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CENTURY 21 Barbara Patterson office selling Southern Maine real estate.

Short Sales and Foreclosures

Short Sales

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 and the lender decides that selling the property at a moderate loss is better than pressing the borrower. 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 borrowers.  With 1 out of 7 mortgage loans under water, this process is becoming a very viable solution to these lenders and borrowers alike, in order to stop the foreclosure crisis.

 

Foreclosures

Foreclosures have steadily increased due to the recent mortgage crisis and current economic challenges faced by many consumers. Inflation is on the rise while home values remain flat or in many cases lose value.  This growing epidemic is flooding the market with more listings than what the public demands.  Homeowners are looking for advisement and assistance from experts who care.  Today’s real estate professionals can provide the proper guidance and education to today’s homeowners who fear the threat of foreclosure. 

 

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© 2018 Barbara Patterson Assoc., Inc.  All rights reserved.  CENTURY 21 and the CENTURY 21 logo are registered service marks owned by Century 21 Real Estate LLC.  Barbara Patterson Assoc., Inc fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.  Each franchise is independently owned and operated.  Any services or products provided by independently owned and operated franchisees are not provided by, affiliated with or related to Century 21 Real Estate LLC nor any of its affiliated companies.

 

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