Buying Info

What is a short sale?

A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.

Are you looking to buy a new home? Are you thinking that now's a great time to find bargains? Before you make an offer, it pays to know a little about the seller's situation.

If a home is being sold for below what the current seller owes on the property—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of easy credit, and declining home values in a slower real estate market.

Instead of Sitting On The Fence

Why Not Own It!

Homes Are More Affordable Than Ever! 

Current housing prices in our area are down 15-25% on average from peak values five years ago, and the national housing affordability index is at record levels.

Interest Rates are Unbelievably Low! 

30-year fixed mortgage interest rates continue to remain at near historical lows.

Timing Is Everything!    

The economics of housing will change . . . everything does.  We don't know how it will change, but we do know that we've never seen a better combination of factors to benefit the buyer . . . kind of a 'perfect storm'.

Homeownership is Still the American Dream!    

Nearly nine of ten Americans say homeownership is an important part of the American Dream.  The advantages of owning your own home, and the freedoms and lifestyle associated with homeownership cannot be measured simply in 'investment' terms.

Financing Is Available!    

Today's borrower needs to have stable employment of at least two years; sufficient income to cover the monthly mortgage payment and living expenses; adequate savings to make at least a 3.5% down payment; and, in general, a credit score of at least 620.  If you meet these basic requirements and plan to live in the home, we can help you realize your dream of homeownership.  

NOW IS THE TIME TO MAKE YOUR MOVE

Talk to one of our professional real estate agents if a home purchase is in your future plans.  There are many well-priced homes currently for sale that may be perfect for you and your family.  We can help you find your dream home at a price and terms that you can handle, and help you get qualified for a mortgage that fits your budget.  But don't wait too long, because one thing we can be sure of is that mortgage rates and home prices won't stay this low forever.