Short sales are better than foreclosures
By now, everybody has heard of the real estate market that went through some hard times. You know, the one that imploded into a black hole and left nothing but a few empty houses in its wake. If you didn’t feel the effects of it, you probably know somebody who did. Maybe they lost their home, or maybe they had to sell their soul to the devil just to keep it from going into foreclosure. Or at least that’s what it felt it like to them at the time.
The effects of this crash have been devastating to individuals, cities and entire states. Take a certain state in the great lakes region, for example. You can enter that city and feel like you’re in a ghost town or something. So where did all those people go? They moved to different cities because they either lost their jobs or couldn’t afford their homes any longer. When you have to entirely change your life because of the real estate market, you know it’s bad.
Many people’s homes went into foreclosure and they just were out of luck. Sometimes no matter what you do, you can’t stop foreclosure. But some people were luckier and they were able to sell their homes in a short sale. A short sale makes sense if you come to an agreement with the bank that they will pay the difference of your devalued home. It’s a great thing if you have a buyer, but you don’t make any money on it. That sucks if you’ve built any equity at all.
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