Short Sales

Over the last 4 years we have seen a steady decline in home values.  Due to this depreciation many homeowners are faced with sale prices which are smaller than their loan amounts thus creating a short sale.  Most banks will review a homeowner’s hardship, evaluate the property, and approve these shortages.   Although there may be a derogative reporting to the credit bureau the short sale is better than the Foreclosure in many ways: You can qualify for a home within 2-3 years You get to choose the new owners You avoid the Foreclosure You may get money to help with moving expenses