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Short sale volume may remain high in 2013

As we have covered on this blog, short sales have become a popular alternative foreclosure over the last year or so. Distressed homeowners found a short sale to be much less damaging to their credit score, and potential buyers saw a great opportunity. As the housing market stabilizes in Charleston and elsewhere, many people might assume that the opportunity to pursue a short sale has passed. However, some observers believe that 2013 will still offer chances to move forward with this kind of real estate transaction.

When a lender forecloses on a homeowner, they take ownership of the home and assume responsibility for selling the residential property. Although banks will still move ahead with a foreclosure if no action is taken, lenders generally want to avoid holding onto large volumes of property. This is why banks may still be willing to move forward with short sales.

Even though the real estate market is showing some positive signs, analysts also point out that many homeowners are still feeling the squeeze of the recession. As such, they are likely looking for solutions. This, combined with lenders' openness to short sales, means that there are still sound alternatives to foreclosure available.

One thing to keep in mind -- for buyers and sellers -- is that pursuing a short sale is not like a "standard" residential real estate transaction. Homeowners must receive approval from their lender, which can be a lengthy and complicated process. As such, it may be worth noting that an experienced attorney can help facilitate the process and ensure the short sale proceeds according to plan.

As potential home buyers consider all of their options, a short sale may near the top of the list. Even though the process to buy one of these homes may be a little different, it can still present a great opportunity. One observer points out that buying the home is also providing help to a homeowner who needs relief.

Source: Housingwire, "How to be a hero and lifesaver for short-sale sellers," Bubba Mills, June 21, 2013

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