Short Sales

In case you haven’t been watching the real estate market lately, foreclosures have far from gone away. In fact, according to a recent report the number of foreclosures in Eugene Springfield jumped half a percentage point, to 1.6 percent in April. This trend is reflected nationally, with the number of homes owned by banks in March being estimated at around 522,000, and recent projections indicating that the number is on the rise. So, what are the alternatives to foreclosure?

Loan modification, deed in lieu, and short sales are the practical alternatives. Short sales occur when you owe more money than the house is worth. One advantage to a short sale is less damage to your credit than a foreclosure. You’’ll need a realtor to help with a short sale, but the commission is included as part of the sale; in other words it doesn’t cost you anything.

Of course, if you’’re a buyer, foreclosures and short sales aren’t such bad news; these are some of the best deals around. The house shown below was one of my listings. It’ was clean and a great deal, listed at $149,000.  Affordable housing in Eugene is still around.

Affordable housing is still available.

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