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Why A Short Sale Is A Win-Win For Everyone
IL – While doing a real estate transaction, not all parties with a financial interest can be winners. However, a successful short sale is one of those rare cases where everyone leaves a winner. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. The Seller wins by avoiding foreclosure: This will also help the seller to avoid any credit damage that goes along with foreclosure. In essence, the property is sold and the seller's lender pays all the costs associated with the sales process. In most cases, the seller cam move on with their life without paying a dime out of pocket. The Mortgage holder wins by reducing the loss they incur to get the unpaid loan off their books: It is obvious that the costs associated with acquiring a property through foreclosure hit the mortgage holders really hard. They need to clean up the property and pay staff to manage and maintain the property before they sell it. This is why Loss Mitigation Departments are setup to resolve unpaid mortgages before the foreclosure is complete. The Buyer wins by purchasing a property at below market price: Short sales always represent a good deal for ... more
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