Sometimes in life we may face situations where it is best to cut your losses and run. If the loss is your home, it is likely that the decision to do this is understandably made almost too late. If you are in the unenviable position of having to sell up and downsize because of escalating costs, an efficient real estate agent can be your best friend.
If your home is now worth less than you owe on it, he/she will be familiar with procedures and will be able to guide you through the differing aspects of negotiating a short sale. The term ‘short sale’ simply refers to the fact that the current market value of your property is short of the actual figure that you owe on it.
Unfortunately, because of past financial practices that have largely been rectified by now, many thousands of home owners find themselves in this untenable situation. Three quarters of known housing markets in USA have suffered continuing price decreases. These figures are released by Global Insight, who quote that single family house prices have dropped for the third consecutive period in 262 out of 330 markets.
When mortgage rates increase in the same time frame that housing...
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