Indianapolis Short Sales Explained
Posted by ICON Realty Team on Tuesday, September 21st, 2010 at 7:53am.If you’ve lost your job, are behind on your mortgage payments and struggling to keep up, you’re in a tough position. If you’re like thousands of other homeowners, your house may not be worth what it once was. Indianapolis has remained a fairly strong housing market, but some areas have taken hits. What can you do if you don’t see a clear way to move forward and you’re scare of losing your home?
If you’re worried about making next month’s mortgage payment, and the stress is starting to get to you, it might be time to consider a Short Sale on your home. A Short Sale is where your lender agrees to accept an offer for less than what your payoff/amount that is owed is. It’s a win-win for both parties. The owner of the home avoids foreclosure a major ding in your credit report, though a short sale will give you a small dip. The bank which owns the house takes a hit, but not as much as if they had to go through the foreclosure process.
A couple of caveats – expect it to take a few months. This process takes persistence and perseverance – it is not for the faint of heart. State laws vary considerably here, and working with a knowledgeable broker is worth the money. For example, in some cases, home owners end up having to make up the difference. But, for some home owners who owe more on their mortgage than their property is worth and are having trouble selling, this presents an opportunity for them to avoid foreclosure.
Similar to selling a short sale, buying an Indianapolis short sale takes persistence and perseverance. There are typically long delays in bank responses to offers - especially when the seller has a 2nd mortgage or line of credit. In many cases, the 2nd mortgage lender will be out everything if a short sale in executed so they may do what they can to block the sale.
Make sure to choose a Realtor that is experienced in Short Sales before diving in.
Click here for up to the minute Indianapolis foreclosure alerts.
Hello and welcome to the Indianapolis Real Estate blog for ICON Realty Partners, LLC. We hope you enjoy our thoughts on relevant local and national real estate stories. We welcome anyone; buyers, sellers, journalists, or real estate professionals to share your thoughts by commenting below each entry.
The ICON Team
ICON Realty Partners, LLC
Indianapolis Real Estate
Phone: 317-572-7728
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