Wimberley foreclosures

Wimberley foreclosures

Short sales and Foreclosure

From a sellers viewpoint :

Short sales can be viewed as a sort of preforeclosure and proceeds the home being repossessed or foreclosed on by the lender. In a short sale the seller arranges with the mortgage lender to sell the home for less that what is owed on the property. The lender is often (but not always) willing to do this to avoid the burden of having to foreclose and unload the property. Typically the lender agrees to forgive the remaining balance of the loan. The seller needs to understand that this option is better than foreclosure but that he will still take a hit on his credit ratings of as much as 200-300 takes place and not be eligible to buy another home for two or more years.

Foreclosure occurs when a borrower defaults on their loan. The bank either sales or takes back the home because of the inability of the borrower to make payments. If you are at this point you need to seek the advice of an attorney. To read more about foreclosure click here .

Looking to buy foreclosed property or short sales.

When buying short sales or foreclosures always consult a local Realtor who knows the marketplace. Here in Wimberley most short sales that I have been a part of were either in need of repairs or quite simply not great deals as far as pricing. There is the occasional bargain that comes on the market, but it does not last for long. Every Realtor that has been here for a number of years has a client who will buy up bargains on a days notice. Work with a Realtor who knows your needs and don't expect instantaneous bargains to be found in the Wimberley real estate market.

Here is a great place to look for HUD homes. Click here.