Ron Caudle

Tag: Short Sale

  • What is a Short Sale?

    A short sale is a term that describes a real estate sale in which the proceeds from the sale are a lesser amount than what the bank’s loan is. This often happens when a borrower cannot afford to pay on their mortgage, but the bank feels that selling the property at a moderate loss will be better than pressing the borrower.

    Both parties need to agree to the sale, which ultimately, helps avoid foreclosure as well as heavy fees for both parties and a poor credit statement as well.

    If you’re in a foreclosure situation, I can help. Visit the contact page to get a hold of me. You can see how I have helped others on the testimonials page.

  • Eighth Misconception Of Short Sales

    The Eighth misconception of short sales is that the lender/bank has to see the property on the market for at least a short time, listed at full market value. Where these rumors got started we will never know, but it isn’t true at all. There are a lot of agents out there that raise the price above market value and then you hear them saying, ” Hey I listed that house, I did due diligence at $600,000, and the property is only worth $500,000. I have no idea why it didn’t sell, so I decided to lower the price.”

    The Bank and it’s employees don’t even care if the house was listed at ‘Full Payoff’ or not. In most cases they don’t care that the house has been listed for five months. The main thing the banks and lenders want, you will notice, is that the offer you submit is at least close to the full market value of the property.

    So in all reality you do not need to list the property at full market value before making a short sale offer for less than the full payoff. It is important to make sure that you are aware and fully understand that the longer you wait, the worse things may get.