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Thursday, October 11, 2012

Why choose a FORECLOSURE instead of a SHORT SALE?

Is there ever an advantage to not attempting to sell your home as a short sale?  Although I am not an attorney I would say the answer is almost never.

(Perhaps if one is going through a bankruptcy procedure then giving up a home as part of the bankruptcy proceeding may be logical since the foreclosure credit hit will be greater than a short sale hit anyway.  This is where I advise, once again, I am not an attorney nor have I ever played on one on TV. If you are in need of legal advice, seek a qualified attorney.***)

While a short sale may result in a deficiency for the difference between the "sold" price and the mortgage balance the result of a foreclosure will likely produce an even greater deficiency.

And there is always the possibility that the lender is going to waive the difference in a short sale.

And, as a seller, you will not pay the real estate agent who manages your short sale a dime - at least that is the case with me!

If you are facing a short sale situation, call me at 321-693-3850 or email me.

***It is recommended that if your are facing foreclosure you also seek the advice of an Attorney and a tax professional.

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