The Short Sale – Is it the Right Option For You?

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A short sale may be the right move to make for a home buyer and for the homeowner if foreclosure is in the near future. The short sale has saved many people from completely ruining their credit and has helped home buyers buy homes well under their market value, giving them instant equity and a reasonable mortgage payment. However, there are those that are divided in their opinions on whether this process is the best option.

If you are the home buyer, you may be wondering whether or not the process of short selling is worth the time and the effort. If you are the homeowner, then you may be wondering if this is the best way to get you out from underneath your mortgage.

For the buyer

There is a process involved in performing a short sale. It is this process that may be the primary deterrent in whether or not someone does or does not take advantage of the possibility. You have to ask the homeowner's permission to talk with their bank and to draw up a "hardship letter" that explains the homeowner's financial issues. This will be you making your case as to why you want to purchase the home through short selling.

Once the bank evaluates the homeowner's situation and their own situation as to whether or not they can accept another foreclosure, which they usually do not, the bank will make their decision. If they say you can buy the property on a short sale, then you continue with financing and signing the paperwork just like you would with a regular purchase. If they decline the short selling, then you will simply move on and the property will most likely be foreclosed upon.

For the homeowner

For the homeowner, a short sale is a better option than foreclosure. Homeowners have been saved the extreme credit ramifications. Delinquent payments mean derogatory marks on your credit, but nothing like a foreclosure.

And although it may seem tempting to try and sell the home to where you can profit from it, there is sometimes not enough time for this. Some succeed in this method, but most fail and lose their homes.

Another reason why you may want to consider a short sale is because you can avoid the public humiliation that occurs when foreclosures are listed in the local newspaper.

Overall, the short sale is the perfect way for a home buyer to purchase a home at an excellent price and the home owner to avoid the embarrassment and the confusion caused by the foreclosure process.

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Source by Swati D Banerjee

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