Short Sales And Foreclosures...Avoid The Pit-falls...

We are in the midst of the worst mortgage and real estate crisis since the "Great Depression" of the 1930's. Real estate values have dropped dramatically, and in some areas it has caused unemployment to rise to levels approaching 10%. This dramatic drop in value coupled with the slowing economy and the jobless rate rising, has made it impossible for many homeowners to stay in their homes. These challenges have forced homeowners to sell. When, due to market conditions, their house does not sell and they cannot afford the payments any longer, they must look at options such as Short Sale, Foreclosure, or Deed-In-Lieu Of Foreclosure.

Not all homes that are in default go completely to foreclosure. Many will sell prior to the notice of default being finalized. Short Sales and Foreclosures are attractive to home buyers and investors because they want to purchase a home that is below market value. Sometimes the seller who is in default and the buyer who is looking to purchase a distressed property can negotiate out a transaction that works for both. It is then a "Win-Win" for both parties.

Buying and selling distressed properties is a complicated and often daunting task. Even though sellers are upside down and not in a good negotiating position, they still have rights. You should always seek the advise of a qualified real estate agent, who is well versed in short sales and REO properties. Agents who are experts in these areas will help you avoid many of the pitfalls of Short Sales and Foreclosures. I also recommended that if you have any questions you do not feel are answered adequately by your RE agent, seek the advice of a qualified RE attorney.

As we further discuss this important topic we will review four points;

1.] The Basics of Buying and Selling Short Sales and Foreclosures
2.] How To Do a Short Sale
3.] Stopping the Foreclosure Process
4.] Foreclosure and Short Sales Taxes...Do You Have a Liability?

Watch for daily updates and discussions on this important topic. At Credit Capital Solutions, we have alternates to these scenarios whereby we can assist you to stay in your home. If you cannot qualify under our guidelines, we have qualified real estate professionals we can refer to you to assist with the short sale or foreclosure transaction.