Foreclosure or Short Sale?

Real Estate Agent with Reece & Nichols Mission Hills

You can't pay your bills, your worried about your family's health, and the bank is threatening foreclosure. A short sale is when a bank agrees to sell a house for less than is owed on the loan., including closing costs, realtor fees, etc.There is often misinformation when it comes to this topic. I often find that people facing foreclosure contact me after the bank has started legal preceedings against them. It is hard to face the fact that you might actually be foreclosed on, but many do not realize the long term ramifications foreclosure can have on your financial health. Please consult with a professional as soon as you know foreclosure is a possibility. A short sale will only stay with you 2 years and a foreclosure can stick with you for a a decade! Please understand that you will be in a much better position if you tackle the short sale, than if you ignore the problem and let it ruin 10 years of your life. Short sales are the best of two evils and your bank will appreciate your effort to make the short sale happen because foreclosures on average end up costing a bank $60,000. Please do not go through the embarassment of getting foreclosed on because it is preventable.


Comments (2)

Pat Champion
John Roberts Realty - Eustis, FL
Call the "CHAMPION" for all your real estate needs

Excellent advice to the home owner in trouble-seek the advice of a Realtor who can provide you with assistance through the process.

Apr 05, 2010 08:51 AM
Trevella Williams
Aloha Coast Realty, LLC - Hilo, HI
Realtor, Salesperson, ABR SFR

Very good points, and I wish it where that simple. More and more the banks are becoming incredibly challenging to work with...throwing as many stumbling stone as possible in the sellers path. If it is so much cheaper and makes so much more sense, you would think the banks would make it streamlined for at least their agents? After my recent experiences with BOA I can see why sellers might choose to send jingle mail instead!

Apr 05, 2010 08:54 AM