The changes in the economy and other factors are leaving people with difficult decisions to make. If you know that your current home or other situation is straining your finances, when do you make the decision to short sale over a traditional sale? Understanding the facts about short sales and traditional sales will help you to make the best decision for your home and family.
Traditional Sale - A traditional sale is the basic sale where the seller and buyer agree upon a price and the title of the property is transferred to the buyer. A traditional sale places the seller in complete control of to whom and what price the home sales for. In situations where the seller owes less or equals to the market value of the home, traditional sale typically is the best option. The traditional sale does not impact your credit score and leaves you in the position to immediately purchase a new home that meets your new finances.
Short Sale - The short sale is where the mortgage holder or lender agrees to accept a lower amount than what is owned on the current loan. This option is appropriate when a seller is behind on their mortgage or owes more than the current value of the home. The short sale will give the seller the opportunity to avoid foreclosure or further damage to their credit by limiting the information on their credit history to just any late payments.
Both options provide the seller with benefits and the opportunity to avoid foreclosure. If you have been reviewing your options for selling your home please contact a professional, such as myself to receive more information and have all of your questions answered.
The decision to sell your home as a short sale or traditional sale is a big decision. I am here to help and answer any questions that you may have. We can review your options together, so you can make the best decision for you and your home. You can contact me, Laura Austin at (281)789-2911 or 936-321-2977 or email Laura@RealtyTx.net. To find out more information on short sales and avoiding foreclosures visit my website.
