Navigating an upside-down home value. The ins and outs of short sales.
Out of the 14,000 homes on the market across the Wasatch Front over 25% are short sales. Why are there so many short sales on the market? Some misconceptions about the purpose of short sales have led many to frustration, loss of money, and even getting scammed. It is important to be educated, patient, and complient when considering a short sale.
Short Sale Graffiti
As the market continues to dip, the number of people with hardships increases. This is one cause for so many short sales on the market. However, another theory suggests the popularity of short sales is more psychological. Malcolm Gladwell included the "Graffiti Theory" in his book Tipping Point. In New York the…