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The term real estate short sale is being bandied about more and more as of late





The term 'real estate short sale' is being bandied about more and more as of late. The popularity of real estate short sales in TV and other media can be attributed to financial institutions choosing them over foreclosure in a negative real estate market. In all parts of the country, real estate prices are down and the time it takes to sell properties has risen dramatically. It is not unfair to label the current real estate market one that is undergoing a market meltdown in many cases, and Detroit is one of those. This type of real estate atmosphere is the primary reason for needing an increase in short sale real estate opportunities.

A bank allows a real estate short sale to occur when the bank consents to letting their property be sold for an amount smaller than the amount owed on it. In order for this to occur, two conditions must be met. Foremost, you will need to have a market value that is in such bad shape that the sale price of the property cannot cover the balance on the mortgage. An inability to make additional payments on the property is the second requirement.

For example, a property that was purchased five years ago with an adjustable rate mortgage for 217,000 dollars. The owners decided two years later that they needed a second mortgage of 10,000 dollars, bringing their total to 227,000 dollars. Remember that in five years the amount that the mortgages would have been paid off is negligible. It's also likely that similar homes have a property value of 215,000 dollars and that the adjustable mortgage rate has risen four points. Additionally, we end up with a real estate short sale situation once one of the owners has lost their job.

Rather than go through the expense and time delays that a foreclosure proceeding would require, the bank may decide that allowing a short sale makes more sense in the long run. The reason is that it is far better to have a definite amount of money know and the property off the bank's books than waiting on an unknown amount of money at some unknown point in the future. In general, this is how the real estate short sale works, though of course, complications through stubborn owners and lenders can arise.

While a real estate short sale is an unfortunate and unpleasant experience for an owner forced to go through the process, it's not the end of the world. This route may not be perfect but it's better than having a foreclosure on one's credit report. On the other side of the coin, it can often represent an excellent buying opportunity for the savvy real estate investor.
About Author Joli Seguin :

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Article Added on Sunday, December 6, 2009
LD
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