According to CNN Money, banks are ramping up short sales thanks to government incentives and the realization that short sales result in lower losses than foreclosures. On average, banks lose 50 percent on a foreclosure, but only 30 percent on a short sale.
The hang-up for many short sellers has been second liens, but the new government program gives first lien holders incentives to share and offers second lien holders and investors a $6,000 cash incentive. Under the new program lenders must tell the seller the minimum they’ll accept. When the seller comes back with a good offer, it must be accepted within 10 days.
If you have questions about the short sale process, it’s time to speak with a real estate professional with an understanding of the process and successful selling experience you’ll require. Over the past couple years The Gardner Team has represented the successful sale of many short sale properties that range from single family homes as little as $100,000 dollars to the successful short sale of million dollar estates.
If you or someone you know believes that foreclosure is the only option, think again. The Gardner team would like to provide you with more information about Short Sale options for sellers in Sherwood Oregon and the surrounding area.
Simply contact Jason and Amber Gardner at (971) 832-1234 for a very informative no cost/no obligation consultation to see what options are available for you.
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