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I know the words "short sale" may scare you.  But please take just a minute to learn why short sales have become a viable option for your Inland Empire real estate if you're considering Foreclosure.

Once deemed difficult to get, hard to close, and rough on the credit score, corrective measures have been taken to improve the valued short sale.  And, the winners are those who understand how short sales work for Inland Empire real estate.

If you are faced with a house thats underwater, considering foreclosure, or a short sale option, please understand the game has changed.

Short Sales Before versus Now

In early 2009, the typical short sale had less than a 50% chance of success.  Banks were skeptical, underprepared, and unwilling to accept losses.  No longer!

Thanks to aggressive changes made by the Federal Government, the short sale has become the preferred option for distressed buyers, sellers, and lenders.

  • The administration has thrown incentives to first mortgage holders, second mortgaged holders, and new lenders.
  • Primary lien holders who agree to a short sale can recieve as much as $3,000 from the government.
  • Secondary lien holders, who previously were often asked to step away empty handed, now can recieve up to $6,000 for formal releases.

Additionally, there used to be more serious credit devastation for the short sale seller.  In some cases, outright releases were not provided.  The administration has stepped in to protect these distressed sellers.  Today's short sale has less credit impact on the seller as would the credit impact of a foreclosure.

Now that short sales are a viable option, the market has exploded.  Short sales increased by 4% between November 2009, and February 2010.  Activity will only continue to increase.

If you would like to find out whether a short slae could benefit your distressed Inland Empire real estate, give me a call now at (909) 938-9568 or email me at Randy@TeamCharlton.com

 Brought to you by Randy Charlton of Keller Williams Realty.