Found 5 blog entries tagged as Short Sale.

Short Sales in Coastal DelawareThere is a lot of misleading and incorrect information about short sales in Coastal Delaware. Many people don't have a clear understanding of the purpose of short sales or how they actually work.

Essentially, a short sale is when one sells their home for less than the balance remaining on the mortgage attached to the property. The proceeds from the sale are used to repay a pre-negotiated portion of the balance to settle the debt.

A short sale can be a solution for homeowners who really need to sell their home but owe more on the mortgage than the home is worth. Understanding the short sale process can help make the most out of a real estate sale.

Here are some common myths and why they are false:

A short sale damages one's credit record as much as…

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When Can You Buy Real Estate After ForeclosureIf you lost your Lewes Beach home due to foreclosure, you probably haven't given up on the dream of owning a new home. The good news is that a number of guidelines have changed which may allow  you an opportunity to buy that new home sooner than you think.  

There are a few guidelines that lenders follow to determine when you’ll qualify for financing after foreclosure. Arming yourself with this information may help you qualify again for a mortgage.

Foreclosure With Extenuating Circumstances


Generally, lenders will take into consideration any extenuating circumstances surrounding the foreclosure on your Delaware real estate. 

Was there a death or illness that prevented you from earning money to pay your mortgage? Did you have a job transfer that…

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For bargain-hunters looking over 2013’s first listings of foreclosed homes for sale in Coastal Delaware, the opportunities speak for themselves. Throughout the year, the size of that selection varies: the official total of Lewes & Rehoboth foreclosed homes for sale for all of 2012 won’t be finalized until later in the month. But no matter how large that increase or decrease turns out to be, in addition to representing a unique opportunity to potential buyers, each one also posed a substantial decision for the departing homeowner.

Foreclosure for saleThe question each faced was whether to attempt to short sell or to allow their property to be foreclosed upon. Choosing the most positive outcome means shedding the negative repercussions as rapidly as possible – clearing the…

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Foreclosure sign

The process of buying a foreclosed home is slightly different from the process of buying a non-foreclosure home.  If you want to invest in Coastal Delaware foreclosures, therefore, it is important to understand the different ways by which to purchase a foreclosed home. There are three main ways to buy a foreclosed home.

Buying before the auction

Some delinquent homeowners may want to sell their homes before facing an actual foreclosure.In this instance, the homeowner, in agreement with the lender, agrees to sell the home for less than the amount owed on the mortgage. This is called a short sale. Coastal Delaware short sales are "pre-foreclosures", of sorts. By broadening your home search to include short sales, you can identify homes that may be…

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Short sales risingForeclosure-tracker RealtyTrac reports falling foreclosure sales nationwide as banks get better at selling homes via short sale.
In its Q3 2012 report, RealtyTrac says that 193,059 homes in some stage of foreclosure were sold, accounting for 19% of all residential home sales. In addition, pre-foreclosure sales -- also known as "short sales" -- climbed 22% on a year-over-year basis.

For the first time since 2007, the number of short sales outnumbered the number of homes sold in foreclosure over three consecutive quarters.

The average price of a short sale home fell by 5 percent as compared to a year ago which may reflect an eagerness on the part of mortgage lenders to dispose of distressed properties before they fall into foreclosure. Foreclosures can…

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