I’m in the real estate sales business to help people and not necessarily to make alot of money. A home purchase is most likely one of the biggest investment that a typical person will make in their life. I just closed a short sale yesterday for a client and he is on his way to reestablishing his credit (Rating). According to Wikipedia “A short sale is a sale of real estate in which the net proceeds from selling the property will fall short of the debts secured by liens against the property. In this case, if all lien holders agree to accept less than the amount owed on the debt, a sale of the property can be accomplished.” According to http://www.thebalance.com, their are both benefits for a short sale versus a foreclosure, which are as follows:
Short Sale Benefits
Here are a few benefits for doing a short sale:
- You are in control of the sale, not the bank.
- You may sleep better knowing who is buying your home.
- You will spare yourself the social stigma of the “F” word, foreclosure.
- Contrary to popular belief, you can often stay current on your payments and still apply for a short sale.
- Your home sale will be handled like any other home sale, with respect and dignity.
- Once the property is sold…Most banks report to the major consumer agencies as “account paid in full for less than the full balance”
Here are a few benefits for choosing to do a foreclosure:
- It’s an immediate solution.
- You can stop making payments and live in the home until you get kicked out.
- For some, it’s revenge; you might feel better initially telling the bank where to go when it refused your loan modification.
- If something breaks or malfunctions, you don’t have to fix it.
- You can leave the home behind and simply walk away.
In this case, the owner opted for the short sale and the bank will report to the major consumer agencies as “account paid in full for less than the full balance” Now he is on his way to reestablishing his credit. More importantly, he does not have to worry about what is going to happen in the near future with court hearings, letters from the bank, phone calls, etc.
In the Real Estate Market?
You should consider using a realtor. I could save you money especially with new home builders and it does not cost you anything. So why not? If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Keller Williams Realty a.t 2119 W Brandon Blvd, Brandon, Florida 33511). As a life long resident of Central Florida, I can help you find the right property for you whether it is in Lakeland or as far south as Sarasota. The Keller Williams offices of ”Suburban Tampa” include the offices in Brandon, Plant City, Fishhawk Ranch, and our newest office in Valrico. My email address is firstname.lastname@example.org, or call me at 813.205.9280. If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link