With today’s real estate market, many homeowners are at risk of losing their homes and entering foreclosure. Faith Schwartz, executive director of Hope Now, a resource for homeowners facing foreclosure states that “foreclosure sales are pretty devastating…we’d much prefer a modification, but if [homeowners] don’t qualify, then the next best alternative is deed-in-lieu or short sales.” Short sales are sales in which the lender agrees to let the owner sell the home for less than the amount owed on the mortgage. In 2011, short sales rose by 26,000 and the number of foreclosures fell by 255,000, according to Hope Now. Short sales are also much better for homeowners and are much better than foreclosures. For homeowners who short sale, they are able to stay in their homes and are a quicker processes which means they can start rebuilding their credit sooner. According to the Credit scoring firm Fair Isaac Co., “foreclosures and short sales slash the same number of points from a homeowner’s credit score. Homeowners with short sales may be able to obtain a loan sooner than foreclosed homeowners, which can improve their credit.” If you are thinking about short selling your home and would like more information contact The Willis Team with SC Beach Real Estate, at 843-492-4411 or by email at willisteam@scbeachrealestate.net and let us help sell your home today.