When you are ready to buy or sell a home, you have more than one option in how to do so. Before taking the leap, you should understand how each option works and where exactly your money will be going or coming from. Letís do a brief review of three types of home sales.
This is the most traditional type of sale. Normally, the seller has equity in the property resulting in a bargaining advantage that lands these homes on the pricier side of the market. This type of home sale is preferred for those who would like to deal directly with the homeowner, instead of a large corporate bank. If you are selling or buying using this option, you should negotiate repairs and make sure the home is in good condition. If you are looking to purchase a home, but absolutely need to sell your current home before purchasing, this is the only seller that might be agreeable about this contingency. The market conditions vary, so it may take a long time to settle on what you believe is fair.
In a foreclosure (or bank owned home), you do not deal with the homeowner. Instead, the owner has been removed from the property and the sale price is up to the bank. The bank has listed the property for sale and generally offers a reasonable deal after making some small repairs. But keep in mind, homeowners who have been foreclosed on do not generally leave their property in manageable conditions. In fact, to spite the whole system, some homeowners make a point to do more damage on their way out. So while you may get a fast and reasonable deal, you might spend a lot of money later trying to get the property livable again.
A short sale happens when a homeowner owes more money on the home than what it is worth and is struggling to make mortgage payments. There are several financial hardships that could contribute to finding yourself in this predicament. Unlike a bank owned property or foreclosure, in a short sale the owner still holds the title of the home. To sell the property (for less than the remaining loan balance), the seller, buyer and lender must agree on the price and shortage. These homes generally come as is and require necessary repairs to pass inspection. This process can be drawn out if all parties cannot come to an agreement in a timely manner. Fear not! The Team Edge can offer you a fast, fair offer on your foreclosure or short sale property.
Ready to Sell Your Home Fast and Fair With The Team Edge?
If you need to sell any type of property in Maryland, The Team Edge is dedicated to providing you with the best possible home-selling experience. We buy residential, commercial, foreclosure, short sale, land and farms, income and rental properties, non-conforming properties and estates! Call our 24/7 hotline today at 443-840-7100 or fill out our quick and easy online application to get started on selling your Maryland property immediately. No matter the condition of the property, we are here with a fair price and fast service. Thatís right. Sell your house quick!
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Tags: Foreclosure, home sale, sell your home, sell your home fast, short sale