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SELLING A HOME WITH A SHORT SALE
IN MASSACHUSETTS
The current U.S. housing market and financial crisis
have caused tremendous stress and heartache for families across America.
During times like these, there are always a certain percentage of homes
or homeowners who are distressed. According to the Mortgage Bankers
Association®, as many as 1 out of 10 homes are either delinquent or in
foreclosure, and unfortunately, 7 out of 10 homeowners in foreclosure
proceed without the assistance or advice of real estate professionals or
mortgage representatives. If you or someone you know is among the
millions of people affected by the prospect of foreclosure, it is
important to understand
that you have
options. The option many homeowners in Massachusetts
and across the US are turning to today is to sell their property using a
short sale. A short sale is when homeowners sell their property for less
than the balance of their mortgage. In the past, it
was rare that a bank or lender would accept a short sale. However, due
to the overwhelming market changes, lenders have become much more
negotiable when it comes to these transactions. Recent policy changes
within many organizations have made the chances of getting a short sale
approved even higher. If the homeowner is behind in making mortgage
payments, a lender will typically lose less money on a short sale than
they would if they foreclosed on the property and sold it themselves. It
is estimated that a Lender will have $35,000 or more in cost if they
foreclose on a home, and most likely will end up selling the property
for less than what they could get by selling it in a short sale. |
