7/26/2009
McKinney, TX (July 26, 2009) – McKinney agents, Steve and Linda Bosworth like many agents in today’s market, are working with buyers on several short-sale purchases -- working with sellers and lenders in situations where the home has become a “short sale” transaction. “Often, buyers see these homes as ‘good deals’, says Linda Bosworth.
Real estate agents are seeing an increase in this emerging type of real estate sale, according to local and national real estate specialists. “Many sales associates are becoming knowledgeable about foreclosure alternatives in today’s economy,” says Denise Ackerman, branch manager of the McKinney office of Coldwell Banker Residential Brokerage – Dallas/Fort Worth (CBDFW). “Smart real estate agents are educating themselves to correctly handle what can be a challenging transaction for all involved.”
Mr. Bosworth, an eight-year Coldwell Banker veteran, says recent short sales he handled through several nationally known lenders took about five months to complete. “Buyers must be patient and aware that some lenders are scrambling to get up to speed,” he notes. “Anyone considering a short sale should be aware of the drawbacks”, says Mr. Bosworth. “If a buyer needs to buy a home in a short amount of time, then a short sale is probably not the best choice.”
Coldwell Banker Home Loans, provider of mortgage services to 20 North Texas CBDFW offices and other consumers, is a capable resource for short-sale buyers, according to Rita Lewis, senior mortgage adviser. “Our team works with buyers to make short sale closings go as smoothly as possible,” she says.
Mr. Bosworth recalls one buyer determined to buy a short-sale property – a home needing major renovation. “It frightened off most potential buyers, but for him it was a great project and he had experience in renovating. It took four months to close, but he was willing to wait.”
“When listing a home that is in the process of a short sale, the process not only involves the homeowner but also the mortgage company and can include a second lien holder as well. It can be a time consuming and frustrating process but if the home sales, it avoids foreclosure for the seller”, says Mr. Bosworth. “Many lenders are understaffed with increasing numbers of short sales; however as we all become more knowledgeable the process will hopefully become easier.”
For information on locating short-sale properties and for getting a loan for a short-sale property, contact Mr. Bosworth at 469.952.6700 or Ms. Lewis at 214.207.8965 at rita.lewis@mortgagefamily.com.
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