“foreclosure vs. short sale” on Google Trends

According to Google Trends, concern over real estate prices has increased the number of people searching for “foreclosure vs. short sale” on Google in the past few months in five states. With a score of 100, North Dakota is far ahead of second-placed Mississippi (83), third-placed Connecticut (81), and fourth-placed Alabama and Florida (79). Keep in mind that the Google Trends score is a ratio of the number of searches for a phrase to the total number of searches conducted on Google during that time frame.

Disclaimer: The author is a licensed Realtor in Connecticut and Rhode Island and receives remuneration for work performed.

The Trend is Discouraging

People from Connecticut might already be used to seeing this pattern. The high cost of living and property taxes in this state can rapidly put homeowners in a position where they need to take drastic measures like foreclosure or a short sale when they never would have done so previously. The trend is discouraging, but it’s important for homeowners to know the differences between their two choices. In a short sale, you negotiate with your lender to sell your house for less than you owe on your mortgage, whereas in a foreclosure, the bank takes back your property since you defaulted on your mortgage payments.

Implications of foreclosure vs. short sale

There are implications associated with both choices. Damage to your credit after a foreclosure may make it impossible to buy another property for years. A short sale, on the other hand, could be less detrimental, but it might take more work to organize with your lender and a buyer. Furthermore, it might still affect your credit, albeit usually not as severely as a foreclosure.

Other Choices

I’ve noticed that many folks along the Connecticut shore aren’t aware of other choices, such as loan modification or refinancing, that may help them avoid foreclosure and short sales. Therefore, it is essential to talk to real estate specialists, legal counsel, and your lender before making any rash choices.

Get Professional Help

If you’re headed toward foreclosure or a short sale, it’s crucial that you keep learning and get professional help. There are options that may help you stay in your house or reduce the impact on your finances if times go rough. A growth in these phrases’ popularity on Google Trends suggests a growing need for frank discussions and expert guidance. Help should be sought at any stage.