Some homeowners being forced to sell today are faced with a challenge because their value may be lower than the mortgage they owe. In these cases, agents, attorneys and other professionals are stepping in to assist homeowners in negotiating with their banks to permit the sale. For months, banks failed to realize the advantage to working with these homeowners and their agents. But, finally, the tides are slowly turning and short sales are being approved! This is reducing the number of home loans in default and offering options to foreclosures.
In cases where there has been a hardship (forced relocation, death or disability of a family member, divorce, job loss, etc.) and where the homeowners are truly indigent and unable to pay, lenders are forgiving the remaining debt. In other cases they are permitting the mortgage deficit to be paid in installments after the sale. But, for every successful short sale, banks are controlling their losses.
Buyers are getting good deals in return for the added patience these sales require. Sellers are able to sell and get out from under a mortgage they would not have been able to continue to pay. Neighbors and communities are avoiding another foreclosed home which may sit vacant for months, racking up unpaid taxes and HOA fees, and becoming a liability to the community as a whole.
Successful short sales ARE a win for everyone. For more information about how you can be a winner, whether buying or selling, please contact me.
