Janna Rankin Scharf, Coeur d'Alene Homes for Sale
Short Sale and Foreclosure Resource Specialist
I read a great article in Realty Times by Carla L Davis, Considering Short Sales. It's a nice article that defines, in simple terms, the differences between a foreclosure and a short sale. But she also brought up some statistics that are worth taking a look at.
An increasingly growing number of Coeur d'Alene homes for sale are distressed properties of one kind of another. When homeowners are in default on their mortgage, after attempts at loan modification fail, a short sale may be an option. But often homeowners simply let their home go back to the bank through foreclosure out of a sense of hopelessness.
Many times an attempt at a short sale would have been a better course of action. We know that the deficiency will be less, and the hit to your credit score will be less. And the length of time you will need to wait before you are able to buy a home again is much shorter. But here are some other reasons to avoid foreclosure that you might not have been aware of.
A recent report from NeighborWorks America ® notes that other factors come into play in neighborhoods affected by foreclosures:
- lowered property values
- increased incidence of financial scams
- youth stress and instability
- increased crime rates
How's this for an eye opening statistic:
When the foreclosure rate increases one percentage point, neighborhood violent crime rises 2.33 percent
I have found great personal satisfaction assisting distressed sellers with Coeur d'Alene homes for sale successfully avoid foreclosure through the short sale process. In these cases my clients wanted to do everything within their power to make the best of a bad situation. Good people in situations beyond their control.
If you are having trouble making your mortgage payments, please call me for a confidential consultation to see if a short sale is an option that you should consider as a better alternative to foreclosure.
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