So far Cedar Park and Leander have not been severely impacted by real estate foreclosures. Home sales have slowed dramatically in the upper price tiers, but overall home values are not severely depressed. Let’s keep it that way. You can help your neighborhood avoid foreclosures.
If a homeowner finds him/herself in financial difficulty and facing a possible foreclosure, the homeowner is better off trying to work out a loan modification with their lender. There are three instances when a house must be sold quickly:
- Job transfer (rental wouldn’t cover mortgage and taxes)
- Divorce (where neither party can afford the mortgage payment alone)
- Death or severe permanent incapacity of the owner of the home
If you know of somebody in Cedar Park or Leander in one of the above circumstances and who may be on the brink of a foreclosed home, urge them to contact a REALTOR® who is familiar with short sales (in a short sale, the house is sold and the bank accepts less than what is owed). As a general rule, a bank would rather do a short sale than foreclose and then own the house.
If you see a For Sale by Owner sign go up in your Cedar Park or Leander neighborhood, ask the owners why they are not using a REALTOR®. If you get any hint that they are in financial difficulty or may be faced with a foreclosed home, encourage them to contact a REALTOR® who is familiar with short sales. Doing a short sale requires spending hours on the phone and banks definitely prefer to work with a professional rather than the homeowner.
Foreclosures hurt the entire neighborhood and bring property values down. Help your neighbor. Help yourself. Help prevent foreclosed homes in Cedar Park and Leander!
Avg. Sales Price: $203,773
Avg. Days on Market: 59
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