The Truth About Short Sales

When I was walking down the streets of my neighborhood the other day, I noticed a nice house that looked empty and was for sale. I believe that I remember seeing the owners of this house more than once, but now it stood empty waiting for somebody to buy it. Since I might want to buy a property in the future, I decided to call the agency responsible for the sale of the property and ask them about the details. Even though the price of the house was a little out of my price range, it was a good price taking into account how big the house was and how spacious it was.

There might be more properties that are foreclosed or available for sale as so-called short sales than I have thought. I know that the economy is not going so well, but needing to sell your house is not such a bad idea. I know many people who do not really need to have such big houses. In their case, being forced to sell their home might be actually beneficial for them and it can help them save problems in the future.

A short sale can only be completed if the bank where the owner of that property owes his money to agrees to it. Maybe in the past short sales were not that common for many reasons, but it seems that these days banks start to realize that there is a lot for them to gain by agreeing on a short sale rather than not sell a house at all. Even if a bank is not that eager to offer somebody the possibility of a short sale in the beginning, it can become obvious for the employees of that bank that a short sale might very often be the only way to go. A short sale has to be approved by a bank, but more and more banks out there agree to such sales.


The Truth About Short Sales — 4 Comments

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