Real Estate: Short Sales
Selling your property under a "Short Sale" agreement may be beneficial to you and your lender.
Homeowners who are behind on their monthly mortgage payments can get relief by selling their property before the lien holder actually forecloses on them. They can forego foreclosure by negotiating with their bank or mortgage company in what is called a "short sale" agreement.
In a short sale agreement, both the bank and the seller can cut their losses and come out ahead in the long run. In most cases, the seller is not allowed to walk away with any money but they don't end up with a foreclosure on their credit report. Although the number of missed payments will show up on your credit and may keep you from being able to get another home loan for three to four years, it is better than a foreclosure which may remain on your credit for up to ten years.
While in many areas home prices are still low and many people can't sell because their homes because they are worth less than what they owe on them, a short sale may be the only way out for the seller and it may work to the benefit of the bank.
A short sale may help a bank net higher returns on the sale of home as opposed to taking it back through foreclosure. The positive net for the bank could be as much as 10 percent or higher. This is the reason that banks may be willing to to participate in a short sale.
The short sale has to make financial sense to the bank. It cuts down on the fees that it would have to pay, such as the cost to hire attorneys, real estate agents to put the property back on the market for resale, drawing up and filing........
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