E Mack's Real Estate Blog
By: Emily MacKendrick, REALTOR, Eva Carey Realty
Urbana, Springfield & Champaign County Real Estate
By: Emily MacKendrick, REALTOR, Eva Carey Realty
Urbana, Springfield & Champaign County Real Estate
The economic downturn has triggered a surge in short sales as homeowners who cannot afford to keep their home seek to protect their credit by avoiding a foreclosure. Data from the National Association of REALTORS® reveals one-third of all existing homes sold recently were either short sales or foreclosures.
Unfortunately, many who have navigated a short sale can attest that the process is anything but short. In a short sale, the lender – or lenders – agree to accept less than the mortgage amount owed. REALTORS® all over the country have reported short sale transactions that took anywhere from six months to nearly a year to close. Many buyers become frustrated and withdraw their offers because they don’t want to wait.
REALTORS® build communities and know the impact a foreclosure can have on a family and surrounding neighborhood. In cases where families are absolutely unable keep their homes, Realtors® are urging lenders and servicers to approve reasonable short sale offers that allow these people to avoid foreclosure.Earlier this year, the Obama administration introduced the Foreclosure Alternatives Program as part of its Making Home Affordable program. When implemented, the FAP will establish financial incentives to encourage servicers, sellers and second lien holders to streamline the short sales process. The program will also provide standardized documents, including short sale agreements and offer acceptance letters.
For buyers, although short sales aren’t the easiest transactions to undertake, they can offer tremendous opportunities. Many first-time buyers are attracted to short sales as a way to build their future through homeownership. Just a few short years ago they were priced out of the market and are now able to own a home of their own.
For information about area homes in Champaign & Clark counties,please contact Emily MacKendrick at 937-215-0977 or Emily@EvaCareyRealty.com
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