Short sales have gotten a really bad rap and I am hear to proclaim my Love for short sales but mostly in keeping with the old Song, “Love the one yours With” Short sales are here to stay for a while and instead of lamenting about the evils and perils inherent in them we might as well just lean to embrace them. I have learned to appreciate and celebrate the good stuff and so in case you are not yet convinced let me tell you why.
1. Short sales are a means to help owners get out of an underwater property with some of their dignity and some of their credit in tact. When you have a home that is worth 200,000 and you owe 500,000 and your income is a fraction of that you need some answers. A short sale will usually be a less ding on your credit than a Foreclosure.
2. Short sales are better for the neighborhood. Short sales tend to impact a neighborhood less than several foreclosed properties hitting the market. Foreclosures generally bring less money thus driving the prices down even further in an already depressed community. There is also more of a psychological negative with a foreclosure in the consumers eyes.
3. There are many programs out there for consumers such as Co Op programs, Cash for Keys, HAFA among others that may allow homeowners to actually do a short sale of their home and receive a check at closing. I actually did a short sale recently and the homeowner got a check for 1,000 dollars at the closing table that helped with their move. Check with your favorite Realtor to see if you qualify for any of the programs out there.
4. Right now and for the rest of this year you are able to do a short sale without a tax implication if it is your homestead. There is no guarantee after 2013.
5. Another plus for us Agents is obvious!!! What in the world would we have sold this year if not for short sales???? I know that I said not too many years ago….”Yuck I will never do short sales they are so hard to get closed!!!” Needless to say I changed my tune and have gladly helped customers close them on the listing and the buying side.
This is my short list for why I love Short Sales but if I really share my heart my biggest reason is to hear the sigh of relief and the smiles on the faces of my customers when we come to the end of that chapter in their lives. It is important to remember all the people that have been so impacted by our changing economy and the fear that has gripped those whose lives have been forever changed. When the day is done and the sale is complete the homeowner can start over and get his life back on the path that is moving in a positive direction. Although simple this list…. it can be daunting so my advice is to grab your favorite Realtor and ask some questions and see if you too can fall in love with Short Sales!!!!
“The only people we have to get even with are those that have helped us” Thankfully my list is long.
Karen Key Smith