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March 17, 2008
Shortsales
Shortsales are quickly becoming an option mortgage lenders are willing to pursue in order to avoid the expense of foreclosure. Industry experts state the average cost to lenders on foreclosure property is $80,000 per house. With thousands of Americans facing foreclosure, the financial impact is devastating to lenders. In order to lessen the blow to their bottom line, many are willing to engage in alternative solutions.
Shortsales give homeowners the opportunity to sell their home for an amount less than is owed on the loan. The sale needs to occur within a specified period of time. The lender typically specifies the minimum amount they are willing to accept prior to the allowing the homeowner to put their house on the market.
Real Estate Investing article on "Shortsales"
September 26, 2007
What is a Short Sale?
'Short sale' is a real estate industry term used when a lender accepts a discounted payoff on a mortgage loan. Short sales offer homeowner's who have defaulted on their mortgage an opportunity to sell the home for a lesser amount than is owed and avoid foreclosure.
Not all lenders are willing to engage in a short sale. Those who do, generally have their own set of procedures. Some may require the Seller to work with a real estate agent. A few will accept the short sale as full payoff, while others will require the Seller to pay the difference between the short sale and the original amount of the loan.
Real Estate Investing article on "What is a Short Sale?"
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