The economic crisis has affected many thousands of people across the country, and the Outer Banks is no exception. Hundreds of homes have gone into foreclosure up and down the beach. In a last ditch effort to avoid foreclosure, many people have turned to the short sale.

Save Your Credit!

If you need to sell your home, but the mortgage is more than the property is worth, that’s a short sale. It’s a good way to avoid foreclosure, and while it can still affect your credit, it’s not nearly as bad as with a foreclosure. This is usually the best option of the two.

The process of either buying or selling with a short sale can be a nightmare if not done properly. The seller will have to disclose all financial info, and there are stacks of paperwork to verify that you can’t pay the mortgage any longer. And if you aren’t timely and well organized, it can drag for months. There are very few loss mitigation agents for the thousands of applicants, so if you make a mistake, your application will go to the bottom of the stack!

Let Us Help!

At the Dean Agency, we frequently help people both buy and sell homes in short sales. Selling a short sale will help you get out from the crushing weight of an inflated mortgage, and buying a short sale is frequently a great way to get a great deal on a great piece of Outer Banks real estate.  If you want more help with a short sale in Corolla, call the Dean Agency Real Estate Brokers now!  Don’t forget to check out short sales in Duck!