A short sale is the best way for a homeowner to get the Gorilla off their back. I say Gorilla because it is a big problem. A house that is sitting on the market for a couple of years with no offers and a declining market can wreac havoc on people.
I just talked recently with an old friend that has just become separated. They were the nicest couple and could light up a room upon entering. They were easy to be with and always a great laugh. But like many others, they go caught up in the real estate frenzy, bought one too many properties, and hit bottom. But they did not stop there, there were marital problems, and then separation. Let's hope that it ends the right way, them getting back together again. But this is representative of what can happen to people in this type of situation. Foreclosures can be devastating to a family and relationship.
Short sales can be the best answer out of the housing debt. You just have to find a knowledgeable real estate agent that can help you navigate the complex and tedious process. It has many pitfalls but winning at the end can be a great experience. It does not matter how much money you make, or what you do for a living. I am currently working a short sale where the owner is an attorney. He bought his condo for $460k in 2006, and the purchase contract is for $165k. That's right, a $300k loss. Ouch!
My advise to anyone looking at doing a short sale is to first find the best real estate agent to help you. By best agent, I do not mean the biggest name in town, I mean the agent with the most experience in doing short sales. Be careful, many agents are running away from short sales because of the amount of work involved. Pick the right agent and they will take you to the promised land!!
Jose Lopez
I specialize in Sarasota Florida Foreclosures and Bradenton Foreclosures
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