Realtors report two facts that don't go well together: most of the transactions today are short sales; and almost none of their clients understand short sales. By definition, a short sale is when a house on the market is worth less than the seller still owes for it.
The term "short sale" is getting more exposure lately because of the current state of the real estate market, but you may be saying, "what the heck is it? A short sale is the sale of house at a price that is less than what the owner actually still owes on the mortgage. An example of this would be an owner who sells the house for $80,000 even though he or she owes $100,000 in mortgage.
Lori Purcell was sick of being a landlady and wanted to unload her two-family house in Garfield. But she knew it would never sell for the $325,440 she had paid in 2004. A short sale solved her problem.
The quickest way to lose your house to foreclosure is to do nothing. But today - after a foreclosure crisis that has lasted some four years or more - doing nothing is harder than it used to be.
... in the home, there are still other options short of foreclosure. There is the possibility of a shorrt sale - selling the house for less than what is owed. In...
Buying a home remains the American dream for many. But a nightmarish economy has made renting an increasingly popular option, housing industry experts say. Some consumers choose to rent because of skittishness over losing their jobs, among other reasons. Renting, however, is a necessity for others who have lost their homes to foreclosure, been laid off or who can't qualify for a mortgage because of shaky credit.
... lax lending standards were fueling home sales. "Even in cases where it might make more financial... very little vacancy, especially in quality houses," Guthals said. Several townhomes in four-plex dev... rent for $900 to $1,200 a month "are in short supply," he said. The ongoing economic malaise has...
... and costly foreclosures can inhibit house prices from quickly falling to their new equilibri..., in homeowners being unable to complete the sale of their houses at current market values. For some... to make an elective move when prices in the short term are below intrinsic values, anticipating that...
Michelle and Joshua Woodward bought their four-bedroom house on North Pinebrook Lane off Scott Boulevard in January 2006. Photo by Ryan Henriksen
... couple's efforts to purchase a home via a short sale have been delayed after the previous owner's ...
The so-called "short sale" is gaining favor as a tool to reduce foreclosures in the Miami Valley. A short sale is a type of debt settlement in which the home is put up for sale, and the current lender agrees to accept less for the home than the amount still owed on it. Short sales are an option for homeowners who can't afford their mortgages or owe more on the house than it's worth.
pwolf@lnpnews.com After living in their home 17 years, a Lancaster County couple faced the unthinkable:
The prospect of losing that house because they fell behind on their mortgage payment...
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