Unfortunately, with oil and gas prices on the rise, the unsteady economy and bad lending practices in the past (which have mostly been rectified), many families are now having trouble keeping up with their bills. This includes their mortgage payments. There's an ever-increasing number of homes going into foreclosure all the time. You may know what a foreclosure is. But, have you seen signs indicating that a home is a "short sale" and wondered what that meant? A short sale is when a property is worth less than what you owe on it. The owner must go to their lender and ask permission to sell their property for less than what they owe. With housing values falling, many people have found themselves in this unenviable position. Instead of walking away from a property and allowing it to go into foreclosure (which the lender doesn't want anymore than you do), the lender may agree to allow the owner to "short sale" the property instead. This involves alot of paperwork, communication and cooperation between both parties. It is recommended that you hire a real estate professional who is experienced in the local real estate laws and trained in short sale procedures to represent you. Please contact me to find out more about short sales in the Ozaukee County real estate market.

 

Peggy Wester
The Think Young Team
Phone: 262-370-1757
Email: pwester@realtyexecutives.com
Website: peggywester.com
Blog: peggysblog.com


Peggy Wester - Realty Executives Integrity

 

2 Comments on What Exactly is a "Short Sale"?

NOV
18
2008
Outside Blog

Hi Peggy - Have short sales increased in your area? Loan Modification is a hot topic these days. THere has been much activity on Capitol Hill regarding Loan Mod's - I would love to she any updates in our market of Wisconsin. Thanks for the post.
6:33pm • #1
187,855 Points 15 Featured Posts Localism Sponsor Called Shot Master

Gwenn--Yes, we've seen an increase in short sales and foreclosures here (Ozaukee County). I primarily work Ozaukee and Washington counties, and I have to say that despite that, we have been incredibly fortunate (in my opinion) compared to other areas. I think the value of homes has decreased, as well, but not by nearly as much as we've seen elsewhere.
6:57pm • #2


What does the graphic say?
Leave a response…

(optional)
Spam Prevention:
 
Peggyw_010613 Rainmaker_large

Peggy Wester Real Estate Agent Ozaukee & Washington County Real Estate

Cedarburg, WI

More about me…

Think Young Team--Realty Executives Integrity

Address: Grafton, WI, 53024

Cell Phone: (262) 370-1757

Email Me

Author Bio: Peggy Wester has had her real estate license since 2002. She helps buyers and sellers with the purchase and sale of their residential homes, primarily in Ozaukee and Washington counties.

View all Blog Posts By Peggy Wester
  • Blog
  • Google+
    • Real Estate Blogs - Blog Rankings
    RSS Directory
    RSS Search

    Blog and ping
    Web Promotion


    Listings

    Links

    Archives

    RSS 2.0 Feed for this blog