Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

Foreclosure vs. short sale.. What are the pros and cons...?
Does anyone know how this whole thing works.  Short sale that is.. I understand the fundamental principle of it, meaning the seller is having a hardship wants to sell for less than they owe...but does seller have to actually be in default to sell the home, through a short sale...and how is a short sale less painful than a foreclosure??  If you do have to be in default..then your credit is going in the toilet.....so what are the pros and cons of foreclosure vs. short sale..
I submitted, on July 7, 2007, mind you, a contract for a home that was a "Short Sale"  This is my first experience with this type of transaction.  So I really did not know what to expect.  Well..what's today August 27, 2007, and we still don't have an answer.  When I called the agnet, and asked them what was going on.  I was told that the seller, who has sinced moved out, was trying to avoid foreclosure, by selling the house short, BUT the bank would not even look at the deal until the seller was DELEQUENT...supposedly that is what they have been waiting for...(for the seller to be delinquent)  I am still confused...logic would dictate that the bank ... more

__________________________________________________
Are you on The Rain? Grow Your Network!