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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