A few years ago, if you mentioned a Short Sale, most people would look at you with a puzzled look on their face. Today, many are becoming educated on exactly what a short sale is...first hand. It's becoming a common term in every household.
I predict over the next 12 months the term "Short Sale" will be used almost as much as "Foreclosure".
The driving factor:
- The banks are increasingly more willing to allow a seller to sell a home for less than is owed = A Short Sale. The banks would obviously rather sell while an owner is keeping up with the property trying to get it sold vs. a Foreclosure where an owner has usually bailed out months if not years before the bank puts the property up for sale.
- HAFA which stands for Home Affordable