The economic crisis has affected many thousands of people across the country, and the Outer Banks is no exception. The Outer Banks has a large number of second or vacation homes, so when the housing market crashed, it was inevitable that we’d have our share of foreclosures. In a last ditch effort to avoid foreclosure, many people have turned to the short sale.

Save Your Credit!

Short sales are a great solution to a very big problem, but it’s still not a perfect one. While It’s a good way to avoid foreclosure, it can still affect your credit, though it’s not nearly as bad as a foreclosure.

Short sales are very time consuming, and you’ll be required to do large amounts of paperwork with short deadlines. The seller will have to disclose all financial info, and there are stacks of paperwork to verify that you can’t pay the mortgage any longer. There are very few loss mitigation agents for the thousands of applicants, so if you make a mistake, your application will go to the bottom of the stack where it can linger indefinitely.

We Can Help!

At the Dean Agency, we frequently help people both buy and sell homes in short sales. Selling a short sale will help you get out from the crushing weight of an inflated mortgage, and buying a short sale is frequently a great way to get a great deal on a great piece of Outer Banks real estate. If you want more help with a short sale in Duck, or perhaps with a short sale in Nags Head, call the Dean Agency Real Estate Brokers now!