With foreclosure investing becoming more popular than ever, many investors are carefully weiighing the benefits of short sales versus loan modifications.
Short sales are still perceived to be highly lucrative in many markets even though retail values continue to plummet or have stagnated. This downward spiral in housing values has caused many homeowners to successfully negotiate loan modifications on their own, thus avoiding many potential pitfalls of working with investors or middlemen.
In areas like Las Vegas or Phoenix, home values are still at record lows, causing lenders to be more open to working with homeowners in both loan modifications as well as short sales across the board.
According to polled real estate agents, homeowners are more savvy than ever about the details of working with lenders and aren’t as timid as they generally were only three short years ago.
However, there are cautions to watch for and homeowners are encouraged to seek the advice of a professional when making major financial decisions.
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