Short Sales, also what most people know them as or consider them as are Pre-Foreclosures. That’s something of a misconception – it’s partly accurate as most people who purchased within the last few years (from 2004-2007) purchased during the peak of the real estate market bought at extremely high prices and with the economy in its slump, the home values have declined (and in some areas, declined heavily), so if a homeowner wants to sell now, it’s highly lightly that the current market value will be less than what the original purchase price is.

In turn, the selling value will be less than the loan against the home, and for a homeowner to complete the sale, the lender MUST allow the sale, which tends to take a long time (emphasizing LONG TIME).

If you have questions about Short Sales, or if you may think you will be in this type of situation, contact me (415.680.8031) ASAP to help figure out what you can do in order to get out of this mess.