Benefits of a Short Sale
If you own a home and are falling behind in your payments, you may want to consider a short sale. A short sale is when a property is sold for less than what is owed on the mortgage and the lender accepts the lower amount as satisfaction of the mortgage.
Benefits to the seller include:
1. A short sale may not impact their credit score as much as a foreclosure.
2. Seller can continue to live in the home during the process
3. Morally, sellers are not walking away from a debt but attempting to pay off as much as possible
4. Realtor fees and closing fees are deducted from the payoff to the bank, seller does not incur these costs.
Benefits to the Lender include:
1. Lender may not have to go through a costly foreclosure process.
2. Lender does not have to incur the cost for listing and marketing the property.
3. Lender is able to remove a loan that is behind from their portfolio.
For more information, visit my website at www.tulsasrealestate.com.
If you own a home and are falling behind in your payments, you may want to consider a short sale. A short sale is when a property is sold for less than what is owed on the mortgage and the lender accepts the lower amount as satisfaction of the mortgage.
Benefits to the seller include:
1. A short sale may not impact their credit score as much as a foreclosure.
2. Seller can continue to live in the home during the process
3. Morally, sellers are not walking away from a debt but attempting to pay off as much as possible
4. Realtor fees and closing fees are deducted from the payoff to the bank, seller does not incur these costs.
Benefits to the Lender include:
1. Lender may not have to go through a costly foreclosure process.
2. Lender does not have to incur the cost for listing and marketing the property.
3. Lender is able to remove a loan that is behind from their portfolio.
For more information, visit my website at www.tulsasrealestate.com.
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