In the mid-nineties, I had a listing where the seller did not receive any money back. Instead, he had to write a large check at close of escrow. As years passed, especially the rip-roaring seller’s market of 2004 through 2006, it seemed unlikely that could happen again. Times have changed.
Recent reports indicate that at the end of 2011 there were 11.1 million U.S. homeowners with mortgages higher than their homes were worth. That was an almost four percent increase from the previous three months.
Rather than choosing foreclosure, a short sale or deed-in-lieu, there are hordes of potential sellers stressing over whether they should, or even if they can, write a check in order to sell. I have spoken with many of them in the past three years.Read More