Short Sales are becoming a common practice in San Antonio these days and anyone who has successfully completed one knows that you had better be prepared for and unexpected.
The short sale, used primarily to stop foreclosure in Bexar County, is becoming a very popular field in real estate especially when interest rates are climbing. San Antonio homeowners faced with the prospect of losing their home are turning more and more to this option. Short sales are also becoming more and more popular for real estate investors in Bexar County when buying a foreclosure just because of the huge discounts they offer.
Short sales are negotiated directly with the lender, and they require the sellter to provide information sa to why they cannot find a way to make normal payments. Foreclosures are expected to increase in 2009 no just in San Antonio, but throughout Texas as many adjustable rate mortgages written during 2005 and 2006 reach their first-reset marks. Short sales are complex and likely to become more complex as lenders deal with more and more of them in the coming months and years. Many homeowners who took advantages of the inflated real estate values in San Antonio prices to dig deeply into their homes' equity are now feeling the pinch.
Lenders
Lenders konw that repossessing a Bexar County home will cost them tens of thousands of dollars to maintain, refurbish, market and well with no guarantees that it will recoup the same amount as from a short sale. Lenders want to see that the homeowners are not able to pay their bills and are in need of relief. Short sales are a last resort option and are only necessary when faced with foreclosure or bankruptcy.
Lenders want to get rid of distressed properties in San Antonio as soon as possible, but they aren't going to sell them for ridiculously low prices.
Sellers
In a perfect situation sellers want to get as much for thei homes as possible and certainly don't want to sell for less than market value or sell for less than what they paid for it. This may quickly turn into a desperate situation, however when unforseen events transpire that create financial harships. Job loss, long- term illness, or a dramatic rise in living expenses are just a few reasons why Bexar County homeowners suddenly find themselves with a cash flow problem. The fortunate seller who convinces their lender a short sale is the best way to solve their problem needs to be aware of one possible downside. Some lenders may claim whatever debt they've forgiven as a loss on their taxes and issue a 1099 form to the seller for the amount.
If you have any questions on how you can help someone avoid foreclosure, please contact me at sushimellow@gmail.com or call me directly at 210-625-0835.
To help someone avoid foreclosure, refer them to http://www.SellPreforeclosureHouse.com .
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