Short Sales: Subject To Lender's Approval

Corinth, TX: Do you have patience? Can you wait a while? A month, two, more... Are you pre-qualified?
If the answer to the above questions is yes, consider short sales! While average price of homes available for sale in Corinth, TX is $81 per sq ft, the short sale market is offering $60 per sq ft. There are currently at least 3 home for sale in Corinth, TX that are clearly marketed as short sales. Please talk to the agent and learn about short sale process before placing an offer on a short sale property.

Corinth TX Real Estate: Foreclosures, REO, HUD and short sales

If you are in the market to buy a home in a great area and great school district, consider Corinth, TX. In fact, in addition to a choice of 140 properties currently available for sale, you can buy a HUD home, foreclosure, or if you have enough patience, a short sale. Each of these homes for sale have their own process and unique procedures to be followed. Consult experienced agent and dive into this real estate market. There are 5 homes of the above types are currently on the market in Corinth, TX.

FREE ebook: Winning With Foreclosures

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Thinking about buying Foreclosure as a primary residence? What is Short Sale? Why should i invest in real estate market by buying foreclosure? Find answers to these questions in this ebook: winning with foreclosures. Click here to read an e-book titled Winning With Foreclosures. Learn why and how to buy foreclosures / REOs, short sales or HUD properties whether they are among Denton TX homes, Corinth Texas Homes or any other area in Dallas, Denton or Collin County.  Learn the terminology, types of financing, how to negotiate with banks and common myths about buying a foreclosure.  Learn why others, including First Time Homebuyers, Move up buyers and Investors are choosing Foreclosures, REOs, HUD, and Short Sale properties. I am able to provide this valuable information to you courtesy of Keller Williams University.

Foreclosures and HUD owned homes in Corinth, TX.

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Corinth, TX: Foreclosures or REO, HUD and Short sales - now familiar words in real estate community. While Denton County is not (yet) over flown with these types of homes - at least 18 homes owned by banks, HUD or VA are now available for sale in Corinth, TX.

HUD homes:
To search for a HUD home go to this site. Once you identify a few homes - contact me to set an appointment to view the properties. Good deals do not last forever. Be ready with you funds and pre-approval letters. Placing a bid on HUD site must be done by a registered agent with participating broker. Often, you get response from HUD fairly quickly. Home owner occupants are priority. Once a specified period ends - HUD accepts all offers, including investors.

FORECLOSURES or REO (real estate owned as an entry in banks accounting records)
The process to put an offer on a foreclosed property is similar to a regular home for sale. However, massive amount of disclosures, addenda will follow an accepted bid. In many cases banks agree to pay up to 3% in closing costs. They will also consider home-owner occupants first. Be sure all paperwork is submitted correctly or your offer may be returned and you will lose the bid (your agent's work).

SHORT SALES: This is the most time consuming process to wait for a response from the bank. Many homes are still occupied by current owners who are short on funds to pay monthly mortgage. These properties might be a good deal if the buyer is willing to wait and hang around for a 3+ months at least.

Types of homes for sale in Corinth, TX

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Corinth, TX Homes For Sale. If you are in the market for pre-owned home you can buy one of these types of properties:

1. Home for sale by ordinary sellers with enough equity to close or cash to bring to the closing table.
2. Foreclosure home for sale. Owned by banks, or Freddie Mac and Freddie Mae. Buying this property means you will not see seller's disclosure and your agent must follow strict instructions and submit all appropriate addenda and forms. However, the negotiations and closing are usually achieved without delay.
3. HUD home for sale. You agent/and her broker must have an account with HUD authorized sellers to place a bid on a home for sale in Corinth, TX or other areas of Texas. An agent must follow strict instructions and submit a complete package.
4. Short sale home for sale. There are a few short sale homes for sale in Corinth, TX and Denton, TX. This transaction involves seller's lender approval and takes weeks and months to complete. Not recommended to home buyers needing to move in in 1-2 months.

When you are looking to buy a property for yourself to live in consider all four types. But if you need to move in within a short time - focus on #1 and #2 options. If you want a fixer upper but will occupy the property - research option #3. In any event, with historically lowest interest rates and large inventory - there are vast opportunities for the buyers now.

Short Sale - is your Corinth Home in danger?

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 $210,000
You hardly paid down any equity during these 3 years
Now the home is worth $210,000
Calculate 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!

Corinth Texas Short Sale Homes For Sale

If you are a deal hunter, have gotten your prequalification paperwork done, and are willing to wait short sale is the way to go. Here are a few properties for sale in the short sale stage. Short sale required lender approval, so once you submit an offer - and I strongly recommend using an experienced agent - the bank may hold your offer for months! Having several offers on the table - they often lose most by the time the nessesary steps are done and the sale is finally approved. If you hang in there - you might get that home at a bargain! Moreover, often - but not always - the short sale homes are well taken care of and not a "delapidated" vacan properties left on the market for many months without tenants or owners.

Corinth Texas Reale Estate Activity December 3rd, 2008

Corinth, TX currently offers 149 homes for sale (excluding homes for sale by owner, aka FSBO). 31 properties are under contract pending - or 17% of properties are successfully selling.

• 69 of these homes for sale are under $200,000
• 27 of these homes for sale are under $150,000
• the average list price per square foot in the under $150K homes is $75/sq.ft.
• the average days on market 87
• there are 10 foreclosures in Corinth, TX - representing 6.7% of total offered
• there are 10 new construction homes for sale in Corinth, TX real estate market
• there are 3 short sale opportunities in Corinth, TX

If you have not yet picked an agent, call me and my team will assist you in finding a property in Corinth, TX or surrounding towns. We know the market and know where the deals are.

Short Sale in Corinth, TX! Excellent opportunity!

Have you heard of a term "Short Sale"? This means that the owner of the home owes more on the house than its market value. The next stage is a foreclosure at the auction. To stop process banks may take a hit and take a lower offer on the home. The tricky part is that it takes a long time for a bank to respond or accept the offer. There are also lots of extra paperwork involved and "last minute surprises" at or before the closing. However, having patience and knowing what the process is - you can get a GREAT DEAL on a "nothing wrong" with it property!
Here is the list of TODAY's short sales in Corinth, TX. Note: you must have a knowledgeable agent to help you thru the process.