Short Sales
What is a Short Sale? A Short Sale is when a bank will take less for the property then what the owner presently owes on it. It has become a popular portion of the marketplace today since there are more and more sellers that are upside down on their mortgage due to various reasons. Some need to move due to job relocation, loss of employment or other personal reasons. If they purchased during the “boom” of 2004 and 2005, they may owe more than the house is worth. Other contributing factors are homeowners that took equity lines to purchase vacations, automobiles or pay off credit card debt. The benefit of doing a short sale is that the credit impact will be approximately 50 points instead of 150+ from a foreclosure. The properties are traditionally kept in better condition, because the homeowner often is living in the property and still trying to sell the property. Foreclosed properties are often abandoned and become very distressed. Scott English, REALTOR Balistreri Realty 954-292-0682
