Unfortunately short sales and foreclosures are still taking place. Yes the real estate market is getting better but there are still homeowners losing their homes. I recently received a call from a couple possibly looking to rent a home. I immediately asked the caller if they were in a position to purchase a home rather than rent. The caller explained that they were in the process of losing their home due to a financial hardship. After determining how much they owed on their home loan, and a few details regarding their home such as location and square footage, I was able to determine that this couple had equity in their home. I made an appointment to meet them that same evening and yes I was correct, they had equity. They were under the assumption that their home was worth about $80,000 less than it was actually worth. In today’s real estate market the values of homes are changing quickly. Luckily I asked the right questions which led to the right answers, ultimately leading to the sellers being able to sell their home for a profit rather than simply losing their home to the bank. I have since listed their home and sold it. My clients were behind on their mortgage and the foreclosure date was approaching quickly however we managed to find a buyer quickly and close the transaction all prior to the foreclosure date. I am glad that the sellers contacted me because they were able to avoid a foreclosure on their credit report and they also gained money from the sale. Remember to always ask questions especially when they are questions that pertain to things you may not be that well informed about.
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