Outer Banks Short Sale & Distressed Property Homeowner Assistance

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan.  It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the current debtor. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrower.

• The property is worth less than is owed.
• The seller has some hardship that makes it impossible or extremely impractical for the seller to keep the property.
• The seller is cooperative and willing to work with a real estate broker to package the short sale.
• The lender is contacted and expresses willingness to entertain a short sale.
• The property is listed, with appropriate caveats and protections for the seller, properly priced, and effectively marketed.
• The lender is presented an offer, accepted by the seller, along with a completed short sale package and narrative explaining why the short sale is necessary and desirable.
• The lender approved the offer and closes as usual.  No proceeds go to the seller.