A Few Myths About Short Sales

There are a lot of rumors floating around about short sales that need to be cleared up.  With so many short sales on the market, you need to know the facts since they will be a big part of the Orange County real estate inventory in 2010.Myth 1 - Banks prefer foreclosing on a home over dealing with a short saleForeclosing on a home is very costly to the bank and banks are NOT in business to lose money.  The federal government has made it known that if a homeowner meets short sale qualifications the banks must consider such a deal.Myth 2 – It’s too late for me to negotiate a short sale before my foreclosureUntil the foreclosure process is final, there is still time. The lender who is foreclosing on you can stall up to the final day so there’s still time to try to work a short sale deal.Myth 3 – All short sales are impossible and never get approved.Yes, they can be more difficult than a normal transaction but we’ve had success after success negotiating these deals. We understand the process and take the time and effort needed to complete each transaction.Myth 4 – Buyers don’t want to deal with short sale properties.While some buyers don’t want to consider them, there are plenty of buyers who flock to them.  After all, short sales are known for being hot deals!Myth 5 – Putting my home up for sale as a short sale is embarrassing.Due to the real estate downturn, more people than ever owe more on their home than it is worth.  You’re not alone and you are making a SMART decision by getting yourself out of a financially draining situation rather than letting it grow worse.