Frequently Asked Questions: Foreclosures & Short Sales
What is a short sale?
A short sale situation occurs when a home will likely sell for less than the current mortgage balance, plus any costs incurred in selling and closing, and when your lender agrees to accept less than the balance owed.
What is a foreclosure?
A foreclosure is a legal process in which a lender forces the sale of a home after payments have not been made on a mortgage for a certain period of time.
A buyer can purchase a foreclosure. If a foreclosure is not purchased, a bank can end up owning the foreclosure, fixing it up and selling it as a bank-owned property.
What should I do if my home is worth less than I owe?
First, we will do a market analysis to determine the next step and the best way forward, which could include several options, including a short sale.
If a short sale is your best option, we can partner with you and your bank to take you through the home selling process.
Should I consider buying a short sale or foreclosure?
Yes — there are some great short sale and foreclosed homes at great prices. We’d be happy to guide you through the home buying process to help you find the best home for you.
Have additional questions? Need more information? Give our Raleigh and Cary-based real estate agents a call at 919.272.1753!
Let the Mission Possible Team’s real estate agents answer any questions you may have about the foreclosure or short sell process in Cary, Apex, Holly Springs, Fuquay-Varina, Morrisville, Clayton, Zebulon, Knightdale, Wake Forest, Rolesville, Oxford, Durham, Raleigh, NC and surrounding areas in the Triangle.