Stories about short sales and how complex, time-consuming, and frustrating they can be are everywhere. However, my advice is not to give up on them just yet! Below are a few thoughts on why you should give short sales another chance:
•Look at the market. All across the country the real estate market is distressed. Homeowners are underwater on their mortgages and desperate to find a way out. The banks are overloaded with foreclosed properties and looking for ways to prevent from getting more in their pipeline.
•Look at the lenders. Banks and other lenders are finally realizing that a short sale is a much better option than a foreclosure. If the lenders decide to “play ball,” then the game runs much smoother for everyone.
•Look at the big players. There is pressure from the government to move short sales through the pipeline. The larger lenders and servicers (Freddie Mac, Fannie Mae, etc.) have accepted that short sales are a better alternative than foreclosures.
While you still may need patience in order to have a successful short sale, it is definitely worth the effort. For information on how a short sale works, read my blog titled “Facing Foreclosure? Consider a Short Sale.”
If you are considering a short sale, it is important to discuss your individual circumstances with a lawyer who is experienced with short sales. Having an attorney assist you with the sale can help keep things moving and take the stress off of you.
If you are considering a short sale, call The Dodds Law Firm, PLC, at 623-209-8923. The Dodds Law Firm, PLC, serves clients primarily in the areas of Fair Debt Collection Practices Act violations, Chapter 7 and 13 bankruptcies, and issues of Unfair or Deceptive Business Practices. Our firm is committed to protecting the rights and benefits afforded to all individuals under state and federal law, as well as the U.S. Constitution.
