Short Sale SellersMain Advantages of a Short Sale
What are the advantages of a short sale? Well in today’s market is can serve a big purpose in helping many Americans from avoiding Foreclosure.
Here are a couple of main advantages of a real estate short sale.
Advantage #1 – The damage to your credit can be minimized with a short sale. Foreclosures can cause longer damage to your credit score. A short sale will be reported as a “settled debt” and it will preserve your credit more than a foreclosure. It will also allow you to get into a home faster.
Advantage #2 – You can also minimize your financial liability since in a foreclosure situation the lender would have to sell the property at a significant discount after they gained control of the property. In a short sale situation, the homeowner is still somewhat involved in the negotiation process of the sale of the home which can give the homeowner some control of the sales price of the home. It could reduce the potential associated liabilities.