SHORT SALES & FORECLOSURES

Questions Answered…

More than ever, a professional real estate agent is needed due to all the unknowns in the market today. Most of us had never even heard the term “short sale“ until recently, and although we had heard of a “foreclosure“, it used to be a property that only a few select investors wanted anything to do with!

Today, the market is flooded with both types of listings and there are many questions both buyers and sellers have regarding these types of sales and purchases. Whether you are a homeowner faced with financial decisions regarding your home, or a buyer who would like to take advantage of great deals in the market and low interest rates of today, we are here to walk you through the process and make it simple for you.

What Is a Short Sale?  We asked "Ask.com" and here is the definition found there:

In the current real estate market, many people owe more money on their mortgages than their homes are worth. A short sale occurs when the bank agrees to accept less money than is owed to consider the home paid and turn it over to the new buyer. Unfortunately, there are downsides for the seller whose credit will take a hit from a short sale. However, it can be better than foreclosure.

Why Is a Short Sale Better than a Foreclosure for a SELLER?

First, a Short Sale doesn't always put the same "ding" on your credit report that a Foreclosure would.  Although, this does depend on each individual's circumstances.  Secondly, the great thing about the short sale is that it allows you to negotiate.   Once a property goes to foreclosure, you do not have a say on what happens or what effect it will have on your credit.   

If you are not sure whether you should let the house go to foreclosure or sell it as a short sale---EXPLORE ALL YOUR OPTIONS.  There is also the possibility to have a Loan Modification on your current mortgage, which would be the very best scenerio between the three options.  Sit down with someone that can give you the whole story based on your particular situation.  The key is to not automatically shut all the doors on yourselves by choosing foreclosure just because you read somewhere that there is no difference between a short sale and a foreclosure--because there is. 

Please give us a call today ~ we are here to help.