A short sale is the option usually preferred by Randolph County NC homeowners who are facing foreclosure. A short sale doesn’t have as huge an impact on the homeowner’s credit score as a foreclosure.
As sales of distressed properties continue to decrease in the last quarter, the sales of short sales, on the other hand, increased by 4%. This amounts to a total of 22% of all sales. Randolph County NC’s short sales are also reflecting this nationwide trend in the distressed property phenomenon.
A short sale transaction in Randolph County NC, or anywhere else, is an overwhelming process. If you have decided to take this path, here are some things you could do to help your agent accomplish a successful short sale:
1. Keep your Randolph County agent updated with any changes in your financial situation. This includes the balance remaining on your mortgage and the number of payments missed. With this information on hand, your agent will be able to speed up the short sale and impart a sense of urgency to the sale.
2. While your Randolph County agent will be an expert in processing the short sale in the soonest time possible, other factors which affect the success of the sale are beyond their expertise such as taxation and legal issues. You may want to encourage your agent to work closely with a tax specialist or attorney, which will make up your short sale team. Working as a team will make the short sale more efficient and smoother as opposed to working independently.
3. A short sale transaction involves many demands, each with its own timeline and requirements. This can put a lot of pressure on you, but make sure that you are ready to do whatever your agent asks you to. Cooperating with your agent and doing things right away will speed up negotiations with the buyer and lender and will increase you chances of successfully closing the short sale
Short sales transactions are very complicated so make sure you work with the right Randolph County short sale expert. Call me for a no-obligation consultation to assess your situation and advise on the next steps to take.