Your home is worth less than you owe on it, and you need to sell. So what to do? Instead of skipping town, consider a short sale. Short selling your home is a better way of avoiding foreclosure or bankruptcy. The goal is to obtain a waiver of deficiency judgment, this way the bank cannot come after you ever for the difference between what you owed them and the sale price. Find yourself an experienced real estate agent to help you out, the bank will request for you to obtain the services of one in order to list your property. Now is the time to short sale because the banks are not foreclosing on properties as fast as they were in 2010, eventually they will catch up and when they do short sales will be harder to get approved. Remember the banks make more money foreclosing on your property than short selling it.
If you have any question regarding this subject, please feel free to contact me: robertbenenati@365realtyinc.com
