Why Short Sales Are Better Than Foreclosures
When a lender agrees to accept less than the total amount due on a property, they are agreeing to a short sale. The bank takes a discount on the on the original mortgage note in order for the property to be sold. This process can take a long time since negotiation is needed to agree on an acceptable discount.
A homeowner who is behind on their mortgage or currently owe more than the home is worth may make good candidates. A short sale may be the only method they can use to sell the house and avoid foreclosure. An experienced real estate professional can help a homeowner sell the property and not have to deal with any negative tax consequences from the sale. This is the best situation for the homeowner, the bank, and the realtor. The homeowner can get rid of the property and the bank can write off the bad debt and get rid of their interest in the property.
Why Short Sales Are Better Than Foreclosures
There are a few reasons that this process is better for the homeowner than a foreclosure. The homeowner may be able to qualify to get a new home within three years if they so desire. With a foreclosure, the homeowner may not be eligible to get a new property for seven years. A foreclosure will remain on a person’s credit report for ten years.
Since the real estate market is down in a lot of areas, homeowners may find that it takes a lot longer for houses to sell. The increasing number of foreclosures has brought home prices down in a lot of areas. Those are all reasons why it may be best for a homeowner to try and sell their property for an amount that is less than what is due to the bank. Lenders know that if a property goes up for auction, they can lose a lot of money. It is best for them to try to negotiate a deal in a way that will allow them to control their loss in a property.
The process starts when a homeowner is at least ninety days behind on their mortgage and has received a default notice. At this point, the lender may accept less than what is owed on the property. A release form will need to be sent to the lender that gives the realtor handling the sale authorization to speak to them on behalf of the homeowner. A workout packet is received from the lender. The property’s title is checked to find all current liens. The packet is completed and sent back to the lender. A buyer is found. An appraiser inspects the property and gives the lender their opinion of what it is worth. If the sale is accepted, the homeowner receives a payoff letter and closing is scheduled.
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