More Struggling Home Owners Opt for Short Sales

The Reason why struggling home owners opt for Short Sales

Short sales surged in 2012 to a level that was nearly triple the amount of foreclosures, according to recent data from RealtyTrac.

Foreclosure sales made up 11 percent of all transactions last year while short sales made up 32 percent, RealtyTrac reports.

“We’re seeing fewer of the most disruptive sales, the [bank-owned foreclosures], hitting the market but there are still a lot of distressed property sales,” says Daren Blomquist, spokesman for RealtyTrac. “They’re shifting to short sales.”

The increase in short sales is helping to give a boost to distressed home prices too. In the fourth quarter, foreclosure or bank-owned homes sold for an average of $171,704, a 4 percent rise from a year earlier, RealtyTrac reports.

Source: “Struggling Home Owners Turned to Short Sales in 2012,” CNNMoney (Feb. 28, 2012)

We specialize in  helping homeowners who are struggling and not sure what to do. It’s very important to have good legal advice BEFORE the bank forecloses because there are other options. But if the bank did foreclose it might just be time to start thinking about how soon you can recover.

If you have any questions or concerns about your own personal situation I would be happy to give you a FREE one on one legal consultation. You can call me at 916.442.6400 or send me an email at tgreene@tedgreenelaw.com