Seven Short Sale “Myths” That Could Lead You Right into Foreclosure (Part 3 of 5)

If you are in a situation where you must sell your home in the current Apple Valley real estate market, and you owe more on your home than what it is worth, a short sale may be a good solution to your problem. Many myths have evolved over time, but understanding today’s reality is a way to help you. Seven short sale myths are:

1. 1. Short sales are impossible and never get approved. It is true that short sales are more difficult but they are not impossible. A Realtor® with extensive short sale experience can be helpful to homeowners in distress.
2. 2. Banks Don’t Accept Short Sales. In reality, banks are doing whatever they can to avoid a foreclosure.
3. 3. You must be behind on your mortgage to negotiate a short sale. Many lenders today focus on verifiable hardship, monthly cash flow shortfall and insolvency - not just people in default.
4. 4. Buyers Avoid Short Sales. Many agents report that buyers call them looking for short sales. Short sales are becoming synonymous with a “good deal”, specifically with international buyers.
5. 5. Listing your home as a short sale is embarrassing. Recent estimates state that 1 out of 5 homeowners in the U.S. are in this situation. You are not alone!
6. 6. Banks prefer to foreclose. Banks do NOT want to foreclose. Banks, investors and the federal government have all publicly stated that if a person qualifies for a short sale, then the deal needs to be considered.
7. 7. There is not enough time to negotiate a short sale before my foreclosure. Many lenders today will stall a foreclosure up to the final day of the process, with a legitimate contract.

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