What To Do When You Owe More Than The Current Market Price Of Your Home?

Trying to hide from reality will only exacerbate the situation. Allowing your home to be foreclosed by your loan holder may have significant long term impact on your credit score and financial situation in general.

There are several reports as of the last few weeks stating that short sales are going up as foreclosures are going down. In fact, the number of homes in peril has remained about the same, at 9.9 percent of American households, according to the Mortgage Bankers Association. What has actually changed is that banks have realized that they do not want to be in the home maintenance business, and are beefing up and expediting the short sale process.

Short sales are selling, buyers realize that they are paying fair market (today's market!) value and although it does take a bit more time to close escrow than a regular sale, it is not taking the 10-11 months that it used to take.

As a Seller, choose a Realtor you trust and has had experience with short sales. Keep in mind that when you list your home as a short sale, it should be treated like a standard sale with all the benefits of preparation and marketing.

My Associate Anne Salerno and I have been holding "Saturday Short Sale Conversational Cafes" to provide basic "how to" information on short sales. Each meeting brings more homeowners anxious to have the most current information presented and an unlimited opportunity to ask questions pertinent to their unique situation.

To reserve a space, give me a call at 760-799-1540.

More short sale information to come on my next blog!