You read it right.  I am selling short sales like crazy..  To buyers and sellers.  I’m using a third party  a faciliator to get the transactions completed properly and in a timely matter.  The faciliator is someone who deals directly with the banks.  If there is one loan on the property it will cost $500 up front and $500 at the end.  If there is two loans on the property than it will cost $750 in the beginning and $750 at the end.  It’s a great way to get someone out of a bad situation considering our prices on homes have dropped to below prices that most people are upside down on their loans. 

Generally speaking, if you purchased a home in 05 for $300K that house today is more than likely worth around $135k  that’s what I call upside down. :(   Yet, there is hope.

With the sale of your home being a short sale vs. a foreclosure you will save your credit.  Of course you will take a ding but nothing like a foreclosure. 

I am advising my clients to buy and sell short sales.  There are wonderful homes out there that need rescue long with their owners.  Typically, the homes are in better shape than a foreclosure too.  They haven’t set vacant for months.