Taking a Longer Look at Short Sales

With a glut of bank-owned properties dragging down the recovery of the real estate market, as well as the national economy, major lenders are more eager than ever before to avoid foreclosure.

A recent study finds that, "If a borrower abandoned the property while he was delinquent, sales within 500 feet suffered a 3.1% drop in prices. But a vacant home also in foreclosure — further down the distressed pipeline — lowered nearby home sale prices by 7.1%."

The biggest lenders in the country increased staffing to ensure rapid processing of short sale applications. They’re contributing cash incentives at closing for homeowners who pursue a short sale. And they’re proactively reaching out to Realtors and putting them in touch with delinquent borrowers.

This is big news and the media has not really caught onto it yet. What’s important for you to know is that whatever you’ve read or heard in the past about long lag times and frustrations with short sales may no longer be the case.

I work with major lenders and stay on top of major developments affecting short sales and bank-owned properties. I invite you to visit "Help for Homeowners" at my website www.juliahuntsman.com to learn more and feel free to contact me any time if you or anyone you know is struggling with an unmanageable mortgage. Don't assume you have no chance to avoid foreclosure -- but don't wait until the last minute to find out your options!