With all of the news about foreclosures in the news likely you have also heard the term " Short Sale".  What is it?

Put simply it is when a bank accepts less ( sometimes far less) than what the mortgage on a property is for a property.  Why would a bank do that?  Well, with values falling and many borrowers unable to make payments the banks ( who are not in the business of selling and holding properties)  find themselves spending too much not only on foreclosing ( a process that may cost $40-50 grand for the bank or even more) and also too much on holding the property only to find that the property still sells @ a very low price to cash investors @ auction.

The solution, often banks will accept pennies on the dollar for a property if they do not have to complete the foreclosure.  The benefits to them is cost savings, the benefit to the seller is that in general it is easier to repair credit with a few lates and a short sale on record than it is with a foreclosure.  Better yet the savy agent will also ask that the contract used to negotiate the short sale specifies that the seller is no longer responsible money wise for any differences between the sold cost and what is owed to the bank.  The buyer is happy since the buyer gets more house for the money or simply a more affordable home.

It's really too bad lots of home owners are in the need of short sale services, but it is a make lemonaide out of lemons type situation.  With our team we suggest you hire a short sale negotiator who can make a full time job out of working for a processing the sale with the bank, and we handle the marketing of the home so you have an offer to negotiate with!  We have the resources sellers in this situation will likely need.  We also are a good source for buyers who may want to buy a foreclosure home.