Columbia, SC Short Sales – Short Sale Listings – Columbia, SC Real Estate Short Sales

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Columbia, SC Short Sales – Short Sale Listings – Columbia, SC Real Estate Short Sales

Columbia, SC Short Sales - Short Sale Listings - Columbia, SC Real Estate Short Sales

According to the publisher of Inside Mortage Finance, "short sales currently make-up about 20 percent of completed home sales nationwide". "The number would be even larger," he said, "however, about 1/3 of attempted deals do not go through". (MSNBC.COM)

Many homes for sale in Columbia, Blythewood, Lexington, Irmo, Chapin, and the surrounding areas are currently selling short as well. With these facts in mind, if you are interested in selling or buying a home today in the area, it will be helpful to know more about what a short sale really is.

What is a Short Sale?

A short sale happens when you sell your house for less than your remaining mortgage balance, the proceeds of which go to the lender and in return the lender forgives the remaining balance. Selling your home as a short sale is one way to avoid foreclosure.

As a general rule, lenders lose money when they foreclose on a property. Consequently, they would rather not have to foreclose if it can be avoided. A short sale represents an opportunity to cut their losses because a short sale usually allows them to recoup more of the cost of the loan than a foreclosure process would.

However, don't think that a short sale is an easy thing to accomplish. In order to get permission for a short sale, you must provide documentation showing a genuine financial hardship. And don't think that the decision for accepting a short sale is solely in the hands of the lender. Sure the lender must first agree, but this is not the final word. If there is mortgage insurance involved, this company also gets input on the decision. If there is an investor backing the mortgage, they also get input as to whether to accept a short sale.

The transaction process for a short sale can be rather cumbersome as well, whether you're on the buying or selling side. Many short sales fail due to additional demands by the lender, such as requiring the broker to reduce his or her commission and/or that the seller signs a document requiring him or her to pay back the shortfall.

If you're on the selling side of a short sale, consider having your agent or other experienced professional negotiate with your lender for a better deal. And remember, if the lender does accept a short sale and forgives part of your debt, that is considered taxable income and you must declare it as such to the IRS.

Exit Real Estate Solutions wants to help you! Our agents are some of the best in Columbia, South Carolina in dealing with both the buying and selling short sale properties. Please feel free to contact us at our website!

Blog Signature: Columbia SC Short Sales, Foreclosures, Financing, Lexington SC Short Sales, Irmo SC Short Sales, What is a short sale?, Columbia Listings, Homes for Sale, Columbia SC Real Estate, Investment Opportunities, Lexington SC Real Estate, Irmo SC Real Estate , Short Sale Listings

Columbia,SC EXIT Real Estate Solutions – Jae Kim, Broker
Buying or selling a home or property should be one of the most enjoyable experiences of your life. Most of the time, it’s the largest investment you will make. Jae Kim of EXIT Real Estate Solutions in Columbia, SC is your Award Winning Real Estate expert in Blythewood, Columbia, Lugoff, Elgin, Lexington, Irmo,Chapin, Camden,
Cayce, West Columbia, and the rest of Greater Columbia. This is what we do every day. We can simplify the process for you so that you can enjoy the the experience and avoid the pitfalls that often result in stressful transactions. Call 803-348-3052 today for World-Class, Award- Winning representation.

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Columbia, SC Short Sales – Short Sale Listings – Columbia, SC Real Estate Short Sales