The wisdom in pursuing a short sale to stop foreclosure daily gains foothold in public awareness, with government officials and economic experts touting the saving graces of consulting with a short sale specialist as an active measure to not only stop foreclosure, but to salvage one’s credit and financial standing.
On a national level, Republican Senator, Johnny Isakson, proposes a near doubling of the ,000 Obama tax credit for first-time homebuyers to ,000 for all homebuyers, with a one-year extension on the credit deadline.
Isakson said in a statement about his proposed legislation, “One in two sales made every day is a short sale or a foreclosure." The Georgia senator stated, regarding these sobering statistics, "That is an unhealthy market, and it is continuing to precipitate a downward spiral in values, loss of equity by the American people and a protracted, difficult economic time for our country." [Source: Johnny Isakson, U.S. Senate, Georgia]
Despite support from the National Association of Realtors and National Association of Homebuilders, who argue the bill would help reduce foreclosures and eliminate the glut of homes and stabilize property values, not many analysts or banking leaders in the financial realm put much stock in Isakson’s legislative initiative, even though the Obama administration has shown increased approval of encouraging short sales to avoid foreclosure, by giving ,000 incentives to lenders who successfully complete short sales instead of foreclosures.
Banking experts say it’s unlikely Senator Isakson’s bill will pass through Congress. Brian Gardner, senior VP for investment bank Keefe, Bruyette & Woods' Washington research team says, “…there’s bailout burnout across the country…” with concerns of the Billion cost amid record deficits at the core of resistance to the bill.
What the sensible homeowner who faces foreclosure will take into consideration in efforts to salvage his or her credit is the burgeoning fact the short sale is the preferred mechanism for foreclosure help.
But it’s also the prudent seller who shops for a short sale service group that houses specialized, licensed lawyers as well as highly skilled, seasoned brokers that ONLY negotiate short sales, being careful not to entrust such an arduous task of piloting the intricacies of a short sale to the average realtor, which is simply not trained in this process that gives even the most tenured of real estate professionals reason to pause.
Charles Pruett is a freelance copywriter and essayist.
Article from articlesbase.com
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