It's been a month since my last post and the main reason why is because I have been swamped working with buyers and sellers in this challenging and changing real estate market!
The news has been full of stories about the housing market collapse, and the increase of foreclosures. This news is nothing but opportunity for buyers - as homes can now be purchased at 30 to 50% below the market value they were selling at 6 months ago.
For sellers, a short sale is a welcome way to get out of a too-high mortgage payment, and, to avoid foreclosure at the same time. Once the bank approves a buyer's offer on your property, and you close on your home sale - your credit history report will display a "satisfaction of mortgage" on your home loan/sale - rather than "foreclosure." This is a much better way to exit from your obligation, if you have exhausted all your other options for refinancing, or continuing to pay the mortgage.
If you're interested in finding out more about a short sale on your home, contact me. If you're a buyer and would like to look for value in a short sale purchase opportunity, do the same. I'm here to help!
Friday, November 30, 2007
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