Taking Advantage of SHORT SALES

Short sales. We hear alot about them these days, but what are they again? It is something you need to know because short sale opportunities are on the rise. If you or someone you know is fearing forecloseure, encourage them to talk to their lender. Many lenders are realizing that they'll save money the sooner they can get a property off the books. So, when they fear a homeowner may be headed for floreclosure, they may fix a sales price lower than the mortgage balance and put the property on the market for a quick sale. That is what a "short sale" is: a property on the market that has a sales price lower than the mortgage balance.

I know you know someone who is losing their home. We all do. And we probably all know someone who has just "walked away." Two thirds of homeowners in default (so late on their payments and property taxes that the property is flagged for foreclosure) never even contact their lender!

What is in it for the homeowner? Well, if the lender does agree to a short sale, the homeowner avoids foreclosure, the lender avoids the carrying costs, and the neighborhood avoids another abandoned property on the block. We have done some successful short sales and had a few that the lender decided to let foreclose. In our success stories, our clients have appreciated the service we provided by doing all of the leg work with their lender(s).

This market is going to be with us for awhile and we have learned how to handle these sales and handle them professionally. Several of our buyers have put offers in on short sales, and they are in demand because of their attractive pricing. Multiple offers are the norm when the property is priced right and in good repair.

Please do not hesitate to call me with any questions about whether or not you or someone you know would benefit by selling short. It is just one more way that I enjoy being Your Personal Realtor!

(My thanks to Dave Liniger, RE/MAX, for the idea and some of the content of this post!)