"SHORT SALES BENEFIT US ALL"

By
Real Estate Agent with RE-Source Realty Brokers, In.c

To all my bloging friends...   I like to share good ideas and one thing that this market is going to need is more good ideas.   I specifically want to think about Short Sales -- for the benefit of all paerties involved.  I noticed this recent article by my hero Clark Howard, and I wanted to share it with you:   " Aug 29, 2007 -- Getting inside a homebuyer's head We've all be hearing about how tough it is to sell a home right now. Clark's read a number of articles that give some advice to sellers that he's been championing for years. Before you go to market, you should hire an inspector to carefully vet your home. Then fix whatever it is that needs repair, and have the inspector's report and your receipts available for prospective buyers to examine. As a seller, you have to psychologically try to get inside the head of a buyer. Even though a buyer may consider a used home, they still want it to be perfect like a doll house. Imagine that a corner of your roof needs repair and you don't spend the money to fix it. When their inspector finds it, the buyer is more likely to blow the potential repair cost out of proportion and make a lower offer on your house accordingly.

What should you do if you're upside down in your home -- that is, you owe more on it than it's worth? Some lenders will permit you to do a short sale, where you sell your property for a lower value before it financially takes you (and the lender) under. This idea came from the government's FHA program, which would allow people to sell for less than they owed on a property and walk away clean without going into foreclosure. Now private industry is learning from the government's short sale idea. Remember that the average foreclosure costs a lender $70,000, so they don't really want to foreclose. A short sale could be a win/win option for everyone. "   Bravo......  I agree.  But a skilled advisor needs to help. These are tricky to get through.    

Your blogging friend, Bill

Bill McDaniel Re-Source Realty Brokers, Inc. 404-892-2405 

 

Comments (1)

Linda M. Cataldo
Dock Street Realty - Myrtle Beach, SC
Beach Destinations Realty Myrtle Beach
Thanks for the information.  I was not sure why a bank would accept a short sell, but I think I understand.  Will be glad when this upheaval is over.
Sep 07, 2007 10:33 AM