Foreclosure and REO Properties Expert Advice

The newest “buzzword” in real estate these days is Short Sale.

A short sale occurs when a lender agrees to accept less than the full loan balance from a borrower, in exchange for the sale of a home that is behind on payments and heading for foreclosure.

Why Do Lenders Accept Short Sales?

The reason that a lender accepts a short sale is because they feel that the amount of money will be more and the hassle will be less to them than if they go through a full blown foreclosure.

No, they are not letting you off the hook nor looking out for your best interest. They are making a business decision.

Is A Short Sale A Winning Solution?

For most of the parties involved, a short sale is not a winning situation, but rather, the lessor of two evils.

Because the lender gets less money than promised and the homeowner gets a blemish on their credit history, this process typically works when both parties agree that there is no other way out of this unfortunate situation.

One group that does profit, though, are what I call “short sale sharks”.

This less than noble group make it their job to pressure, frighten, intimidate, and even harass delinquent borrowers into selling their properties for less than they are truley worth, and then reselling them for a big profit.

This part of the real estate business has always been around, but is exploding now with the massive increase of homeowners that are under the strain of mortgage payments that they cannot afford.

The loss of one’s house, via foreclosure or a short sale, is a painful one, but there are smart choices that can be made in these difficult times. One must be cautious with the company that you keep when negotiating a short sale.

A Better Solution For Homeowners In Default

At Virtuosity Unlimited, LLC, we strive to help those that are under duress by giving them sound advice, realistic options, and a path for those to follow that will help to alleviate these pressing problems.

We have a program that will save you the agony of moving out of your house when it is purchased by an investor. You remain as a rentor for a short term and then purchase it back at favorable terms.

To learn more, contact us today at 866-4EXIT-PRO or email us anytime.

Until next week,
Tully