Short sales in Corinth, TX account for a small but growing percentage. Short sales benefit both lenders and owners. Lenders in the way that cuts costs of selling a foreclosure property and owners -they save people from the foreclosures and ruined credit.
As a current home owner you may not be aware that
your home may be in the
short sale position!You are not alone in the situation when you and your family must move and proceeds from sale of your home at the market price will be less tnan you currently own on it. People in this situation are current on payments, they keep their homes in good to exeellent condition. They do not realize they are in a short sale situation until they decide to sell and move. If you suspect you might be one of these people contact an agent familiar with shrot sales.
Even if you home appreciated and it is now worth more than what you paid for years ago - only NET SHEET of PROCEEDS from sale will determine whether you walk away with cash or need to bring money to the table. NET SHEET is only an guestimate based on market research of what your home may sell for at this time.
Example:
You bought your home for
$200,000 3 years ago
You took
100% loan on it (80/20 or 70/30)
You
rolled your closing costs (this is bad!) 10,000
Your
total borrowed sum is
$210,000You hardly paid down any equity during these 3 years
Now
the home is worth $210,000Calculate Broker commission, prorated tax, title company costs, Title insurance and you are in
Negarive Territory!
You might end up needing another
$16,000 just to close the sale!
So, call the agent and talk about it. She or he might either refer you to TOP SHORT SALE specialists in the area or handle it herself. This situation calls for a lot of work, communication with a lender - who are usually very unresponsive - and they have the right to ignore you all together! and a lot of waiting. BUT THIS MIGHT BE THE ONLY CHOICE YOU HAVE!
Deals! Lake Sharon, Corinth TX. This area offers some lake front properties in addition to interior lots. Access is thru Swisher/Oakmont- just a few miles from the Interstate. There is a path around the lake - some paved and some gravel. Great for walking a dog or for a jog. I took my camera today and took a few photos. The lake is small and the area will be affected by new 2499 road extension. However, the road will run to the side of the lake and many interior lots will not be affected. Currently, at least 5 homes are available for purchase. One is offered at $66 per square foot! This 3800 sq. ft home is spacious and offers huge bedrooms, tiled floors, corian countertops and much more.
