Short Sales are the new buzz word for home owners and their LENDERS…..
Homeowners have been turning to Short Sales the past several years to help them avoid foreclosure, although it’s not been altogether easy it’s been working for most sellers that have gone down that path. This year brings promising changes for homeowners that need or want to get out of a home that has declined in value to the point of no return…..
As you know, there are many areas that have seen declines of 50%…and more!
April 5th has promised to bring a welcome change brought on by our treasury department. HAFA, an extension of HAMP, will mandate many changes for the lenders of these properties.
Yep, finally banks are going to be held accountable to do the right thing….Stop foreclosures and help get our housing market back on track!
A Short Sale accomplishes many positive results:
- It allows for a homeowner to move into the property and bypass a boarded up home for months dragging down surrounding home values.
- The seller of the property is able to unload an anchor of debt and get a fresh start.
- Depending on the financial and credit situation of the seller another home purchase is possible at the close of the Short Sale.
Here in So Cal there are many areas that are going to be feeling this decline for several more years, and we are not alone. Most of America’s housing market has been hit with declining markets. If your reading this thinking that a Short Sale might be an option, contact us for more detailed information how the Short Sale applies to you.
