Short Sales – Avoid Foreclosure!
Short Sales have become fairly common since the real estate bubble burst a couple of years ago. More and more families are finding themselves without jobs, with increasing costs of living, or with changes in their income that make it difficult or impossible to stay current on their mortgages. A short sale is when the bank holding the mortgage agrees to accept an amount less than the mortgage amount if the house is sold. The term “short sale” actually comes from selling a home short of its original mortgaged value. With home values dropping 10-40% depending on location and markets, banks are having to take on short sales in lieu of foreclosures.
A side product of short sales is that it can keep home values higher than if homes are sold through foreclosures. Foreclosure sale prices can significantly deflate home values in the area because similar homes that are not in foreclosure don’t sell because of the cheaper options. Short sales can still lower property values, but not near as much as foreclosures.
The short sale process can be more difficult than a traditional home sale due to the extra approvals, red tape, and lengthy process. You really need a qualified, certified real estate agent to help navigate the process, because unexpected delays can cost money, and may end up costing you the sale.
If you are looking into a short sale, you can trust the Dinsmore Team to help you get it done. We are trained in the short sale process. List your home with us and get the service your property deserves.
