It is well known that a good many homeowners are under water in their homes. They owe more than it is worth. That is the truth of the economic situation we are in.
At the same time, there are still people that find themselves in a situation where they need to move. It could be because of a family situation or even their job situations.
Many homeowners despair because they do not see any options. Buying a home was supposed to be a great investment. Now, they can't even get what they paid for it. Life is still happening, and they feel stuck.
The good news is that there are alternatives. A short sale is a great alternative to being foreclosed on. In fact, many of the big lenders are offering cash incentives to homeowners if they opt for the short sale route. These cash incentives can go up to $35,000, The big banks include Bank of America, Wells Fargo, Chase and Citibank. I have personally had clients that have been the beneficiaries of such lucrative offers.
Why would the banks do this? Well, it is cheaper for them to offer the homeowner in incentive than it is to foreclose. The bank faces legal expenses and upkeep expenses if they foreclose.
Please remember that in order to short sale your home, you must have a legitimate hardship. These include a job transfer, loss of job, death of a provider, or even getting married where both spouses have homes previous to marriage and are forced to sell one.
Inside the Numbers:
Here is the LIlburn wrap up for October:
35: Listings solds
65: Average days on market
$136,918: Average price
$25,740: Low price
- Berkmar Foreclosure: Southern charm with a low price. Nice floors, screened in porch
- Meadowcreek Beauty: One of Lilburn's best kept secret neighborhoods, must see to believe