|
|
|
|
|
|
|
|
Charleston SC real estate for sale,Charleston SC fractional homes,Isle of Palms fractional homes,Wild Dunes fractional homes,Folly Beach fractional homes,Mount Pleasant homes for sale
What is a Charleston SC Short Sale & Where are They?Charleston SC Short Sales
What is a short sale?
Click Here to set up your "Short Sale New Listing Alert" for any community in the Charleston area! A Charleston SC short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers mortgage obligations and closing costs, such as property taxes, transfer taxes, and the real estate practitioners commission. The Charleston SC seller is unwilling or unable to cover the difference. Some although by no means all Charleston SC short sellers may also be in default on their mortgage loans and be headed for foreclosure. However, Charleston SC home owners who bought at the top of the market or who took out large amounts of equity with a refinance and who now need to sell because of divorce or job transfer may also find themselves upside down, owing more than the home is currently worth when closing costs are factored in. In general, most Charleston SC short sale experts say to price the property at or near fair market value, although a few will begin with the total payoff amount owned by the seller. How frequently prices are dropped will depend in part on whether the property is in preforeclosure. Most Charleston SC banks have a formula for what percentage under market value they will accept, say interviewees. Figures cited vary from 8 percent under to almost 20 percent under. Although response times vary from lender to lender, it can take two weeks or as long as 60 days to receive an approval of a short sale from a lender. Thats why its critical that Charleston SC Buyers and their representative understand and accept that time frame before they make an offer. And that is why it is critical for Charleston Short Sale Owners to complete all required case applications to their lender in a timely manner. UPDATE 12/09 The U.S. Treasury Department recently announced new guidelines to the short sale process that could speed the housing market recovery. Until now, the short sale process has been cumbersome for all involved and took upwards of eight to ten months for a transaction to close. But, through the Foreclosure Alternatives Program and the recently issued guidelines, short sale transactions will increase dramatically, which means less vacant and vandalized properties in neighborhoods across the country. The new guidelines enhance the short sale process in several ways: -Speeds up the process – Mortgage servicers have 10 days to say yes or no to a short sale request, and after the transaction is complete, the borrower could be completely released from debt.
The program also facilitates the transfer of ownership by a borrower through a “deed in lieu of foreclosure,” another helpful alternative to assist home owners forego a foreclosure. An experienced Short Sale real estate agent is crucial to the process. The short sale agent will take the lead on coordinating with the bank and the client’s other advisors such as their attorney, financial planner, and CPA. Professional Real Estate Closers can be a tremendous asset to this team. They are experienced with short sales and bank negotiations and are willing to begin working with at the time of the listing to help collect the required documents. As daunting as this task can seem to many agents, imagine what the client thinks when considering a short sale. It’s imperative that an experienced team guide and coach the client through this complicated process. Click Here for Buyer or Seller assistance with a Short Sale.
|
|
