While short sales have yet to gain the accolades they warrant in some cases, the truth is that an increase in short sales is a good sign. Mortgage industry experts agree that short sales are an indication that the foreclosure crisis may be headed to a close and the market may be headed to a recovery in the future. Although they aren’t always the choice mortgage relief option, there is much to be gained in a short sale for all parties involved.
Big City Benefits
The benefits of a short sale for the seller are pretty clear: get out from drowning in mortgage debt and protect your credit. For the lender a short sale can bring a much higher return than a foreclosure, minimizing the loss and out of pocket costs associated with a foreclosure. Even better, a short sale can protect the surrounding neighborhood from stigma and sinking home values, while potential buyers get a great deal on a home.
Buying a short sale essentially means you get a home for less than it is valued. Any savvy shopper knows this is a great bargain any day of the week. A list of the top best cities for short sales was released this week, demonstrating just how good of a deal you can get in any one of these cities:
- Seattle-Tacoma, Washington — 24.5% off market value price
- Los Angeles–Santa Ana, California — 28% off market value price
- Jacksonville, Florida –28.8% off market value price
- Atlanta-Marietta, Georgia — 32.6% off market value price
- San Francisco, California — 41.0% off market value price