When do I need a "short sale"?

A short sale may be an option  if you’re facing foreclosure and are seeking the possibility of another chance with a new home.  It may look bleak at times, but if you stick it out you could avoid foreclosure and still have the possiblity of another home.

Quite simply, a short sale is a negotiated sale between the borrower and the lender and must be agreed to by both sides.  ALWYS get everything in wiriting and make sure you understand exactly what is expected of you.  Know your basics:

1.  Will I be responsible for any unpaid property taxes?
2.  How will this bank short sale affect my credit?
3.  Will I be “free and clear”  when the bank short sale is complete?
4.  Will I need to file bankcruptcy?

Don't hesitate if you think you need to get involved with a short sale.  Actually,  a bank short sale is good way to allow yourself the possibility of purchasing another home in the future.  It's not the bank's first choice, but it is cheaper than going through a foreclosure and part of today's real estate market.

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