Raleigh Foreclosures contributed to around 700 houses that were sold in the month of February. The number is big, but Raleigh is not the only place facing this problem. It is a problem that has captured the entire real estate market.
Lenders Cost in foreclosure
Before and after the property gets listed as a foreclosure, the lender also goes through a lot. The cost of the property, at that time, not only includes the money he paid to the borrowers and the paper work done at that time, but also the collection activities, notice of default and the attorney cost for conduction the proceedings. By the time the property is listed for auction, the cost invested in the property has already increased. The lender cannot get the entire money back even after auction, as the sale value of the house is approximately fifty percent of the actual cost the lender has already paid. The only way he can recover the cost is by the borrower retaining the property.
Short sale as an alternative
To save your property from being a foreclosure, you can sell your property and save yourself from credit scoring. You can list the property in the market at the price that you can get in the market. However, if you are getting close to the foreclosure value, then asking for a short sale quote will be the best option available in front of you. In short sale, the lender or the bank will give you a price that covers his cost so that you get debt free and save yourself from foreclosure too.
When you ask for the short sale quote, the bank will ask you for a proof that you tried to sell the property at market price, but couldn’t and then only will offer you the permission and the quote for short sale. Once you get the quote, you can list the property at that price so that it is sold easily. If you are still not getting offers for the same, you can contact the foreclosure agents in your area that might be able to give you a good price or get a prospect buyer for your house and avoid your property from being part of Raleigh foreclosures.
Print This Post
Email This Post
HUD Fair Housing Equal Opportunity
