Short Sales The Better Choice
June 12th, 2010
So your mortgage is underwater. You have a cut in pay. The dog went to the vet and the bill is $2,000. You get the idea. It’s a bad day. And to top it off you can’t get a loan modification. The next best thing is a short sale.
Several banks are now aggressively doing short sales. The process is simpler. They will set the minimum price they will accept in advance. This way all parties know the minimum sales price.
The homeowner and the realtor will find a buyer willing to pay the price. The buyer gets financing and the deal is done.
Why couldn’t this be done two years ago? In stead of having offers going back and forth.
A short sale is cheaper than a foreclosure so the bank wins. The homeowner still has to recover from losing a house, so there’s not much in the deal for him. He saves a few points on his credit score. That’s it.
Entry Filed under: short sales
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