Real Estate Short Sales - Any Sale Of Real Estate That Generates Proceeds That Are Less Than The Amount Owed On The Property

With the economy being as tough as it is right now, real estate short sales are increasing around the Nation.

Florida, FL (prHWY.com) February 19, 2013 - Florida, Feb 19, 2013 - With the economy being as tough as it is right now, real estate short sales are increasing around the Nation. This type of sale occurs when the amount of money that someone is able to get from their sale is less than what they owe on the property. The lender will have the final decision.

In such scenarios though the lender is more likely to go with a real estate short sale to recoup some of the money they loaned. It is better than having property they have foreclosed on but that they aren't able to really get any money out of. This type of offer avoids the foreclosure process and enables the lender to have their money faster than before.

There are huge fees and time involved for the lender when they have to foreclose on property. However, the short sales costs less and can be done in a short amount of time. It can't be done though unless the lender and the person that has defaulted on the loan are in agreement.

The person that owes the money to the lender isn't free and clear though. Legally, they still owe the remainder, known as the deficient. This is the difference between what the lender gets with the real estate short sell process and what the loan amount is. The lender may accept a lower amount but they don't have to.

There are many different variables and factors that have to be evaluated for any real estate short sales to be completed. Most lenders have specialists that take part in offering such negotiations. It can be a complex process but if you are in a situation where you feel you won't be able to keep your home it could be worth discussing with your lender.

This process will help to save your credit rating too. A foreclosure looks much worse on your record than taking part in a short sale. However, you need to really evaluate your options before you commit. The biggest factor for many consumers if negotiating how much they will still owe the lender, what type of payment arrangements they can work out, and how long it will take them to pay off that debt.

Finding homes for sale that have been taken by the lender through real estate short sales can be a great way to get a wonderful investment. Lenders want to be able to sell that property as quickly as they can so that they can get the large chunk of their money back that they loaned out.

Overall, the real estate short sales offers both lenders and consumers that are in a tough economic position the opportunity to make the best of the situation. This is a practice that seems to be more and more popular out there. The number of homes ready to be foreclosed on is at an all time high and this seems to be a better option that is able to help those that are in a tough predicament.


About the Author:
Real Estate Short Sales - Fortna Auctioneers & Marketing Group is a creative, innovative, people-oriented and technologically-savvy real estate auction firm. Our work consistently delivers personal satisfaction and success, resulting in mutual pride by all parties involved in the sale.
Contact Details:
Fortna Auctioneers & Marketing Group
26 E. Main Street * Annville, PA 17003
Phone: 717.867.4451
E-mail: auctions@fortnaauctioneers.com

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