Foreclosures are tough – even tougher than moving on your own. It is also common to see many bank foreclosures that have actually never been put on the market. So, why does this happen? Homeowners should always try to save themselves from suffering through a foreclosure and moving on their own terms. Today, many people have success moving after a short sale.
If you need to move before your house falls into foreclosure, a short sale may be your best bet. A short sale is actually the sale of a house when the lien holders (often a bank) are willing to take less than what is owed to them. During a short sale, the homeowner is also partially or fully released from the mortgage agreement.
In today’s economic climate, with more and more people moving to avoid falling into foreclosure, the short sale process has been streamlined. Though a short sale is not an easy process, it is a good way to avoid foreclosure before you move. Short sales often offer more options for financial recovery so that families can get back on track.
As you consider moving before foreclosure, it is important to find a realtor that is willing to work with a short sale. Always check into their track record of that realtor and ensure that they have a team of professionals willing to help through the entire process.