Successful Short Sales At Highest Point

by Jenner on June 11, 2012

109,521 owners successfully short sold their house during the first three months of 2012. Each of these transactions help homeowners avoid having their properties repossessed by lenders and helped the lender avoid costly foreclosure expenses.

Nationally, Short Sales made up 12 percent of all residential sales during the quarter.

“Financial institutions are aggressively seeking to move through their inventories of homes in default or scheduled for auction,” said Stuart A. Gabriel, director of the Ziman Center for Real Estate at the University of California-Los Angeles. An increase in lender activity suggest that owners in default will face foreclosure activity at an increased rate than they may have experienced up to now.

Why would you lender consider a short sale rather than just take the house in foreclosure and sell it themselves? The average sale price for a foreclosure is $27,000 less than the average price for a Short Sale. Foreclosure is expensive. The savings to the lender, even after paying all the agent commissions and the closing costs is substantial. So substantial, lenders are offering financial incentives to owners that choose to end their mortgage crisis by participating in a short sale. The lender will pay you $1,000, $3,0000, even $15,000 or more depending on the program you qualify for and the skill of your short sale realtor. To learn more, click here

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