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Short Sale: A Defense Strategy To Stop Foreclosure
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It is a normal tendency of people to borrow money from the market against their property. At times, this borrowing exceeds the worth of the property and the borrower can no longer afford the repayment. This certainly will result in foreclosure which will have a negative impact on the credit score of a person. However, there are options available for fast and easy ways to get rid of these tensions and get back to a normal state, as soon as possible.
One of the effective methodologies to avoid foreclosure is opting for a short sale. A short sale is an agreement between the borrower and the lender wherein the lender agrees for a lesser sum that the borrowed amount because outstanding amount is bigger than the proceeds realized from the sale of the property.
Though it sounds simple, and this is the most common definition which most agents will give you, yet the problem is in the details. The main reason behind this is because the approval terms are dictated by the lender. A number of sellers and agents believe that any approval is a “good approval”; however, this normally is not the case.
In case you are opting for a real estate short sale, there are a number of things which one needs to know and understand before speaking to the lender. It is wise to consult a professional short sale specialist who is an expert in short sale negotiation and the foreclosure process.
No property owner wishes to part from his property and hence they opt for short sale rather than a foreclosure. It is to be noted that a foreclosed property is lawfully owned by the bank, whereas in a short sale, the property still remains in the ownership of the borrower.
People normally consider a short sale as an alternative to foreclosure because it reduces additional fees and costs to the creditor, as well as the borrower. Apart from this, the credit score of the borrowers is less affected in a short sale when compared to foreclosure.
Buying or selling property through a short sale is a difficult task because all parties’ should agree upon the sale. Apart from this, there may be multiple mortgages on the same property and solving the same can get difficult. Though short sale is an effective alternative to foreclosure, yet it is not an easy task. Therefore, it is wise to hire the service of an expert to help you through the entire process. The best of the short sale experts have their websites online. Browse the net to hire the services of the best in the field.
About The Author:
Tri State House is a financial investment company in Real Estate, and their focus is to buy Real Estate from financially distressed home owners in NY, NJ & CT areas that are anxious to sell. Although Tri State House is a buyer of distressed properties, they also provide financial advice, credit knowledge, and borrowing techniques.
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