We are getting closer to the end of 2009 and with it brings some interesting statistics on Short Sales. The common myth is that Short Sales don't work but our latest statistics prove otherwise.
First, a Short Sale is where a Seller attempts to sell his house for less than he/she owes the bank on their home. The bank reviews the file and if approved, will allow the homeowner to go ahead and sell their home to a prospective buyer for less than what the Seller owes them.
If you have a real estate agent who knows what they're doing, you can also be released from any further obligation of the 'shorted' difference between the sales price and what is actually owed on the home or at the very least, be left with a much smaller debt in the form of an unsecured loan at little or no interest. This can vary from Bank to Bank so there are no hard and fast rules which again is why you want a real estate agent who knows what they're doing. The advantages with a Short Sale are numerous when you consider the alterntive, Foreclosure.
Many people have found themselves in tough financial times and if you are upside down on your home, a Short Sale may just be the answer.
As of November 19th, 2009 approximately 282 homes in Bend have successfully closed in Short Sale. An additional 306 Bend Homes that are Short Sale offerings have accepted contracts from buyers and are currently going through the Short Sale review process.
As a Certified Short Sale Specialist I offer a free, 100% confidential consultation to help Sellers determine whether a Short Sale is right for them. If so, you as the Seller are not charged for my services to bring your home through to a successful closing.
If you'd like to learn more about this service, please give me a call at 541.390.7878 or visit my website to learn more about Bend Short Sales. I serve the Central Oregon region.
Tarris Rogers, Realtor
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