Unfortunately, with oil and gas prices on the rise, the unsteady economy and bad lending practices in the past (which have mostly been rectified), many families are now having trouble keeping up with their bills.  This includes their mortgage payments.  There’s an ever-increasing number of homes going into foreclosure all the time.  You may know what a foreclosure is.  But, have you seen signs indicating that a home is a “short sale” and wondered what that meant?

A short sale is when a property is worth less than what you owe on it.  The owner must go to their lender and ask permission to sell their property for less than what they owe.  With housing values falling, many people have found themselves in this unenviable position.  Instead of walking away from a property and allowing it to go into foreclosure (which the lender doesn’t want anymore than you do), the lender may agree to allow the owner to “short sale” the property instead.  This involves alot of paperwork, communication and cooperation between both parties.  It is recommended that you hire a real estate professional who is experienced in the local real estate laws and trained in short sale procedures to represent you.  Please contact me to find out more about short sales in the Ozaukee County real estate market.