Short Sales: A Dignified Solution for Many Families
Posted by Tony Leocadio Admin on Wednesday, August 31st, 2011 at 7:42am.
I am truly excited that the banks
are beginning to see that a short sale in many cases is a good
alternative to foreclosing on a property. It makes more sense to sell
the property at a higher price. At the same time, the banks are creating
less vacant REOs (foreclosures owned by banks) which have blighted
neighborhoods and negatively impacted surrounding house values for the
last several years
It is also satisfying that so many of my fellow real estate professionals are taking the time to get properly trained to facilitate these transactions to a successful closing.
Today I want to address the impact it has on the families living in these homes. They have found themselves in over their heads. In many cases, they can’t afford the mortgage and are trapped – unable to sell because the mortgage exceeds the home’s value. They may believe that they are left with only one alternative – allow the home to proceed to foreclosure.
Let’s realize the consequences of this decision for the family. The day will come that someone in an official capacity knocks on the door and notifies the family it is being evicted immediately. There is a big difference between imagining how this moment might feel and actually experiencing it.
And, in so many cases, there are children involved. The official stands there as a mother or father gets on a knee and explains to their son or daughter that they must go pack up some of their toys and belongings in a hurry because the family must leave – now!
The short sale process avoids these situations. The family plans around a set closing date. The children are made aware of the move months in advance and the parents have time to lessen the pain of that move.
Short sales make good financial sense for all involved. They also allow families to exit an extremely difficult situation on their own terms.
Courtesy of Th KCM Blog
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