In Las Cruces, distressed
properties comprise a very minor portion of our market. These
properties could be in a Short Sale Situation or Foreclosure.
Short Sales/ Foreclosure
short sale occurs when a property is sold
and the lender agrees to accept a discounted payoff, meaning the lender will
release the lien that is secured to the property upon receipt of less money than
is actually owed.
the unpaid balance of a loan is, say, $100,000 and a property sells for $90,000,
under a short sale the lender might accept $90,000 as payment in
Definition: A foreclosureis the legal and professional proceeding in which a
mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor's
equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or
pledges an asset like a house to secure the loan. If the borrower
defaults and the lender tries to
repossess the property, courts of equity can grant the borrower the equitable right of redemption if the
borrower repays the debt. While this equitable right exists, the lender cannot
be sure that it can successfully repossess the property, thus the lender seeks
to foreclose the equitable right of redemption. Other lien holders can
also foreclose the owner's right of redemption for other debts, such as for
overdue taxes, unpaid contractors' bills or overdue homeowners'
association dues or
Short Sale &
seller/lender will not pay closing costs for the buyer.The seller/lender will pay for the title
insurance and the closing fee.In
most cases, the seller/lender will not pay the survey, appraisal, impact fees,
tax service fee, flood certification, home warranty, or the processing
reports are for buyer information only.No repairs will be made per an inspection report.These properties are “as
transactions may take 60-90 days for the lender to make a decision and
the highest and best offer because the lender will accept the offer that loses
them the least amount of money.
property is priced at a discount price that the lender may accept. The lender may counter at a higher
buyer may have the utilities turned on in their name after the offer is accepted
in order to do inspections and appraisal.
is not a refund for any expenses incurred if the sale does not
the buyer needs to be in a property at a certain time, this may not be the
property for them.
the buyer has the patience to wait, they will usually get a very good price on a
Buyer will need aPre-Qualification letter from a lender to make an
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