The New York Times has a great story today about understanding and navigating short sales. The story’s New York-centric of course, but the lessons and ideas are – sadly – universal.  Here in Santa Fe we have a smaller number of short sales, but they are at every price range, and in every location from Airport Road to Las Campanas.

Short sales are a gentler alternative to foreclosure for both sellers and lenders. “Compared to a foreclosure, a short sale generally allows an easier transition for the borrower, less impact on their credit history, and larger net proceeds to the loan’s owner,” said Tom Kelly, a spokesman for JPMorgan Chase, adding that Chase encourages borrowers who are unable to keep their homes to consider short sales.

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