Melissa Riffert

First Time Homebuyers:

Do you need an Agent?

I say YES.

Purchasing a home is a scary process and you need someone on your side. There are many steps to purchasing a home and you don't want to miss any. You want to make sure that you are protected in every way possible, as well as getting the best deal you can. Keep in mind that the Listing Agent always represents the Seller and the Sellers interests. Unless you have your own agent the Listing Agent will be working to get the Seller the highest and best deal. You would not go to court with out representation, don't buy a home with out it either.

Melissa Riffert, GRI
Exit Realty Charleston Group
613 Long Point Road
Mount Pleasant, SC 29464
(843) 849-7778
Cell: (843) 442-5021
Fax: (888) 641-8974
melissariffert@comcast.net

What is a SHORT SALE?

I am sure you are hearing this term and wondering what it is and why it is happening. With the real estate market boom over the past 5 years and the values increasing so much. The loans on properties are at full capacity. Some people did 100% financing and others went back and took 2nd mortgages or refinanced to take money out of their home equity. Well, we are having to deal with the harsh reality that these homes are not worth what they were when these loans were made. The values of some homes are less than what is owned to the lender. How do you sell in this situation?

This is when a short sale comes into play.

We talk to the lender and ask if they will accept less than what is owed for the home. They will want specific information, like a market analysis of the value, a hardship letter from the Owner explaining what is going on and a net sheet which will tell them how much money will come to the lender. If they are willing to look at this you must let potential Buyers know that the offer will need Lender approval before acceptance. The lender may require the original Borrower (Seller) to sign a deficiency waiver and personal guarantee to pay back the difference. Each situation is different. Short sales do take longer than your typical sale due to the fact that everything must be approved by the original Lender before the home will be allowed to close.

Short sales are a definite option for many Sellers that are facing foreclosure if they can't sell.

Melissa Riffert, GRI
Exit Realty Charleston Group
613 Long Point Road
Mount Pleasant, SC 29464
(843) 849-7778
Cell: (843) 442-5021
Fax: (888) 641-8974
melissariffert@comcast.net