Short Sale Shift

Good Morning everybody and welcome to Short Sale Shift. We are going to chat concerning something that we are hearing about at training classes and among talks with other real estate agents. There is evidently a shadow inventory of foreclosures approaching. Essentially there have been homes foreclosed on that are sitting unoccupied. The banks are going to start putting these properties on the market. We are a little bit apprehensive regarding this because with the amplified inventory, prices will decline. The lenders had hoped that the real estate market could turn around and they could make public these properties over time. Nonetheless, those properties are going to create a log jam over the next three to six months. The number of homes that are waiting to come on the market is amazing.

Everyday, thousands of homeowners in your state are choosing a short sale to avoid foreclosure.  There are several benefits to choosing a short sale over a foreclosure.   This article, from Stop Foreclosure Fast, should help distressed homeowners understand the steps to a successful short sale.

Many homeowners are confused by the time-consuming and difficult short sale process.   First thing to understand is you are not alone.There are currently 10 million homeowners who are facing similar problems with their housing situations. 

Short Sale Shift

Figures are important in the real estate industry because they can give you an accurate picture of the current real estate market. Even with the negative things in the news every day, it is hard to recognize exactly what is happening in your region.

One of the most practical ways for a home owner in Gilbert, Arizona to avoid foreclosure is to simply sell their home on the real estate market. In some of the better scenarios that are available in selling the home, this will halt foreclosure of the home, pay off the loan, but leave you little to no money for emergencies or finding a new home.

The most horrible part of just selling your home because you can not afford it is the fact that the home is in all probability not worth the value of your mortgage. So, your selling price will unquestionably not cover the mortgage that needs to be paid off in full, leaving you incapable to walk away from the home free and clear

I am trying to help a family memebr avoid bankruptcy and her situation is dire . She lives in an area where the real estate market has stalled out . Her primary residence has a huge payment plus two home equity loans . She has a smaller house that she had been renting out just to make payments . The tenants moved out with no notice . Each month she gets deeper into debt . If she were to sell either house she would still be upside down on the loans . She is at a point where she is not able to pay the larger loan . What will happen to the two equity loans if she goes into foreclosure ? Her credit is already pretty well destroyed .