Short Sales
The Scenario
This is a story of Bill. Bill was an extremely bright young man who found a fantastic job working for a small but growing dot com company in Silicon Valley after he graduated. Things were going great for Bill: he loved his job and more importantly the company he was working at was growing at an incredible rate. Soon Bill found that he had more money in his possession than he ever dreamed of. He soon began to indulge in buying all of the things in life that he always dreamed about: a BMW, a Gibson Les Paul, and a beautiful two-story home. In order to buy that home, Bill had to take out a loan, but he wasn't too worried. After all, his company was growing and this whole dot com thing seemed like it would go on forever. It was a heady time, but unfortunately it ended. With the dot com bust of 1999, Bill found himself without a job and many, many bills. Although he had a variety of urgent bills to settle, the most important was his mortgage. That magnificent home that he bought to symbolize his status has turned into a ball and chain. Now he is considering filing for bankruptcy and wait for his home to be foreclosed.
Unfortunately many individuals find themselves in Bill's situation: good people who had suddenly found themselves in financial trouble. In these instances, homeownership can seem burdensome, but there is an alternative to bankruptcy and foreclosure for people who are in Bill's situation.
The Solution
This solution is: short sales! Short sales refer to selling of homes for less than what is owed on the mortgage. A complex procedure that is often described as more complex than applying for a loan; short sales are never a situation that homeowners want to find themselves in. However, short sales are the best solution in this type of unfortunate situation. They usually offer the best financial landing for individuals who are facing the prospect of bankruptcies or foreclosures, although it is still difficult financially for homeowners who do sell their homes through a short sale. If you find yourself in a position where you need short sale information, you are in the right place. Frequently asked questions related to short sales are answered here, and you will be able to learn ways to avoid this unfortunate situation.
