There were far more foreclosures in 2013 than short sales. It’s tragic that more owners don’t know the advantages of doing a short sale vs. letting the property be foreclosed by the lien holders. This brief overview outlines the advantages – Foreclosure vs. Short Sale.
RealtyTrac’s annual research for 2013 shows that the number of foreclosures were up, and short sales were down. This is not good news for consumers.
Both buyers and sellers can benefit from a successful short sale. For buyers, the owner is still obligated to maintain the property and provide disclosures. This reduces some of the risk involved in buying distressed properties.
RealtyTrac’s complete article: Short Sales and Foreclosure Sales Combined Account for 16% of US Residential Sales in 2013
If you’d like an update of current foreclosure and short sale listings – please contact me and let me know your budget and desired neighborhoods.
For sellers, there’s an opportunity to negotiate a settlement on the debt, and often resolve it with debt forgiveness. It’s a much easier to repair your credit repair from a short sale than a foreclosure. You may be able to qualify for a new mortgage within 2-3 years.
If you know anyone who might be behind on their mortgage and fearing foreclosure, please let them know there are options. I’ve been working with short sales since 2008 and am available for confidential consultations;