2. Foreclosure and short sale are the two different things that may cause
confusion to many people when their real estate properties are getting
through troubles.
3. There are people who are saying that the short sales
are better, while some other people are saying that
foreclosures are better.
4. Usually, both of
these terms are
completely
dissimilar from
each other and
one may
outweigh the
other is several
aspects.
5. Credit Rating:
The issue of the credit rating of a person will be negative regardless of the option
that he prefers. However, if you are going for a short sale, the reduction in your
credit rating will be less when compared to a mortgage.
6. When it comes to the fees,
foreclosures are the better choice
because they have fewer fees, and
the amount that you have to pay
will be lower.
The main reason that most
people are not getting into this is
because most lenders are asking
large fees after approving the
sale.
Fees
7. Time:
The reason why people who are
choosing short sale before
foreclosure is because this will
help them to get more time to look
for the sum of money that they
require.
People who are having financial
issues often need to have more
time, and moving to short sale is
the best options for them. In real
estate, owners have their
properties listed for 60 days to
gather funds.
8. Estate Agent:
The major problem in a short sale is
that you need a short sale specialist who
can assist you in finding the buyer.
In many cases, short sale agent
will understand you and will make
an exception for the guideline that
they have assigned for themselves.
