Benefits of a Short Sale for Seller's

There are numerous benefits to the sellers, some benefits include:

Won’t affect credit score as much as a foreclosure. When the seller’s only option is to sell a short and not got into foreclosure their credit score is effective as much as a foreclosure. Most seller’s who sell their home as a short sales can regain a good credit standing within 2 years where as a foreclosure your credit can be damage for up to 7 years.

No deficiency judgment. In most cases the banks will not have a deficiency judgment for the seller’s after a sale. The loan is satisfied and recorded as that.

Live in home. As a seller you can still stay in your home until the sale of your home. In a foreclosure the lender will order the sheriff to evict a person out of their home. If a homeowner has missed a payment and believe they have run into a hardship and are unable to work out anything with their lenders, seek a real estate professional trained in managing and selling short sale homes so their homes can be sold in a timely matter before they fall into foreclosure.

Morally correct. Most individuals want to be able to stay in their home and pay for their mortgage but hard times are upon them so they are unable to make the payments. If they can pay for the bills, they would.

Short sales are not easy transactions and everyone involved with a short sale should have patience and understanding of the process and educate their clients about the process. When there is better understanding of the process, all parties will benefit from the outcome.