Short sales reached their highest level in the first quarter of 2012 since 2009. A short sale is a property that sells for less than the balance owing on its mortgage.Short sales can be underwater homes, an apartment building or even vacant land. If there is a mortgage balance that is greater than the market value of the home, that property is a short sale.
A Short Sale can be accomplished by negotiating with your bank or lending institution to accept a sale of your property to a third party buyer for less than what you currently owe on your mortgage balance.
The short sale transaction is a legal and much more beneficial alternative to short sale foreclosure or bankruptcy. Short sale helps lenders to be motivated to accept home short sale offers for a number of good reasons, and may be an alternative that will help you in the long run.
One of the benefits that short sale helps you with is reviving your credit score. Your property is saved from foreclosure, thus helping you to save your credit rating. Allowing you home to proceed into foreclosure may adversely affect your credit for up to 7 years.
Short sale helps your lender too by helping them to avoid costly foreclosure proceedings, and avoids an even more costly process if the property becomes owned by the bank. If you are thinking of proceeding with the process, or need short sale help, interview several real estate professionals and ask about their experience in short sales, the number of short sale transactions they have handled, and their education and training in short sales.
Finding a qualified and experienced real estate professional for short sell help is the key to making this already difficult process go more smoothly. Be sure to conduct thorough interviews and comparisons of real estate agents to be sure you have found the right match.