Benefits of Short Sales
Owning a home is of excellent comfort for everyone. But sometimes the financing part could be a difficult task, especially if you have a big family. No one dreams of foreclosure, but these things can happen, especially if there is an economic downturn.
The foreclosure process is very stressful for every homeowner, and on top of that, it could last very long. This could put at risk the homeowner’s credit, possessions, and savings. That is why a lot of people choose to follow another path and avoid this awful situation.
The solution that many prefer is a short sale. The short sale has many benefits both for owners and buyers because, on the one hand, it saves the owner from losing everything. On the other hand, the buyer can get a house for a better deal.
So, why should you as a homeowner go with a short sale and not wait for a foreclosure? If you want to keep reading about this topic, please follow the link: https://www.investopedia.com/terms/r/real-estate-short-sale.asp.
Avoid foreclosure
As mentioned above, the foreclosure process is very tedious and time-consuming. Furthermore, it puts you and your family under enormous pressure. The stress caused by these types of situations is not worth having if you have another option.
But that is not all that this process can do. Aside from the stress and consumption of time, foreclosure affects the housing market as well. A person in these situations will probably get a mark on their credit, which will affect him later in life.
With this mark, this particular person cannot borrow money from a bank or a lender. This is a tricky situation to be in. If you need to buy a car or you need the cash for some unpredicted emergency, you will be with tied hands.
Take control
Short sales are the best option for homeowners who risk foreclosure. In the process of short sales, both parties included, a lender and a homeowner can avoid losses. For example, the lender will get the house for a reasonable price. The homeowner protects his or her credit report.
Although the short sale process includes negotiations and paperwork, it is not compared to the process of foreclosure. If you face this problem, be ready for your mailbox to be filled every day with tons of documentation and forms.
Shorts sales are also more comfortable for many people. This is because it provides the feeling of a traditional sale and gives the homeowners a comfortable feeling. Unlike short sales, foreclosure is something completely unfamiliar, filled with stress and pressure. You can easily manage and take control of the process of Florida short sales and get a more positive result than if you decide to go the other way.
Protect the lender
With the process of foreclosure, there are a couple of parties that might be affected. The negative impact will also get to your lender. He or she will need to settle down additional expenses about the documentation when the foreclosure begins.
Because this is a legal procedure, there are different documentation that needs to be taken care of. For example, they will need to fill legal forms for the court, which will be a costly process. Although the lender could start another legal procedure, suing, to get his or her money back, there is no way they can have their time back.
If they want to sell the property after you have moved out, it could last for years, which will leave their pockets empty for a while. And if they manage to sell it, there are expenses there too that can be a burden, especially If they’ve just finished the foreclosure procedure. Read more here.
Avoid stress
Save yourself some time and stress. These things are common and can happen to anybody. As soon as you realize that, the better. You could start the process of short sales and save yourself some trouble. Why wait for the situation to worsen when you can save a portion on time?
That is exactly what short sales offer, piece of mind. You will feel relief as soon as you start the process. There are numerous benefits that short sales offer over foreclosure, and it is best if you act soon and you act fast.