The trends: In 2010, short sales consumed 4.5% of our market. In 2011 it jumped to 5.7 and then in 2012 it is now at 6.4% of our total market share. This is a continual rise. Why? I list and sell many short sales in the greater Charlotte region. The down economy continues to take a toll of many families. Real life happens and there often seems to be no way out. If you purchased your home at the housing peak, what can you do. Death, divorce, unemployed, family illness or job relocation are some of the major factors that force a person to sell their home. What happens if you are $50,000 under market value? What do you do? You can not afford to keep paying your previous mortgage. A short Sale is the answer. It is much better on your credit report than a foreclosure and still gives you "some" control over your financial situation (as opposed to a foreclosure).
A short sale is never an easy conclusion but you really need to consider every option before you just resign yourself to a foreclosure. Make the best of a bad situation. The Federal Government just extended debt forgiveness for many short sales. This primarily applies to your primary residence and your first mortgage. The vast majority of 2nd lien holders also forgive the debt but it also depends. Call me, Rick Waite today to make the best of this situation. As a Charlotte area Realtor, I will do what ever possible to help. Call me BEFORE you contract to pay anyone. A short sale should not cost you for the services! Learn all about Charlotte Short Sales; an education is the way to begin!
