Is anybody out there buying houses? Sure there are. But, the numbers have dropped significantly and experts predict the housing market will get worse before it gets better. This leaves distressed homeowners who need to sell their house quickly in serious trouble.
Buying houses today is entirely different than it was only months ago. Declining property values have left many homeowners owing more than their house is worth. Borrowers holding subprime loans are unable to pay their mortgage and many are facing foreclosure.
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With the current credit clog, the buyer is not able to obtain financing. Homeowners can not sell their homes. Realtors are not paid. It's a vicious cycle that has far-reaching effects. Those who buy a house either pay cash or get involved in such alternative sellers bring back the mortgage and the rental contract-to-own.
Homeowners facing foreclosure can ask their lender to enter into a short sale agreement. Although short sales rather complicated, it boils down to the lender agrees to accept less than is owed on the loan. Why would a bank do this? Because it can save them money in the long run.