Tag Archive: New Homes Builder Tampa


Internet Homebuyers

You’ve tried to avoid it for years…a real estate agent website.  You figured word-of-mouth, newspaper, flyers and signage would cover your advertising for years to come. Well, if you haven’t crawled out from under your rock already, it’s 2010. We live in a digital world…where Facebook and BlackBerry addictions have supreme reign. Where blogging, texting and e-mails are our communication lines of choice. People use the Internet now to buy their groceries, rent a movie and order their favourite Chinese take-out. If your real estate business has yet to embrace the online age, where does that leave you? Probably miles behind your competition. So isn’t it time you capitalized on the Internet revolution?

Start by understanding that more and more people are relying on the web to learn about the entire real estate process. There has also been a shift in consumer from Generation X to Generation Y. First-time buyers from GenY will have different communication needs, purchasing behaviour and housing requirements than their earlier counterparts. Now more than ever, it’s vital for all real estate professionals to understand why the Internet is so crucial to today’s industry, and why choosing not to get involved would reduce their profits and competitive edge.

As today’s potential client has less time than ever before, they desire their information served on a silver platter. So why not deliver the information they want and make it available to them 24 hours a day? Give them a one-stop-online-real-estate-shop to help them buy their dream home? That’s what they’re looking for. Nowadays, they expect it.

So why are customers so apt to house-hunting online?

1.  Well first, it saves them time, and plenty of it. Who has the energy to flip through a mile-high pile of messy newspapers? Or make 20 preview appointments with a REALTOR®? Certainly not the urban jet-setters, soccer moms or suits of today’s world.

These Internet savvy buyers will take an average of 4.5 weeks to look for information on homes and neighborhoods before ever contacting a real estate professional, as compared to a traditional buyer that takes only 1.5 weeks. However, once the initial information gathering is complete, Internet buyers spend significantly less time with their agent and preview far fewer homes, spending 2 weeks, compared to 7 weeks for the traditional buyer.

2.  Online buyers also enjoy a greater sense of control. Real estate websites of today embrace a more user-friendly attitude than ever before. The Internet helps these buyers better understand the whole home buying process, and puts them in better control of that process. They can refine their needs and wants and comparison shop to paint a more detailed picture of their dream home for you. In the end it also helps save you time, so you can steer clear of what they don’t want, and deliver on what they do.

Just know that if they’re looking for a ‘4-bedroom, 3-bathroom raised bungalow with a salt-water outdoor pool and white picket fence, close to the highway yet nestled in a quiet community and close to a nature trail’…you’ll be the first to know.

3.  Internet buyers tend to be global risk-takers. They are more willing and able to relocate now more than ever. These buyers are looking to move to different parts of the country, and use the Internet to scope out the hottest trends. They want to settle into a new lifestyle and status, not just a new home. With it they’ll earn a trend-setting label among friends and colleagues, and a life experience they’ll never forget.

Internet buyers are expanding their families at a slower pace, having children significantly later than their baby-boomer counterparts. As a REALTOR®, you need to appeal to their sense of freedom, mobile lifestyle and ability to live in an exciting new place, whether on their own or with a partner.

4.  The information they need is available at the touch of a button, anytime, anywhere. Whether they’re searching for a home on their lunch break or at 2am, they have all the resources they need on their timetable. They don’t have to play phone tag to answer their questions. Everything they need is ready and waiting for them online.

Keep in mind that Internet homebuyers want as much detailed information as possible. Therefore, real estate professionals that offer websites with specialized, inside information and detailed listings including plenty of quality photos and virtual tours, will be more likely to capture these customers.

So, who exactly are these Internet savvy homebuyers, anyway? Let’s take a closer look at the Internet homebuyer profile and how they differ from traditional buyers.

They enjoy a controlled environment.The Internet empowers this type of consumer. They have control of the search process, by way of privacy and freedom. They can regulate the level of communication they choose to have with an agent or agency, and therefore feel less pressured and more comfortable in the decision-making process.

They are usually first-time buyers.The Internet buyer tends to be new to the real estate purchasing market, and is younger, wealthier, more likely to be married and better educated than a traditional buyer.

They want to be as informed as possible. These buyers want a complete understanding of what they’ll be jumping into. Not just listings and prices, they want information on the entire real estate transaction, from agent negotiations to legal procedures. They want all the real estate marketing tools wrapped into one complete package.

Internet savvy real estate professionals are at an advantage to fill in the gaps for these types of clients. Armed with this buyer profile and the proper real estate internet marketing tool, you can learn to better recognize and understand the requirements of this market niche. Think of real estate professionals like a GPS Navigation System for the Internet homebuyer. The Internet is their road map, but they still need detailed navigated directions to get to their destination; a guide to help them through the negotiation and transaction processes of home buying.

Remember, these Internet buyers will judge your competency based on your online perception. Establishing an online presence through a user-friendly real estate website and e-mail has become a benchmark of professionalism for all business. So, if you find your business is lacking in this department, keep in mind that valuable sales are being lost each passing moment. A website can therefore only compliment your role in the home buying process. Take action and get your real estate business online. Farming, referrals, sign calls and traditional advertising can only take you so far in the 2010 marketplace.

Read more: http://www.articlesbase.com/internet-marketing-articles/the-internet-homebuyer-reach-them-with-a-real-estate-website-519165.html#ixzz16767RIV2
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When you purchase of home foreclosures you can be saddled with tasks you know nothing about. From securing financing, to finding the ideal property, to closing the deal and all the little steps in between, this exercise should not be undertaken without proper information and preparation.

Distressed properties are not only about great discounts, there are also a lot of risks involved. But these risks can all be minimized if not completely eliminated if you purchase home foreclosures with caution and diligence.

What You May Not Know

There are some elements that are true of all foreclosures. One is that they are all sold as is and seldom will a seller shoulder the cost of repairs for the property. There are some foreclosures that have outstanding obligations other than the mortgage. Obligations in the form of back taxes, liens and other encumbrances are not part of the seller’s disclosure. Your offer for a foreclosed home will only be considered if you can show proof that you are able to pay for your purchase. For this, you will need to obtain a loan pre-approval from your bank or any other mortgage lender. This will require the submission of some personal documents for the lender to be able to assess your financial situation and gauge your ability to borrow funds and how much.

Reducing Your Risks

Make sure you are indeed financially prepared for a high ticket investment like when you purchase home foreclosures. You should consider several listings of foreclosed properties to find the one you like. Never forgo a professional home inspection of the property as well as a title search. You should also commission an expert to conduct a comparative home value analysis in the area where your home is located. Once you have completed your research base your offer on what you have uncovered and approach the seller or his appointed agent.

Read more: http://www.articlesbase.com/real-estate-articles/what-to-consider-if-you-want-to-purchase-home-foreclosures-3691582.html#ixzz15q9N5wWk
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This blog post is to be about mobile homes for sale and how the industry has changed over the last few years.

During the housing bubble burst what went under the radar in the news was the affect on the manufactured housing industry. Especially the manufactured housing lending and finance industry. Mobile homes for sale that needed financing in order for the new buyer to purchase the home almost became non-existant over the last few years.

Now the sellers in today’s market have to sell homes at a reasonable discount to find cash buyers. The only alternative for people with mobile homes for sale is to find a private investor to fianance the deal for their new buyer. This is very difficult to do given the stygma that surrounds mobile home financing today. The industry as a whole is changing rapidly and this “affordable housing” market has an unclear future.

Will mobile homes be manufactured at the same rate they have been over the last several years? Or will the bubble burst of the housing market drive single family home prices so low that the manufactured home is no longer able to be profitably mass produced.

Will people continue to buy mobile home at the same pace as they did in the beginning of 2000? When lending companies like Greentree and Conseco were selling of repo mobile homes people were buying them up at discount as quickly as possible.

My take is, there will always be a need for mobile home parks. The mobile homes for sale currently are not moving very quickly because of the lending environment. As long as manufacturers continue to increase the quality and value of homes using vinyl siding and tabbed roofing, this housing alternative should be around for a long time to come.

Read more: http://www.articlesbase.com/real-estate-articles/mobile-homes-exploring-their-future-and-possible-extinction-3688002.html#ixzz15ezIvO66
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Renting vs Buying

For sure, you have been considering on purchasing your very own home. It has been quite some time now that you have been working so hard every single day and you want to see something that you would be truly proud of.

Truly, owning your own home will give this sense of pride and confidence into yourself compared to renting an apartment where you will always get stressed out as your land lord or land lady keeps on knocking on the door to ask for the rental.

Can you imagine, the amount that you are paying monthly to your land lord or land lady could have been almost the same amount which you can use to pay your own house and after you have done paying the mortgage it would be all yours?

Well to give you great view between renting and buying a house, take a look at this:

Renting:

1. It only requires 2 months advance and 1 month deposit, before you move in.

2. If you do not pay on time and be in default it does not affect your credit score, you can pay for the next days or month.

3. If you do not want to stay in that house anymore, you can go provided that you finish the duration allotted for the lease contract which is more or less about 1 year.

4. No more worries about repairs and damages, the owner will take care of it for you.

5. No matter how long you have been renting the place, it will never be yours.

Buying:

1. It requires huge sum of money before you can move in.

2. If you do not pay on time, this will affect your credit score.

3. If you do not want to stay on the house anymore, you need to sell it off and it will take couple of months or even years before someone will be interested in buying your house.

4. It would be all in to you when it comes to repairs and damages. You need to pay for all costs including labor and material.

5. After how many years of paying the monthly mortgage, when you full pay the entire amount including the principal plus the interest, it will be all yours.

If you are staying in a certain place due to work and you do not have any intent to stay there for quite longer, then renting a place would be great. However, if you want to settle down, have a family of your own, then you need to invest on real estate and buy your very own house. You do not want to rent a house for the rest of your life, right?

Read more: http://www.articlesbase.com/real-estate-articles/which-is-better-renting-or-buying-a-house-3688665.html#ixzz15eYhTS24
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Buying foreclosed homes has become popular amongst real estate investors and individual buyers. While these types of properties are normally priced below market value they generally require some level of repair. Those who do not carefully inspect foreclosure real estate could end up investing in a money pit.

Foreclosed homes can be purchased through public foreclosure auctions or banks. When properties are repossessed, banks first list them for sale through auction. Auction attendees submit bids and often compete against several buyers.

Individuals purchasing foreclosure real estate through auctions should have a thorough understanding of how the auction process works, as well as the foreclosure laws of the state where property is located.

Some states allow foreclosed property owners to buy their house back within 30 days after being sold through auction. This can be quite disruptive when buyers have invested money for repairs or paid off creditor judgments to clear the title. This can also slow down repair progress as buyers do not want to invest in renovation work if there is a possibility the evicted homeowner will reclaim their home.

When houses go unsold through foreclosure auction they are returned to the servicing lender. At this point they become bank owned foreclosures. Other common references include real estate owned or REO homes.

Banks negotiate with lien holders to clear creditor judgments or tax liens in order to sell the property with a clean title. Banks also engage in eviction action to remove property owners refusing to vacate the premises.

These activities cost the bank money, so REO properties are normally priced higher than foreclosures sold through auction. However, buyers can purchase the property without the burden of removing liens, judgments, evicting property owners, or worrying that the homeowner will reclaim their house.

Just as when buying any real estate; buyers should engage in due diligence. At minimum, buyers should review comparable sales reports to compare purchase prices of other homes in the area; obtain real estate appraisals to determine current market value; and home inspections to determine the types of required repairs.

Banks reduce foreclosed home prices to account for the cost of reported repairs. Banks rarely reduce the asking price of REO homes unless substantial damage is discovered during property inspections. Buyers should obtain repair costs estimates to determine the true cost of the home. If the purchase price and repair costs equate to more than the appraised value, it’s best to pass and look for a better deal.

Most banks require buyers to obtain prequalified financing prior to submitting offers on foreclosed homes. When buyers purchase foreclosure real estate through public auctions they normally must present full payment to the auction house within 24 hours upon bid acceptance.

Individuals unfamiliar with buying foreclosed homes through public auctions or banks may find working with a foreclosure specialist to be helpful. Realtors can help buyers locate the type of property they desire and assist them through the process of buying foreclosed real estate.

Buyers may also want to consult with real estate investors experienced in buying distressed properties. Numerous real estate clubs can be found via the Internet. Buyers can participate in online investment groups or locate local real estate investment groups within their hometown.

Those who take time to become educated about the process of buying foreclosure real estate can minimize financial risks, locate the best financing deals, and obtain the best price for the property.

Read more: http://www.articlesbase.com/real-estate-articles/foreclosed-homes-things-to-know-before-you-buy-3665853.html#ixzz15VxawlhQ
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If you’re in the unfortunate circumstance of relocating to or reside in an costly real estate marketplace, you might be shocked at the ridiculous price of homes. You’ll find that individuals inside your community and also the nearby media are pessimistic about the nearby housing market. Financial experts advise against purchasing a house as an investment. Only a tiny percentage of young families can afford to buy a house. What’s worse, you hear about friends or family who reside in other states and have bought estate sized houses for the exact same price as a nearby condominium. It is easy to develop a pessimistic attitude about buying a house. While the thought of home ownership may be the American dream, you back away from the high cost of house ownership.

Regrettably, many homeowners dream about the ideal real estate markets in other cities, all the while neglecting to take advantage of discount homes in their own backyard.

Many homebuyers who have relocated from a low priced home marketplace to a high priced home market fail to take advantage of local bargains. They come from a community where homes sell for $100,000 to a new neighborhood where $100,000 would only fetch a single bedroom town house. In order to purchase a decent size family house, you’d need to invest upwards of $250,000. Instead of factoring in the quality attributes of their new community, they dream about how they could live in a mansion back at their old community. Pessimistic about the existing real estate marketplace, they continue to rent.

Over time, these same renters begin to become aware of how much property values have escalated through the years. The $250,000 property that originally seemed outrageously priced is now worth more than $500,000 in today’s marketplace.

By misjudging this situation and comparing property costs from their old neighborhood, they missed out on a fantastic opportunity to earn substantial equity. It’s essential not to compare various real estate regions when contemplating the acquisition of a house.

In the event you decide to search diligently,, you can locate fantastic bargains inside your local real estate market. Regardless of how expensive homes are in your community, you should be able to discover a fantastic deal. If you decide to research the price of houses throughout the world, you’d realize the price of houses in the United States aren’t as unreasonable as you may believe.

As inflation continues to drive home costs upward, today’s property prices will be looked back on as a great discount. History has proven over the last 60 years that U.S. property costs have continued to rise.

Read more: http://www.articlesbase.com/real-estate-articles/buying-a-house-discovering-bargain-houses-in-an-expensive-market-3665940.html#ixzz15JItgc00
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When a foreclosure is finished and the home is sold or assessed by an appraisal, for the loss on the mortgage, the deficit amount the bank will not get back from the mortgage balance and expenses due, is called a deficiency. In most states, the lender has an option to get a judgment in this amount against the borrower and this is called a “deficiency judgment”. In addition to the loss of the homeowner’s home he also has the potential of having to repay this judgment in the future.

Even if the bank accepts a “deed in lieu of foreclosure” they can still get a deficiency judgment against the borrower. The borrower is the one responsible for the mortgage or deed of trust payments and he may or may not be the homeowner. If the homeowner has a co-signer, the co-signer will be as legally responsible as the borrower to pay back the deficit due. Depending on whether the foreclosure is judicial or non-judicial, and the specific terms of the mortgage, the bank may not be able to seek a deficiency judgment. These laws vary state-by-state and should be reviewed carefully to determine which applies to the reader.

The bank doesn’t just have the amount of the unpaid loan balance due but also legal fees, accelerated interest payments, back principal payments, in some cases pre-payment penalties, and other expenses as part of the judgment amount. This is why a homeowner who has had his mortgage a couple of years could owe more than he borrowed originally. As an example, the homeowner borrowed $200,000 in June of 2006 and in January of 2008 he goes into foreclosure and the final judgment against him could be $218,000! This is because of the additional expenses and the fact that he pays mostly interest in the first 10 years of his mortgage.

The largest loss the lender has is his loss of the ability to loan about 7 – 10 times the unpaid mortgage balance. This is because the Federal Reserve requires the banks to put cash into a non-interest bearing account to cover potential losses. Since the bank can no longer use these funds to get additional loans from the Fed, he is losing tremendous loan power. This loss of revenue to the lender can not be passed on to the homeowner or borrower.

The major factors in deciding whether the lender will pursue a deficiency judgment are whether the lender feels he can collect the judgment and the cost to collect it. In the process of working with the homeowner, the lender pulls his credit and can see what other outstanding bills he has and whether they are being paid timely. The lender can not see what assets the homeowner has but can sometimes see where he works. The homeowner will be asked to fill out a Net Worth Statement (“NWS”) which will disclose these assets to the lender. This document is a major part of the decision to pursue the judgment or not. If the lender has no reason to believe the homeowner has extensive assets, they will issue the IRS Form instead. A note of caution – falsifying the NWS can be bank fraud in some states so be careful if you intend to return the NWS to the lender.

The deficiency judgment is determined by the court-approved “Final Judgment” amount in most states. However, in some states, the property must be sold or an appraisal done to determine the “expected” net loss. If your state does this procedure by appraisal, contest the appraisal and have the judgment lowered if you believe it was not correct.

The lender usually chooses not to get a deficiency judgment and instead report the loan deficiency amount on IRS Form 1099. The result to the homeowner is a “phantom income” requires him to pay income taxes on this amount. In this situation the final cost of the guarantor’s foreclosure is the amount of income taxes he pays the IRS instead of the entire deficiency judgment. This is a substantial savings to the homeowner and the lender also benefits because there is no collection on his books that is counted as a liability. Unless there is suspicion of fraud in the original loan, the lender will issue a 1099. In December of 2007 legislation was enacted that allows a maximum exemption amount a homeowner who resides in his property can write off for this deficiency amount.

Carefully weigh your rights and options when you make a decision to allow your home to be lost to foreclosure, as there are solutions besides foreclosure and deed transfer to the lender. Do not be paralyzed with fear that the lender will follow you forever to collect the deficiency judgment, as you have a number of options to fight this including attacking the validity of the original loan.

Read more: http://www.articlesbase.com/real-estate-articles/will-you-ever-have-to-pay-a-deficiency-judgment-from-a-foreclosure-398430.html#ixzz15GLenFLf
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What a Foreclosure Eviction Means

Short Sales and Foreclosure

You can expect an eviction if your home is sold because of a foreclosure sale. Whether the sale is by auction, or by a trustee’s sale, the eviction is the legal process by which a property owner physically removes a tenant or trespasser.

Evictions for renters are handled by strict contract law standards and the tenant often has more rights than the landlord. In many states, tenants can sue their landlord for breach of contract, possibly harassment and receive many times their monthly rent if they win the law suit. Some cities make it extremely difficult to evict tenants for any reason. This is not the case with foreclosure evictions because the former homeowners are not tenants. Well-meaning people often tell foreclosure victims about experiences they know about where tenant/landlord law was involved. Again, this is not the situation where foreclosures are involved.

Foreclosure evictions are handled slightly differently in most cities so it is important that you contact the court issuing the eviction notice to determine what to expect. The person who serves the eviction notice, or posts it on the front door usually is not the same person who will enforce the eviction. The eviction will be enforced by a representative of the court, often a county sheriff or policeman. Occasionally, the person giving the notice will tell you that you “actually” have an extra 24 hours, BUT DON’T expect this extra time. Plan on being completely moved out before the actual deadline.

If you are looking at being homeless, contact your local Red Cross or county housing agency for a place to stay temporarily and for cash if necessary. If you have the ability to rent a storage unit for your furniture, store it until you find a place to stay so you aren’t driving a rental truck around town looking for a place to rent. A little preparation is useful in avoiding tons of aggravation later.

The actual eviction may be handled differently, but often an officer of the court (sheriff or policeman) accompanies the new owner or his representative, to the property and alerts anyone in the premises that the eviction will start in a few minutes. In this case, the owner’s representative is responsible for removing everything they don’t want from the premises. The people in the premises are being evicted, not the contents of the property! If the contents are junk or the owner doesn’t want any of it, it usually will be thrown into the swale or the street for sanitation to pick up. If the former owners are not in the premises (at work), the contents could still be thrown out or kept by the new owner. The items put in the street sometimes start a feeding frenzy among the neighbors. Don’t let this happen to you. Take action to resolve your foreclosure early or get moved out before the actual eviction occurs.

Read more: http://www.articlesbase.com/real-estate-articles/what-a-foreclosure-eviction-means-234976.html#ixzz15032VVHa
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Home Prices Falling in Tampa
What do you do when Home prices keep falling?

The nation has been eagerly watching for signs of economic recovery ever since the beginning of the current financial downslide. Over the past few months there have been rumblings of a possible economic recovery but economists are stating now that we are already experiencing the beginning of a second drop of home prices across the country.

Analysts from Capital Economics are predicting that housing prices across the nation will continue to lose ground over the next 12 months. While it is possible that levels could tread water sufficiently to not decrease much, they claim it is also possible that prices could drop as much as an additional 20% in a worst case scenario. Paul Dales, from Capital Economics said, “It is becoming clear that the housing market cannot stand on its own two feet,” and that it is likely that housing prices will see a new low by next fall.

A big part of the problem with the market is that the economy has just not recovered enough to make up for the months upon months of hardship and delinquency that many homeowners are finding themselves in. While there has been an increase in jobs in many areas of the country, home owners are still struggling to catch up with the debts they have accrued over months of reduced employment or unemployment.

With so many homes poised on the verge of foreclosure and so many Americans still struggling to make ends meet, it is easy to see why it is so hard for the economy to recover. But with home prices continuing to slide, does it make sense to hope that the continued price reduction could lead to a rebound in home ownership numbers?

Sliding prices could, in fact, result in more homes being bought in the near future if employment picks up enough to support an increase in home buying and if prices decrease enough for homes to become affordable for the buyers who still have viable credit. No matter what the predictions though, only time will tell if we will see a recovery start within the next year or not. We can only hope that home owners who are struggling to hold on now can maintain that grip over the next few months.

(ArticlesBase SC #3628887)

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Tampa Short Sales

What is a short sale?” is a commonly asked question amongst homeowners struggling to pay their mortgage payment. Word has gotten out that short sales can help borrowers avoid foreclosure. While this is true, the process is complex and requires authorization from the originating mortgage lender.

There is no simple explanation of what is a short sale. At present, no unified protocol exists, although lenders must abide by certain criteria. Not all properties or borrowers qualify for short selling their property. Nor, are all lenders required to offer this transaction.

Short sale criteria require borrowers to be a minimum of 31 days delinquent on their mortgage note. The appraised property value must be less than the balance due on the loan and borrowers cannot own assets which could be used to repay the debt.

The term ‘short sale’ means the bank allows borrowers to sell their property for less than they owe on their loan. Short sales are usually offered when all other methods to save the home from foreclosure have been exhausted. It is important to understand once a home has entered into foreclosure it is no longer eligible for short sale. Therefore, it is crucial for borrowers to contact their lender when they are unable to continue making mortgage payments.

Short sales are handled through each lender’s loss mitigation department. Once borrowers default on their loan, a loss mitigator is assigned to handle their account. This individual is responsible for assisting the borrower to resolve the delinquency. They do not approve or disapprove short sale requests. Instead they act as a mediator for the borrower and lender.

Mortgage lenders usually require borrowers to submit a short sale hardship letter describing events which caused delinquency of the loan. The letter of hardship is an important element of obtaining short sale approval and borrowers should take time to carefully craft it.

Loss mitigators prefer handwritten letters which include a detailed timeline of events, along with any action taken to overcome financial challenges. Lenders are more apt to grant approval to borrowers who lost their job or encountered medical problems than to those who engage in frivolous spending.

The short sale process takes between four and six months to complete. Borrowers will undergo a financial audit and are required to submit a myriad of documentation to the loss mitigator. Some banks require borrowers to have a buyer in place before granting short sale approval. Others will allow the borrower to list their property through a realtor.

When property is listed through a realtor, banks generally grant a grace period of a few months to locate a buyer. If the property is not sold within the specified timeframe, the lender will commence with foreclosure action.

Last, but not least, it is important to determine what type of short sale is offered through the lender. Two types of short sales exist: Deficiency Judgment and Payment in Full without Pursuit of Deficiency Judgment.

Payment in Full releases borrowers from repayment of the deficiency between the sale price and loan balance. Deficiency judgment requires borrowers to repay the deficit. This can be a substantial amount and take years to repay. Judgments remain on borrowers’ credit reports until paid in full.

(ArticlesBase SC #1131645)

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