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A warning about short sales!

by Jim Stakem 12/8/2009

loudoun county, ashburn, leesburg, potomac falls, sterling, purcellville, south riding, lovettsville, hamilton, middleburg, chantilly, reston, Real estate, round hill, northern virginia, market statistics, virginia, belmont country club, towing, million dollar, lansdowne, lowes island, trump national, Purcellville Round Hill, Leesburg remax, ashburn remax, potomac falls remax,Loudoun County, RE/MAX, REMAX

Short sales are a great tool to be used in case of extreme financial distress to ease the burden on both the seller and mortgage company. It is very apparent that the current volume of these sales as well as the banks' inability to keep up with the volume of cases is providing far too little oversight and allowing misuse of the process. If we do not take control of the short sale process it could very well extend this painful time for all of us.

It is very important that we continue to use short sales responsibly. It is easy to see why one homeowner looks at his neighbor and says “He was relieved of $200,000 in debt why can't I”. This is not for reshaping portfolios but rather for cases of extreme hardship.