The Orange County Register is reporting today that as many as one in four homes sold in the month of June were short sales.  Sellers and lenders completed 714 short sales in June, up 78% from just a year ago.  While short sales are on the rise, "bank-owned home sales were down 51% from January 2009 and were down 45% from June 2009" the Register reported.  Banks don't want to be responsible for selling a high volume of homes.  As a result, they are working with home owners to help them sell their home rather than the bank foreclosing on them.

So what does this mean for you?  If you're underwater on your mortgage and having trouble making the monthly payment, you should know that you're not alone.  Now is a great time for you to consider short selling your home.  A short sale is a cost free way to sell you home and have your debt forgiven.  Short sales are cost free, and do not wreck havoc on your credit rating like foreclosures and bankruptcy do.  And, did we mention, they are cost-free?  If it sounds too good to be true, click here to watch a high-definition video explaining the short sale process and why banks allow them.

Before you dive into a short sale, be sure you're working with agents and attorneys with short sale experience.  Banks may be more granting more short sales than they typically would, but without short sale experts negotiating with banks on your behalf, your short sale could still be rejected.  If you're in the Los Angeles, San Diego, or Orange Counties, we recommend working with our partner companies Fitzpatrick and Prince Real Estate and Rasmussen Law Firm.  These reputable companies will connect sellers with buyers and they have a great deal of experience working with banks to close short sales.  Start a conversation with the team at Fitzpatrick and Prince today by calling them toll free at (800) 829 5158.