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Back To The Basics - What Is A Short Sale? Part #2

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Real Estate Agent with Gavish Real Estate 0166951

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Back To The Basics - What Is A Short Sale? Part #2Photo Of Bank

Please read Back To The Basics - What Is A Short Sale? Part #1

Why Short Sales Work

When homeowners cant make their mortgage payments, lenders don't want to foreclose, and real estate agents are having difficulty finding clients, short sale can be the ultimate win-win-win solution.  Especially in the Las Vegas, Nevada market.

Short Sales Benefit Homeowners

Serious financial problems are typically due to unpredictable, uncontrollable events (divorce, health problems, death, job loss, etc.)  Adding the trauma of foreclosure to an already stressful life situation can crate an enormous burden for the homeowner.

Photo Of BankThe process is long and painful-it is embarrassing and demoralizing, and, because it destroys credit, it offers a much bleaker picture of the future for that homeowner.

Although the end result of a short sale is the same as foreclosure (the borrower is going to lose their homes), the short sale process is a great deal less traumatic than the foreclosure process.

Short sale offer the homeowner a great level of control and the ability to maintain dignity and privacy while getting out from under the weight of debt.  Borrowers who go through a short sale can also begin planning optimistically for the future because the damage to a borrower's credit will be minimized.

These types of losses are also viewed more favorably be lenders and business associates in the future because the borrower responsibly worked out an agreement with the lender and did not simply walk away from his or her creditor.

 Source: The Five Star Institute

Posted by

Shawn Gibson
Affinity Realty LLC
Direct: (702) 806-6823
Fax: (888) 838-8170
Web: http://www.sgsellsvegas.com

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Show All Comments Sort:
Team Honeycutt
Allen Tate - Concord, NC

Great blog with helpful and interesting imformation .  Thanks for sharing.

May 04, 2010 07:40 AM
Shawn Gibson
Gavish Real Estate - Las Vegas, NV

Thank you!

May 06, 2010 01:43 PM