The foreclosure statistics are staggering by without question. Bank owned properties have overrun many markets and are usually damaging to neighborhood values. Foreclosure homes are commonly the worst maintained properties in the neighborhood with vandalism and property burglary frequent. Absence of homeowner engagement continually causes the property to deteriorate at a faster than normal pace.

These contributors have made a negative image for foreclosures in numerous regards. Imagine being a homeowner next to an inadequately maintained foreclosure property. This image makes it simple to comprehend the negative connotation linked with foreclosures in most areas. The market has made a universal mental picture when it comes to foreclosure properties.

My home is trying to go for a short sale to avoid foreclosure. I’m going into foreclosure because I don’t have any money. If the short sale goes through and there is a winning bid, who ends up paying for the closing cost and the Realtors?