Short sales are one of the popular alternatives to foreclosure. A short sale is used when a homeowner is willing to sell their property but they owe more on the mortgage than the home is worth. With the down economy, many families found themselves in homes they could no longer afford, making a short sale a viable option.
Unfortunately, the short sale process can be exhausting for all parties involved because it requires multiple proposals to be submitted by the potential buyer, until one is accepted by the mortgage lender. It becomes frustrating for the homeowner, buyer, and realtor because time is wasted and ultimately, nothing is guaranteed.
Bank of America is taking a step in the right direction, facilitating short sales by making their assessments of the property value available to real estate agents. Now instead of playing the guessing game of submitting multiple offers until one sticks, agents and buyers will have a starting point, thus making it more likely that their offers will be approved.
The only problem with this plan is that many times the homes need to be reassessed, meaning that even if the realtors have access to the information it may not be accurate. Inaccurate information may lead to further frustration. Hopefully, with sales moving along quicker, Bank of America will take care of this problem quickly.
For those homeowners struggling to make their mortgage payments a short sale may be a desirable option. As banks proceed to make it easier for potential homebuyers to buy short sale homes both the potential homebuyer and existing homeowner receive the benefit. An existing homeowner attempting to avoid foreclosure has a better chance for unloading their home if the bank is agreeable.
If you’re considering a short sale due to difficulty in keeping up with the payments of your mortgage, we can help. Schedule a free consultation so that we may discuss the specifics of your case and financial situation to determine if a short sale is truly your best option.