Real Estate Short Sale Dilemma
Unless you’ve been shipwrecked on a desert island, you are aware that the housing market is in the doldrums. Even though the Denver market is faring better than other areas, the average price of an existing home keeps sinking. However, one part of the real estate market has recently swelled:
The Short Sale market.
In a Short Sale, the existing lender agrees to take less than the amount owed and then releases the mortgage lien so the house can be sold. If a homeowner falls behind in his mortgage payments, the idea of a Short Sale can seem pretty attractive. The homeowner sells his house and the new buyer gets a house at a discounted price. But, if it seems too good to be true - like the ship coming to rescue you from that desert island - it probably is.
When you get a mortgage, your lender has two available paths to secure his mortgage. The first path is the mortgage lien and foreclosure power of sale on the house itself. The lender can take back the house, sell it in a foreclosure sale, and pocket the proceeds.
The real estate short sale dilemma
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