A short sale is a home that is available at a purchase price that is less than the amount owed by its current owner. The transaction benefits the bank by allowing it to avoid repossessing the home.
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Regardless of whether you are in foreclosure, if selling your home won’t net enough to pay off your existing mortgage(s), you may want to consider reasons for choosing a short sale.For many years, there were few reasons to take this route, apart from earning the real estate agent a commission, but times have changed.
· A mortgage short sale is the sale of a property by a financially distressed borrower for less than the outstanding mortgage balance due where the proceeds from the sale will be used to repay the.
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Deficiency Judgements. A short sale does not cover the entire mortgage balance you owe on a property, so your lender could demand you pay the difference by filing for a deficiency judgment. To avoid this, you need to make sure your lender will not demand the difference before you sell. It.
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10 Benefits of Short Sale over Foreclosure | HowStuffWorks – A short sale doesn’t absolve the borrower from the debt he or she incurred with the original mortgage, but it can be better than a full-on foreclosure.. Let’s take a look at 10 reasons why a short sale may present a better option than letting your home slide into the long, draining process of foreclosure.
Risks and Benefits of Buying a Foreclosed Home or Short Sale – Buying a house in foreclosure or short sale can be challenging, but precautions, patience and smart choices can lead to significant advantages. Buyers who are considering purchasing a foreclosed home or short sale property may get excited at the prospect of scoring a sale at below market value. But the opportunity doesn’t come without risks.
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Buying a home through a short sale is different from buying a property at a foreclosure auction, or one that is actually owned by the bank, known as an REO, or real-estate owned property.
10 Benefits of Short Sale over Foreclosure | HowStuffWorks – Visit HowStuffWorks.com to learn more about the 10 benefits of short sale over. of a foreclosure suit and the possible long-term cost of owning a hard-to-sell.