Are Short Sales Really Selling In Benicia, Vallejo And The Rest Of Solano County?
August 30th, 2009 categories: Buying, Foreclosures / Short Sales, Selling, Solano As the inventory of homes has decreased in recent months, short sale listings have become an increasingly larger percentage of the available homes for Solano County home buyers. And that’s caused more and more buyers to ask the obvious question: Are short sale listings really selling? That’s a question not only on the minds of buyers, but also something prospective short sale sellers want to know, too. In case you’re unfamiliar with a short sale, in a nutshell, it’s a real estate transaction where the seller is selling a home with a loan (or loans) on it that exceeds the current market value. The seller can’t sell unless his lender agrees to a reduced (or “short”) loan payoff. By doing a short sale, the lender and the homeowner both avoid foreclosure and the house doesn’t deteriorate to the extent that it might if the seller simply walked away from it. So in theory it’s an opportunity for the seller and t
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