Short sales are a term that are synonymous with crashing real estate markets. Buyers bought homes at the top of the market and due to the current market conditions, they owe more than what the home is worth. Resulting from a hardship they are facing, owners can’t make their payments and are facing foreclosure. This scenario brings back memories from the real estate crash of 2008, however short sales are still a possibility in today’s all but failing real estate market.
The North Carolina real estate market seems to be a steady one. Unlike some other markets around the United States, homeowners aren’t as quick to pull out lump sums of equity once the values of their homes increase. This practice is typical in states like Florida when real estate appreciates rapidly. Resulting from wiser lending practices than other states, North Carolina sees less short sales than many states, but there are circumstances that can allow for a short sale when prices are at an all time high.
Conditions of a property are one of the biggest factors when it comes to value, and in a short sale, value means everything. When asking the bank to take less than what is owed on the property, there should be some reason a higher amount was loaned on the property than it is worth in its current condition. In today’s market when values are at an all time high, damage is usually the reason it is worth less than the amount borrowed to purchase the home.
In a market when real estate is at an all time high and in a state where residents are conservative with the equity in their properties, short sales may seem like an impossible feat, but with the proper damage and hardship, any property may be short sale eligible. If you’re in a situation where your home has become a burden and the condition of the place is unbearable, there is a solution. At Helpful Homes, not only do we buy burdensome properties, we facilitate short sales, even in areas like the North Carolina Triad where they are almost unheard of. Through a short-sale, Helpful Homes is able to save those from foreclosure who were eying that as their next option, as well as help those who need to rid themselves of difficult properties.
The Greensboro market is synonymous with success and low inventory of real estate, which is great for sellers with move in ready homes. Unfortunately, this success doesn’t always trickle down to those with properties that are less than perfect and in need of major repairs. At Helpful Homes we help homeowners all across North Carolina that find themselves needing to sell troublesome properties.