Since the market is back up, is there even a need to short sell anymore?

Hi Chris,
Thank you for your question. Yes, our real estate market is on the rebound in a big way. I frequently list and sell homes with multiple offers. It is common for me to encourage competing bid opportunities for my sellers to maximize their selling price. But a short sale can still occur when a home is sold for less than the mortgage balance. Keep in mind that a short sale is possible when the payoff of the mortgage(s) plus the costs to sell (e.g., title insurance, HOA dues, and Realtor fees etc.) exceed the home's market value. Through negotiations with the lienholder(s) the seller may be able to sell their home with terms that can allow the homeowner to avoid foreclosure or bankruptcy. Each situation is unique. Banks review the terms, situations, and conditions of each short sale transaction individually.