Short Sale seems to be the buzz these days as more sellers are opting to avert a foreclosure proceeding and possibly save their credit and buyers are now searching for the ultimate deal.

Some of you may be asking exactly ” What is a short sale?” A possible short sale occurs when the homeowner and the lender are willing to accept less than the amount of the mortgage owed on the property. Hopefully the lender will just write off the deficiency, but in some cases the lender actually will require a promissory note for the deficiency. And if the lender writes it off, the seller may actually receive a 1099 as income. In addition, a judgement can be filed for the deficiency. The moral of the story is never assume that the debt you owe is gone unless you receive written confirmation of such.

Also, most banks will not agree to a short sale until they have a written offer in hand. And, before they will approve a short sale the seller has to submit a short sale package consisting of a hardship letter, application, financial statements, bank statements, tax returns, pay stubs etc. This procedure is almost the same as if you were trying to obtain a new loan. So, please understand just because a property is listed as a short sale does not mean that the bank has approved it as a short sale. They have the final word on all terms of the sale.

For the smart investor, a short sale opportunity could be your pie in the sky! Perhaps there are homes that are priced well below market value and just need a little TLC. If you have the time and patience, the could be a great time for you to submit an offer. Short sales usually take longer, but could be worth the wait.

Short Sales in Wilmington NC

The Wilmington NC real estate market offers a variety of short sale opportunities. We can provide you with a detailed list of homes offered for short sale or foreclosures. There are wonderful buying opportunities at the  beaches of Southeastern NC, near Wilmington, NC.

Please contact us at kay@cbbaker.com or www.cbbaker.com.

Check out these great deals!

7505 Promontory Court

Amazing, beautifully decorated and spacious luxury townhome shows like a dream! Many custom upgrades including ceramic tile and hardwood floors. Designer kitchen with italian granite countertops, stainless steel sink, faucet and osmosis water filtration system. Gracious formal dining room boasts white oak wood flooring, crown molding, chair rail, plantation shutters, wall fountain and your very own butlers pantry. Dramatic living room with recessed lighting and gas fireplace opens to a relaxing screened porch overlooking beautiful and quiet natural preserve. Spacious first floor master suite complete with double shower, jacuzzi tub, upgraded faucets and fixtures. Upstairs there are 2 large bedrooms and a media room perfect for home theater with custom entertainment center and surround sound plus a bonus room ideal for office,4th bedroom, game room or library. Professionally landscaped grounds are maintained by the HOA, so enjoy the close proximity to the beach, boating or golf. Wonderful opportunity to own a  second home near the ocean! This massive luxury townhome with over 2600 sq ft is bargain priced at $289,900 and subject to lender approval of short sale. For more details, please log on to www.searchwilmingtonhouses.com or www.cbbaker.com

2716 Valor $139,900

Great location just minutes to Wrightsville Beach, GE, Corning, UNCW. Very good price on a great starter home or perfect for most anyone. Located in one of Wilmingtons most desirable neighborhoods. New paint and carpet, easy to chow. PRICED TO SELL NOW! Subject to bank approval of short sale.

7403 Ern Way $149,900

Great home for anyone. 3 bedrooms, 2 full baths, 1-car garage, large open floor plan and situated on a corner lot. Short distance to Wrightsville Beach, UNCW, Corning, GE and Ogden Park. One level, low maintenance, great value, and priced to sell. NEW CARPET & PAINT! SHOWS GREAT WILL NOT LAST. Subject to lender approval of short sale.
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