costs , escrow fees, and brokerage commissions. If a seller has more than one lien against the property, a short sale may require the approval of other lenders.
Closed listings may have been listed and/or sold by a real estate firm other than the firm featured on this website. Closed data is not available until the sale of the property is recorded in the MLS. Home sale data is not an appraisal, CMA, competitive or comparative market analysis, or home valuation of any property. The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed. The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Sumter Board of Realtors.
“Flopping” occurs when a seller or buyer (and/or his broker) convinces a lender to accept a short sale transaction while concealing from the lender the fact that another offer at a higher price is already lined up. New regulations have been created to prevent flopping, including 90 day bans on resales. AT WHAT POINT DOES A CONTRACT IN A SHORT SALE BECOME A BINDING CONTRACT? The North Carolina Association of REALTORS® has created a short sale addendum for both the standard form listing agreement and offer to purchase and contract. When these forms are used, lender approval is simply an additional contingency to the contract.
The buyer must understand that not all short sale are bargains, short sales are generally not short transactions, and just because the parties have signed a contract does not mean that the buyer will get the house. Brokers should be well versed on these types of transactions before engaging in a short sale and should fully disclose all potential issues to their clients. IDX information is provided exclusively for consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed accurate by the MLS. IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Brokers and buyers must remember that a seller is always free to sell their property for less than the remaining amount due on the seller’s mortgage loan as long as the seller is able to come to closing with the difference in order to extinguish the mortgage lien.
Brokers should also remind sellers and buyers that short sales are uncertain. A lender is not obligated to approve a short sale transaction and may choose not to involve the seller or his listing broker in the decision-making process. Brokers make an effort to deliver accurate information, but buyers should independently verify any information on which they will rely in a transaction. The listing broker shall not be responsible for any typographical errors, misinformation, or misprints, and they shall be held totally harmless from any damages arising from reliance upon this data. This data is provided exclusively for consumers’ personal, non-commercial use. Listings marked with an icon are provided courtesy of the Triangle MLS, Inc. of North Carolina, Internet Data Exchange Database.
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