Learning To Love Short Sales

: Chris Lee Law Firm

  Filed under: Short Sales

short saleShort sales aren’t viewed in the harsh light as they once were. These days buyers and sellers aren’t as hesitant to pursue a short sale, even banks and lenders are becoming more keen on the idea.

Best Of A Bad Situation

For those facing foreclosure a short sale may not initially appear to be on the bright side of things, but it can often be the better way to resolve mortgage debt troubles. Homeowners that are underwater on their mortgage or severely delinquent may find that loan modifications aren’t an option from their lender. Even with help from some of the federal foreclosure programs, modifying or refinancing isn’t always the best financial strategy.

A recent report showed that pre-foreclosure short sales increased by 15 percent in the last year. Short sales have become easier for homeowners to request, as more lenders admit they are often more willing to accept a short sale over a foreclosure in recent months. Why? The lender has less risk involved in a short sale, their potential for more money on the sale is higher than in a foreclosure and the overall amount of work required by the lender is significantly less with a short sale. For now, it seems that many of those involved in the market are beginning to lean towards short sales when other options aren’t financially viable.

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