Benefits Of A Short Sale

Short sale home buyers can be useful for anyone needing to sell their home quickly. A short sale is when the house is sold for less than the amount of the mortgage that is remaining, and can be accomplished if the buyer, seller and lender are all in agreement. One of the biggest advantages for the seller is that the short sale process can avoid having the home foreclosed on. A foreclosure can stay on your credit report for several years, lowering your score and making it difficult to be approved for a future mortgage. A short sale also means that you can stay in your home for as long as possible and you also probably won’t need to make your mortgage payments while the sale is being finalized. Although not the best scenario, a short sale can be a practical and financially viable option for many distressed homeowners.