Auburn short sales is a form of real estate transacting in which properties are sold for amounts less than what’s owed to banks or other lending institutions. As the term implies, a short sale means that the lender comes up short of the expected final return. However, this is often an ideal solution compared to managing a foreclosure. Short sales in Auburn can also benefit buyers as they’re able to purchase a new home at an attractive price point.
Although lenders prefer recovering a full loan amount, they also understand that foreclosing on a property is an expensive and time-consuming process. Plus, it places the burden of ownership and having to market and sell the property on their shoulders. Therefore, if a borrower puts forth a persuasive case, the bank may consider selling short. Auburn short sales is a proactive approach that’s been gaining in popularity, especially when considering the recent state of the economy.
For borrowers, short sales in Auburn allows them to get debt relief while avoiding foreclosure. It also has less of an impact on an individual’s credit history. For anyone facing the prospect of a foreclosure, the first step is to carefully review the options by consulting with a qualified Auburn short sales representative. They may have answers that permit the homeowner to move forward with confidence and a new outlook.