Short Sales a Preforeclosure Alternative

Dated: 01/29/2013

Views: 524

What is a short sale?

A short sale is when a seller lists and sells their property for less than the payoff on their mortgage.

In today's market there are thousands of families effected by the financial crisis that began in 2007. Many people that bought homes between 2005-2007 are victims of the housing market in which a large percentage of these home owners have outstanding mortgages for more than their property is worth in today's market. Many families have been forced out of their homes whether through foreclosure or deed in leau of foreclosure. What a large percentage of these families are not aware of are the pre-foreclosure alternatives such as a short sale. With many banks, they are allowing these families to sell their properties at market value in a short sale to avoid the devistation to their credit that a foreclosure would have. Most banks will require some sort of hardship (loss of job, reduction in household income, relocation, death in family, etc.) before they will consider allowing a family to sell their home in a short sale. If you suffer from any sort of hardship and are having trouble making payments on a property, you should consult with a professional real estate agent with any and all questions about the process. A short sale can be complicated, but working with a team that has ample experience with the process will increase your chances tremendously of getting your property sold and behind you. For more information about a short sale visit www.avoidforeclosurecharlestonsc.com

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Hank Johnson

Hank Johnson, a graduate of The Citadel, has a proven track record as a CFO, businessman, Entrepreneur and real estate investor. Hank has been active and successful in the Charleston community for ove....

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