Nov 4 • General discussion
Short Sales are looming...
With the national mortgage default rate on the rise, homeowners who purchased after 2021 and are behind in their payments are perfect candidates for short sales. Why you may ask?
- They paid top dollar at the peak of the market.
- If they used government financing or high loan to value conventional loans, they likely have no equity particularly when you factor in seller costs and fees.
- Selling even as a short sale is a far better outcome than losing a home to foreclosure.
- Since the great recession in 2008 banks have a vested interest in NOT foreclosing and agreeing to a short sale.
We are seeing a lot of listings on MLS that are grossly overpriced for today's market. Many of these are priced specifically to attempt to pay off all outstanding debt. That is not a wise strategy and the home will become shopworn on the market.
Reach out to us if you have questions, need guidance or just want to say hello!
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Short Sales are looming...
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