LOSS OF JOB: One of the most common seller circumstances is job loss. Some people don’t want to face their problem and end up in foreclosure. Others just can’t find another job that will allow them to afford their house. Some get a new job out of town and have to sell their house quickly to take the new job.
ILLNESS: Unexpected illness and accidents often lead to job loss and exorbitant medical expenses that render people unable to afford their house any longer.
DIVORCES: Many times during a divorce, neither party wants their home, or can afford their home on a single income. In these cases, many times they stop making payment and go into foreclosure, both parties vacate and property sits vacant, or both just want out to get rid of the past so they can move forward in their lives.
LANDLORDS: Many times landlords get tired of renters destroying their property, having too many vacancies, have too many properties, or they are just sick of dealing with the hassles of being a landlord.
PROPERTY CONDITION: People will buy homes as a fixer upper and then realize they got in over their head and do not have the money or time to finish. They cannot sell their home on the market because it is in the middle of a rehab. Others have just let their home go as they have lived there for a long time and cannot sell because of the property’s condition.
INHERITED PROPERTIES: Many people who inherit properties do not want them. The properties can be in bad condition, in foreclosure, or the property could be out of state for the person who inherited it. In these cases, most people will be motivated to work with you to get rid of their problem.
ARM MORTGAGES ADJUSTING: Many Adjustable Rate Mortgages, ARMs, are adjusting upward, sending homeowners’ previously low payments through the roof, forcing them to refinance, sell, or face foreclosure.
OUT-OF-TOWN OWNERS: These are people that live in one town but have a rental property in another town. Many times this happens because the owner had a job transfer and they could not sell their home so their only option was to rent. Sometimes renters have destroyed these properties and the owners can’t afford to fix the damages, so they go into foreclosure or sell the properties for whatever the owners can get.
OVER-LEVERAGED: People who have taken out 2nd and 3rd mortgages, or used 100% financing, often don’t have enough equity to pay an agent to list their property. Also, declining property values have put many homeowners in an over-leveraged position where their houses cannot sell for what they owe on them. Unfortunately, the only option for these individuals is a short sale.
All of the above circumstances can lead to foreclosure. If you own a home that is about to foreclose, BGS3 can help you understand all of your options. And, if it is determined that you are not able to catch up on payments, BGS3 can assist in the short sale process as well.
VIDEO: http://www.bgs3.com/realtors.html
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