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Buying and selling a home is not as easy as it sounds, but it can be done. One way to do so quickly is to take part in a short sale, which is a very valuable transaction in real estate.
A lot of people confuse a short sale, with a foreclosure sale, but they are very different.
In this article, we’re going to tell you what you need to know about a short sale in real estate.
What Is A Short Sale?
A short sale is one in which a motivated seller, typically someone in financial trouble, sells their home for less than what it’s worth.
Because of the complexities involved, a short sale will typically involve a lender who approves the transaction. Another difference from a traditional real estate transaction is that in a short sale, the seller doesn’t pay for closing costs. Those fees are split between the lender and buyer.
As you can imagine, a short sale is a good deal for the buyer, but can be a terrible thing for the seller, at least in one sense.
Is A Short Sale Good Or Bad?
A short sale is good for the buyer because they get to buy a home for far cheaper than it normally would be listed for.
On the other hand, for the seller, a short sale may get them out of a mortgage, but their credit will take a major hit in the process.The seller will typically look to do a short sale of a home as a way to avoid a foreclosure, which would hurt their credit even more.
Is It A Good Idea To Buy A Short Sale House?
You may be weighing whether buying a short sale house is a good idea. While the price will likely be reduced, you should know that there may be some issues with the home that require quite a lot of time or money. For that reason, short sales are usually purchased by seasoned real estate investors, who have the time and money to invest. Let’s talk about what’s required.
The Time
The time you be spent not only repairing the home and getting it into shape for someone to live there, but securing the necessary paperwork and permits from the appropriate government agencies.
The Money
You can bet that it’s going to also cost you a pretty penny to turn the home into something that attracts a buyer. Let’s just not hope that there’s no foundation or roof problems, which will be quite expensive.
Where Can I Find Short Sales In Louisiana?
You can get a list of short sales in your area by reaching out to your local Realtor, who would be familiar with the process as well.
You can also find short sales on the following real estate websites:
Final Word
Real estate prices are on the rise around the state, but you can find a good deal if you’re patient.
Contrary to its name, a short sale may take several months before it is finally approved. You can use that time to secure a contractor to do some of the jobs that need to be completed once the home becomes yours.
You may need a plumber, electrician and carpenter for starters.
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If you’re a prolific online shopper, you’re going to want to protect yourself. Crooks are prowling the internet to get you to make one false move online — then they attack! But it doesn’t have to be like that.
In this article, I’m going to show you how to safeguard your credit card from fraud.
Every time you swipe your credit card, that data is stored by several entities, including retailers, banks and merchants in between.
Even if you haven’t used your card in a while, you can still fall victim to a data breach or the crimes of an individual hacker.
What To Do If Credit Card Fraud Happens To You
f you happen to fall victim to fraud using a debit card, you’re out of your money. In contrast, if you get swindled and you used your credit card, you have a good change of recouping all of your cash.
Here are some guidelines from the FTC on how fraudulent charges are handled by card issuers:
- You pay $0, if you report before any fraudulent charges are made.
- You pay $50 if you report within two business days of fraudulent charges.
- You pay $500 if you report after two business days but less than 60 calendar days.
How To Report Credit Card Fraud
You can report credit card fraud in a number of ways.
- Contact your card issuer to inform them that you think you were the victim of fraud. …
- Ask for your account(s) to be suspended or closed.
Final Word
Crooks are always looking for new ways to rob you of your credit card numbers and the PINs associated with them. Stay safe and never give your credit card information to anyone over the phone that calls you for anything.
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