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By Roland Lorans | Agent in Dacula, GA

Short sales are starting to become the preferred method for banks Dacula Buford Suwanee GA take Notes

Short sales are starting to become the preferred method for banks Dacula Buford Suwanee GA take Notes


Short sales are starting to become the preferred method for banks
to dispose of properties in default. In short sales, borrowers
who owe more on their mortgages than their homes are worth agree
with their bank to sell their homes at the lower market value. In
return, the bank agrees to absorb the loss. During the last
quarter of 2011, there were more than 88,000 short sales, up 15%
compared with a year earlier, according to RealtyTrac. Short
sales comprised 10% of all homes sold during the quarter.
Meanwhile, sales of bank-owned homes fell 12% year-over-year to
116,000, comprising 13% of all sales during the quarter. "That
trend will likely show up in more local markets in 2012 as
lenders recognize short sales as a better option for many of
their non-performing loans," said Moore. Short sales have become
a more attractive option since all parties agree on the terms,
leading to fewer legal issues.

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