CommonWealth Real Estate Your Way, Brodheadsville
short sale fraud

Short Sales – great options in some cases – Fodder for Fraud in others

Short sales are a hot topic in today’s real estate world. Individuals who are behind on their mortgage payments or who see that the value of their home is less than what they owe on it might think that foreclosure is their only option. But, another option is often a good choice – the “short sale.”

A short sale allows for the sale of the property at the lower value, and though it may be less than what is owed, the lender has previously agreed to take the “short” amount. In these cases, the lender has agreed to taking less than is owed on the home so the individual can get out of the bad situation without still owing additional funds on the mortgage after the sale. The typical pattern is that a REALTOR lists the home below the mortgage pay off, with the contingent that the lender approves a “short sale.”

That’s the good news.

The bad news is there is room for fraud so be careful. (You can learn more about this at http://activerain.com/blogsview/1147042/mortgage-fraud-101-short-sale-fraud)

Don’t forget – most short sales are very good opportunities for the savvy buyer. Today, there are many Pocono real estate properties being sold for six figures less than their actual value. These are new homes in good condition. What a great opportunity for a buyer who waited and can snatch up one of these short sale homes for a “steal.”

Commonwealth Real Estate Your Way, LLC..... RB# 066860..... Office: 570-972-0155



CommonWealth Real Estate Your Way, Brodheadsville