This is the 2nd of 8 postings in a series about "short sales." If you are a home seller or buyer that is thinking of pursuing a short sale, please read the following, then give me a call if I can be of further assistance.
Why is the number of Short Sales rising? Due to the recent economic crisis, including rising unemployment, and drops in home prices in communities across the nation, the number of short sales is increasing. Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses. On November 30th, 2009, the Treasury Department released guidelines for its new Home Affordable Foreclosure Alternatives Program (HAFA). Under these new guidelines, lenders and borrowers are encouraged, with financial incentives and cash payments, to opt for short sales and avoid foreclosures.
Locally, in Sacramento County, Folsom and El Dorado Hills, the real estate market offerings are dominated by short sale listings, equaling 61%, 46% and 45% respectively. In 2010, expect the number of short sale listings and the number of closed short sale transactions to increase.
Want to learn more? Read Part #3 of this article, then visit http://www.BrokersCorp.com.
Aaron Cullen is a Realtor , Real Estate Broker , and Owner of Brokers Inc. Residential Real Estate.
Aaron lives in Folsom, CA and specializes in representing home buyers and sellers in Folsom,
El Dorado Hills and the Greater Sacramento Region. Having relocated from the Bay Area in 2004,
Aaron continues to work with home buyers in all cities lying between the Bay Area and Sacramento Area.
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