Short Sale vs. Foreclosure

Short sales account for over 30 percent of the South Bay real estate market.  Homeowners who face foreclosure,  weigh in the benefits of a short sale versus foreclosure.  Here is the list of advantages of getting a home sold short instead of letting it go into foreclosure:

– You will be selling your home, not losing it to the bank- In a short sale transaction, you will be selling your home and retaining some dignity in the process.

In most cases, you will be clearing your debt– To qualify for a short sale, you need to prove you are selling because of a financial hardship. Very often, the debt owed to the lender is totally wiped away, helping you get back on your feet

– You do not have to pay your mortgage payments- While in the short sale process, it is likely you will not be required to pay any mortgage payments while still being able to live in the home.

– You will not damage your credit as badly – Your credit is drastically affected in a foreclosure . With a short sale, you’ll be able to purchase a new home much faster.

– You might be eligible to receive cash incentives at closing-  the HAFA or Home Affordable Foreclosure Alternatives Program is paying homeowners as much as $3,000 in relocation assistance.

If you’re considering a short sale, please conact me at (310)918-5027 or via email at info@southbayhousevalues.com for a confidential consultation.

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