As unfortunate as it can be when homeowners fall behind on mortgage payments and must face the possibility of losing their homes, short sales and foreclosures provide them options for moving on financially. The terms are often used interchangeably, but they’re actually quite different, with varying timelines and financial impact on the homeowner. Here’s a brief overview.
A short sale comes into play when a homeowner needs to sell their home but the home is worth less than the remaining balance that they owe. The lender can allow the homeowner to sell the home for less than the amount owed, freeing the homeowner from the financial predicament.
On the buyer side, short sales typically take three to four months to complete and many of the closing and repair costs are shifted from the seller to the lender.
On the other hand, a foreclosure occurs when a homeowner can no longer make payments on their home so the bank begins the process of repossessing it. A foreclosure usually moves much faster than a short sale and is more financially damaging to the homeowner.
After foreclosure the bank can sell the home in a foreclosure auction. For buyers, foreclosures are riskier than short sales, because homes are often bought sight unseen, with no inspection or warranty.
Author:Donna Schuck Phone: 386-295-3426 Dated: February 14th 2018 Views: 319 About Donna: ...
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Bruce & I have been friends and business partners for several years. We have lived in Palm Coast our whole lives, even attending grade school here and graduating from FPC. Now, we, along with our families, are happy to still call Flagler County home and proud to raise our own children here as well. My wife & I have two wonderful daughters while Bruce & his wife also have two wonderful children, a son and a daughter. Between the two of us, we have over 20 years of real estate experience. Having the background & knowledge of the area, as well as the knowing the real estate market, we are well versed in all types of real estate transactions including commercial, distressed properties, and property management. Specializing in everything from vacant lots to waterfront properties, we can do it all! Contact us with any of your real estate needs and feel free to visit us at any of our 3 locations!
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