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What you need to know about short sales

Short sales open up opportunities in the property world for many: It gives prospective homeowners the chance to buy a home at a lucrative price, and it means that homeowners who need to sell their home quickly can be successful in this.

Short sales come with their own pros and cons; however, and this is why it is important to ensure that you fully understand how short sales work before taking any action.

How do short sales work?

Short sales come about firstly because the homeowner has run into some financial difficulties. They have acquired more debts than the value of the home, and it is no longer possible for them to repay their mortgage. Therefore, they have the option of foreclosure or to engage in a short sale: to sell the home in a bid to repay some of their debts. The benefits to short sales are that they have less of a negative impact on credit ratings, so it can be preferable to foreclosure. However, the term "short sale" can be misleading; the entire process can take a very long time to complete, and this can be frustrating for both the buyer and the seller.

Short selling a property

Deciding to engage in a short sale will mean acknowledging that a compromise must happen, but overall, it can be a lucrative decision if you manage to find the ideal buyer who is interested in investing. If you are considering engaging in a short sale but you are confused about the consequences, then an attorney can help you understand more about the process.

Source: Homes, "Mortgage 101: Everything You Need To Know About Short Sales," Emily Richey, accessed Dec. 27, 2017

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