Short Sales are foreclosures, but not all foreclosures are short sales. Have you had your coffee yet? Are you still with me? Here's the difference:
According to Elizabeth Weintraub of About.com, A short sale occurs when a home owner is in foreclosure but before the property goes to public auction. Under a short sale, a lender must agree to accept less than the amount that is owed on the property.
So you may be thinking, "Why doesn't everyone ask for a short sell before his or her home goes into foreclosure?" Good question. A few reasons may be that A) he or she is embarrassed about their current financial state and does not want to get anyone else involved. B) He or she is too far behind on payments and it is not possible to even get a short sale or C) the number one reason people don't ask for short sales, not many people, outside of real estate professionals, know how to do a short sale or even what a short sale is.
Lucky for the fine folks in Olathe and the surrounding Kansas City area, I do! If your home is going into to foreclosure, why not try! Your home may be a great investment property for another person and while a short sale is not going to be pretty on your credit, it sure is a lot less ugly than a foreclosure!
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