The Era of Short Sales Amongst us!!



Maybe you were not a believer the first time you heard the era of short sales are amongst us. It is easy for you to believe that banks were acting unreasonable when it comes to the process of foreclosure but Lender Processing Services have just presented the most convincing numbers which state that short sales are not just a dream for distraught borrowers. For the first time in the US, there have been more short sales in one month than there were foreclosures.

In the month of January, short sales made up about 24 percent of homes for sale, while foreclosure sales made up approximately 20 percent of homes for sale. In the previous year these percentages were flip-flopped with approximately 16 percent of sales came from short sales and about 25 percent of sales came from foreclosures.

There are many reason why the banks now prefer short sales over foreclosure sales, one reason is that foreclosed homes sell for approximately 29 percent less than non-distraught houses and properties whereas shirt sales sold for about 23 percent less.

The banks are starting to realize that a short sale is better for them; the truth is the banks do not want to own the properties, the cost of maintaining these properties are expensive and in turn the properties sell for significantly less.

For any questions about short sales, foreclosures or how to defend your foreclosure case call Tina El Fadel, the head of the foreclosure division at KS Attorneys at Law. There are many mistakes people make when going through foreclosure, don’t make those mistakes, call now for a obligation free consultation.