AFR Offers Mortgage for Buying a Short Sale
If you are hoping to take advantage of today's lower home prices and find a true bargain you might want to look at short sale properties. American Financial Resources can help you finance a short sale home, and help you navigate and keep your sanity during the process.
What is a short sale?
When a homeowner can no longer afford their mortgage payments but cannot sell their home for enough to pay off their existing mortgage or mortgages, they might approach their lender or lenders about doing a short sale. This means that they would sell the property for less than they owe, and the lender would receive all of the proceeds of the sale taking a loss. The advantage to the homeowner is that they can avoid foreclosure. A short sale will still negatively impact their credit, but most often to a lesser degree. The advantage to the lender is that they can avoid the cost of a foreclosure, and often receive more for the property than they would through a foreclosure sale. The homeowner must document financial hardship (that they cannot afford to make their mortgage payments) before a lender will agree to a short sale.
The process of buying a property in short sale can be time consuming and frustrating, but can ultimately result in an amazing deal. You may find you can afford a home you had only dreamed of by riding the short sale roller coaster. It can take a while for a lender to approve a short sale; even longer if there are multiple lien holders (if there was a first and second mortgage or home equity line of credit on the property) who must reach an agreement.
It is important to understand that when purchasing a short sale you are almost certainly buying a property "as is". While you will likely be able to have an inspection done on the home to identify any work needs to be done, since you are presumably getting a great price and the seller and lender are both taking a loss, it will be up to you to pay for any repairs that are needed.
Finance a short sale property with American Financial Resources
To increase your changes of success in buying a short sale home you should be sure to work with a real estate agent and loan consultant who are experienced in working with short sale transactions. At American Financial Resources our mortgage consultants are true financial experts, and will work closely with you throughout the process. To get started call 800-316-9508, submit your prequalification information online, or request a quote today.
Last Updated: September 22nd, 2010 3:44 PM CDT