Traditional Sales vs. Short Sales vs. Foreclosures

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Traditional Sales vsShort Sales vs Foreclosures
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Traditional Sales vs. Short Sales vs. Foreclosures

• Property sales mainly fall into three main kinds
  - the typical traditional sales, short sales and
  then there are the foreclosures.
• All of them have their own benefits and
  negatives.
• Although it's easy to get a general idea of what
  they are here, you stand to gain a lot by knowing
  more in-depth about them.

• Traditional Sales

Short Sales
Foreclosures
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Traditional Sales

• The Traditional way of selling property involves
  the buyer and seller agreeing to sell a property
  for a specific price.
• The seller doesn't necessarily always want to
  sell in this market.
• There may be some reason forcing them to sell and
  the usual ones include relocation, divorce, death
  and other personal ones.

traditional_way_of_selling_property
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Short Sales

• In a short sale, the sale proceeds don't pay off
  all of the loans in full.
• In order to allow a short sale, the seller will
  have to get approval from their lender.
• If you are the seller, you will be required to
  provide a 'hardship letter' to your lender or
  lenders explaining the kind of 'hardship(s)' you
  are facing.
• Some of the common hardships include loss of
  employment, injury, illness, divorce, death of
  spouse, or other factors causing unforeseen
  increase in expenses - even child birth.

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Short Sales

• Some of the advantages of Short Sale vs
  Foreclosure include
• Ability to retain your dignity, as you sold your
  house.
• Not having the word 'foreclosure' associated with
  your name or in your credit report.
• Eligibility to buy another house in 2 years
  (rather than 5 years).

short_sales_vs_foreclosure
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Foreclosure

• Foreclosure deals are considered great for home
  buyers who are looking for good deals.
• But dealing with the intricacies of such a
  transaction can be quite challenging.
• The real picture could be much uglier than you
  think it is.
• But we at HelpFindingMyAgent can help you find a
  real estate agent who can iron out the
  complexities.
• Contact us at 1-844-434-6324 now and we will
  professionally help you find the local top agent
  with foreclosure experience.

foreclosure
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Foreclosure

• Sellers may be forced into this state due to a
  number of reasons such as loss of employment,
  excess debt and rising bill obligations,
  inability to work because of medical problems,
  even divorce and job transfers to other states.
• To the seller, foreclosures can be very painful,
  but there are two main advantages of Foreclosures
  vs Short Sales.
• First, under special circumstances you can
  exclude cancelled debt from your tax return.
• And secondly, there's no need to make mortgage
  payments.

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Foreclosure

• However, the proceedings can take a long time -
  several months or more, to complete.
• One good thing is that the house is yours until
  the foreclosure is finalized so you can save your
  funds for a new place.
• Consider these Foreclosure vs Short Sale
  homeowner consequences before you make your
  decision, whether you are a buyer or seller.

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