Mortgage Short Sales – A Great Option for Home Buyers

Mortgage Short Sales A Great Option for Home Buyers

The real estate market isn't doing too well these days. It seems that more and more homes are being foreclosed on by the banks. In Temecula, Short sales can be a great way for prospective home buyers to find a great house for a low market price. With the decline of the real estate market, the purchase value of homes are lower than ever, allowing you to get a 300K home for a fraction of the price it was going for a few years ago. But you may be asking yourself why would someone do a mortgage short sell? A mortgage short sale is an alternative to foreclosures for troubled home owners. Say you took a loan out for your home, and everything was going great for a few years. Then, you encountered some financial hardships, such as expensive medical bills, a divorce, job troubles, or anything else that might cause you to fall behind or be unable to make payments on your home. Instead of having the bank foreclose on your home, you may be able to do a short sale. Many homeowners in this situation may be asking themselves whether or not mortgage short sales will negatively affect their credit. The answer is yes, their credit will be negatively affected, but not nearly as much or for as long as a foreclosure. Because of this, more and more home owners are opting for a short sale rather than letting the bank foreclose on them. For home buyers, a short sale is a good way to get a good deal on a house. With banks willing to take a loss to avoid having to foreclose, everyone wins. If you're thinking about looking into a Temecula short sale property, now is the perfect time to do it. With the downturned market and house prices being considerably low, you may be able to find your dream home and a great deal at the same time.

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