Back To The Basics - What Is A Short Sale?
With the new HAFA Laws finally taking affect, it may be months before we see how these changes will impact the market. Will banks honor the 45 days they say would be enough time to complete a short sale? Are they really interested in helping the housing market recover, RIGHT NOW?
Regardless of the outcome, I think that short sales are and will always be an option for most sellers. But enough about that. Most sellers are confused and that is why they decided to walk away from their homes instead of exploring other options. So let's get "Back To The Basics - What Is A Short Sale?"
What is a Short Sale?
A short sale occurs when a lender allows the borrower to sell the property to a third party for less than the total amount due on a mortgage. Lenders are motivated to agree to a short sale when they have analyzed the situation and are convinced that the losses related to a short sale are less than those that will occur.
Who Are The Best Candidates For A Short Sale?
The decelerating housing market makes short sales a hood option for the majority of home owners facing the potential of foreclosure. Borrowers who can demonstrate hardship that has significantly impacted their ability to make their mortgage payments, who have few or no assets and whose mortgage debt exceed the value of the property are the best candidates.
For more information, please visit www.sgsellsvegas.net and request your free Short Sale Guide. Or visit my eNewsletter for up to the minute market information.
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