Short sales not a long shot, experts say

I completely attest to this. I'm finding my short sale listings go under contract within a week at most. Banks are favoring short sales because they net more proceeds. We're also seeing the change in paradigm with regards to credit score. FHA has changed their guidelines to requiring that a borrower who has a short sale on their record can get approved for a new FHA loan 2 years from the date that the short sale was recorded. If you read between the lines that is an indication of the shift in what credit means today.

I'm not a credit advisor and guidelines do change. But in my opinion people are just scared of the unknown. Short Sale's wouldn't be around if they were not a viable option for all parties involved. The best thing to do is consult with an attorney, CPA and a trusted real estate professional, preferably one who has experience with short sales.

The media projects a lot of fear and people who are not in the business and uninformed can also create doubt and angst in your mind. Always consult professionals and make an educated decision.

Uzi Husain, REALTOR, CSSN
Certified Short Sale Negotiator
Keller Williams Realty Professional Partners
http://www.UziHusain.com


Short sales not a long shot, experts say

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