If you're out shopping for a home these days, you're likely to come across something called a "short sale." These homes are being offered for sale for less than the amount owed on the mortgage. Banks will accept short sales because foreclosure is expensive, risky and time consuming for them. Such sales can take a bit longer than a typical sale as the offer needs to be sent to and accepted by the bank. The loss mitigation department has to work it's way through a giant stack of these offers lately, so getting a yes or no on your offer can take a month or more.
If you've got the time and patience, this can be a great way to get a home for a great price. Quite often the person on the selling end is just as happy to have the problem of selling their home solved. Unlike foreclosure, short sales cause little damage to their credit, so you can feel good about buying the home and also unlike foreclosure, you get a chance to see inside the home before you buy. It really can be a purchase to feel good about.
If you know anyone who is worried about facing foreclosure, or is afraid that they won't be able to make their next mortgage payment, please do them a favor and tell them to contact their bank right away. They have many options if they are proactive and start the conversation before they are overdue with a payment. A knowledgeable Realtor® can be a terrific resource even if they want to keep their home. Feel free to send friends with questions my way. I'll do all I can to find the answers for them.
If you'd like to learn more, go to http://rismedia.com/wp/2007-12-18/top-three-short-sale-trends/
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