Short Sales For The Uninitiated
These days, with foreclosures and short sales comprising nearly 40 percent of recent home sales, the National Short Sale Center (NSSC) is receiving more than 3,000 calls per month from homeowners across the nation. The company has already handled more than 1,000 short sales in all 50 states.
Nearly 12 million homeowners are upside down with their mortgages — owing more than their home’s value — and the number is growing. It’s estimated that number will increase to 15 million within a year’s time.
Travis Hamel Olsen and some partners opened the NSSC a few years ago. He says the short sale is a “win-win” situation. The bank ends up losing less money than if it ended up taking back the property and the homeowner’s credit is not damaged as much as from a foreclosure.
