Purchase a Foreclosure
If you are a handy person who is looking for a project, or an investor, as a HUD broker we can show you all HUD owned real estate in the O’Fallon, Scott Air Force Base, Shiloh, Swansea, Fairview Height, Belleville, and surrounding communities, as well as all other foreclosures currently available. We will help you with the entire process, as well as provide re-sale information if you are not purchasing for home ownership.
Foreclosure Help and Assistance
As a REALTOR® with the CDPE designation (Certified Distressed Property Expert) and the SFR designation (Short Sales and Foreclosure resource) I have a strong and unique appreciation of the local real estate market and know there are options available to you.
The idea of losing your home is overwhelming and I feel you should have all the facts to make an informed decision.
A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their home than it is worth. This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals.
Here is a more official definition:
- A homeowner is ‘short’ when the amount owed on his/her property is higher than current market value.
- A short sale occurs when a negotiation is entered into with the homeowner’s mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then ‘sold short’ of the total value of the mortgage.
For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:
- Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
- Monthly Income Shortfall – In other words: “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
- Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
Foreclosure vs. Short Sale
A short sale occurs when a lender accepts the selling price of a home, even if it is less than the full amount owed on the mortgage. For particular homeowners, this can be the best option to foreclosure. Yet, I still hear people suggest that short sales are basically the same as foreclosure.
This is absolutely wrong!
If you have questions about Short Sales in the O’Fallon, Scott AFB, Shiloh, Swansea, Fairview Heights or Belleville area call us at 618.624.1985 .