What do short sale & foreclosure mean?

In today's market we have begun to hear new words as common language when buying and selling real estate. Words such as pre-foreclosure, short sale, foreclosure, and distressed property.

What does it all mean and how does it affect you?

The myths about foreclosures:
* Hungry banks are stripping properties from owners
* Properties are often gutted and abandoned
* Homes are all sold on the courthouse steps
* Buyers can expect to purchase a foreclosure for cents on the dollar

The reality about foreclosures:
* Few lending institutions want homes on their balance sheets
* Foreclosure is not a type of property, put simply foreclosure is a legal process by which a defaulted borrower is deprived of his/her interest in the property
* Foreclosure listings are often listed close to or just under fair market value

What is a short sale?
A short sale is a situation in which the seller (1) owes more money on the loan than the sale of the property will likely produce on the market and (2) is unable to bring money to closing. A seller may or may not be in the pre-foreclosure process.

How does this affect you as a homeowner?
Are you a homeowner that has felt the affects of the economy? The Grove Team can help and there are ways to avoid a foreclosure process. Extensive training and experience have allowed us to streamline the process as much as possible to assist homeowners navigate their way through the short sale requirements.

If you find yourself in a distressed situation - we are available to work with you. Contact us directly for more information and resources to better assist you.

Grove Team
Keller Williams Realty

Direct (817) 337-0000
Email info@groveteam.com

On the web - www.groveteam.com