What do you have to gain by short selling? The top 5 benefits of a short sale vs. foreclosure:
Avoid the stress of falling behind and losing your home to foreclosure.
A foreclosure can be mentally and emotionally draining and publicly humiliating. A short sale will help you stop foreclosure, and move on with your life quickly.
Eliminate or minimize the chances your lender will pursue you for a deficiency judgment.
If you foreclose, your debt doesn't disappear, especially if you owed more than the home eventually sold for! The lender may still pursue you for this loss. You have the opportunity to settle the debt in a short sale, but not if the home forecloses.
Minimize credit repercussions.
A short sale is less derogatory on your credit than a foreclosure and recovery is faster.
Control over the sale of your home.
You will be able to sell your home on the open market and make the decisions regarding the terms of the sale of your home.
A short sale will likely cost you nothing!
When involved in a short sale, almost always the lender allows all customary closing costs to come out of the proceeds of the home sale including realtor fees, conveyance taxes, back taxes and attorneys fees. In some cases you may even qualify for relocation assistance!
Working with Minna was a wonderful experience. Unfortunately, we had to do a short-sale on our home. We also had a VA loan, which complicated the process a bit. My husband and I were nervous wrecks about the situation but Minna was calm and positive about it, and in the end everything worked out perfectly. I would absolutely recommend Minna.
Last Updated on February 14, 2022 by Minna Reid