A few months ago, I had a call from a good client that I have helped buy and sell several homes. It was one of those calls that catch your heart and makes you want to put your arms around the family. They just can't make it any more - a job was lost, no insurance and everything was going from bad to worse. They couldn't afford their home and they owed more than it could sell for.
I listed the home as a Short Sale. The market kept falling, more and more Short Sales and Foreclosures were appearing and fewer and fewer buyers were coming. We haven't been able to sell the home. :-(
Now we are looking a either Deed In-Lieu of Foreclosure or Foreclosure. Could someone tell me the disadvantages and/or advantages or each?