If you are currently in a situation where you must sell your home and you owe more on your home than what it is worth to sell, a short sale can be a very good solution to your problem. Many myths have evolved over time, but understanding today’s reality is a way to help your family. Seven short sale myths are:

1. Short sales are impossible and never get approved. It is true that short sales are more difficult but they are not impossible. Bonnie Mullinax is a Bartow & Cobb County area Certified Distressed Property Expert who has extensive training to help area homeowners who may be in distress.
2. Banks Don’t Accept Short Sales. In reality, banks are doing whatever they can to avoid foreclosure proceedings.
3. You must be behind on your mortgage to negotiate a short sale. Many lenders today focus on verifiable hardship, monthly cash flow shortfall and insolvency – not just people in default.
4. Buyers Avoid Short Sales. Many of our fellow agents report that buyers call them looking for short sales every day. Short sales are becoming synonymous with a “good deal”.
5. Listing your home as a short sale is embarrassing. Recent estimates state that 1 out of 5 homeowners in the U.S. are in this situation. The state of Georgia has one of the highest foreclosure rates in the nation!
6. Banks prefer to foreclose. Banks do NOT want to foreclose. Banks, investors and the federal government have all publicly stated that if a person qualifies for a short sale, then the deal needs to be considered.
7. There is not enough time to negotiate a short sale before my foreclosure. Many lenders in todays market will stall a foreclosure up to the final day of the process, with a legitimate contract.

For more updated information please visit our website at www.avoidbankforeclosurenow.com or call The Mullinax Team today at 770.606.0054.

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