Monday, August 13, 2007
Short Sales... Alternative to Foreclosure
We have all been hearing about the tsunami that approaches with the flood of foreclosures that is coming to our market. Nationwide foreclosures are widespread and unfortunately we are starting to experience some of that here in Central Texas.
Here are some statistics for you to digest:
Austin/ Round Rock had 2,733 foreclosures in Q1 of 2007.
Austin/Round Rock ranked 34 nation wide in Q1 of 2007 for foreclosures.
Zip code 78664 is ranked 182 on Money Magazine’s foreclosure list.
A majority of those homeowners could have avoided foreclosure if they were able to sell their home in a short sale.
What is a short sale? Folks who have had some kind of personal hardship such as a loss of job, illness in the family, and/or divorce and have fallen behind on their mortgage might qualify for alternatives from their lender to help them out of the situation. A short sale is when someone sells their home for less than what is owed. And that is where my team comes into play.
My team is trained to work with homeowners in this situation to negotiate with their mortgage lenders to agree to allow the homeowner sell the home for less than what is owed, so the homeowner does not need to bring any cash to closing and avoids going to foreclosure. By helping these homeowners, we are bringing the foreclosure rate down one home at a time and thus helping the overall real estate market in our area.
If you know of anyone that needs our specialized services such as a short sale, or anyone else that just wants to purchase or sell real estate, we have the team in place to help your friends and family. Please let us take care of you referrals as if they were our family!