Some Crucial Information On Benefits Of Short Sale

Short sale is a very common thing that takes place quite commonly in the property markets

. In this process, the owner of the property gives away the house as he/she cannot pay the mortgage loans for quite some time. When this thing gets out of hand, proceedings of foreclosure or bankruptcy can be started. These are even more humiliating situations for one to face. Short sale homes are the only way to get out of this situation. More and more numbers of property owners are choosing this way as it is less embarrassing and humiliating than facing a foreclosure or bankruptcy. There are both advantages as well as disadvantages of the short sale process. A short sale specialist is the best person to tell about this in details.

Benefits to the property owner

With the process of short sale, the property owner can gain in a little manner. Though the property goes out of hand, the humiliation and embarrassment of bankruptcy and foreclosure can be definitely avoided with this process. The credit record due to this is not greatly affected as in the cases of foreclosures or bankruptcy cases. It takes almost 7-10 years in getting a clean credit record if a person is told to be bankrupt or has history of foreclosure. However, for short sale homes, the credit records get somewhat clear within a time-span of two-three years. After that nobody remembers that something like this happened or not. A new start can be made once the black patch is removed from the credit record of the property owner.

Benefits to the buyers and investors of property

To purchase a property through the short sale process might take quite some time. In some cases, it has also been found that the entire transaction process takes much longer time than normal property deals to take place. The properties that are sold via this process come at extremely cheap prices. In fact, if you see and find out, you will find that the prices of the properties are lower by almost 10%-30%, when compared to normal property rates in the market. Home investors can benefit is a great way through this process and make great profits from the same. To understand the property market trends, it is best to get in touch with a short sale specialist.

Benefits for the property lenders

It is quite eccentric that property lenders benefit from the process of short sale. As it is that the lenders get much less amount from the property than the actual mortgage amount. But still there are some really important benefits for the lenders as well. With short sale homes, immediate cash is received against the property which is not possible in case of foreclosure and bankruptcy. There are innumerable legal and formal procedures that need to be followed and completed to get the money in the above mentioned cases. Even in a dull and declining property market lenders can get immediate money with a successful short sale process.

by: Kent

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