When you are dealing with an underwater mortgage, one of the major benefits of completing a short sale is that you are in control of the sale, not your bank. As illustrated by the informative infographic above, you have control and you know exactly who will purchase your home. Therefore, you will generally feel less stressful than someone who is having their home taken by the bank. Furthermore, you do not have to deal with the negative stigma that society has placed on foreclosures. On the whole, your short sale experience will likely feel very similar to the experience of selling your home in the traditional way. Therefore there are more benefits of short-selling your property, rather than allowing for foreclosure with your bank.
Tag: Land law
Smith Lake is a beautiful lake in Winston County, Alabama. Obviously many people would want to own property here, especially on the lake front. There are stunning views of the lake’s rocky shoreline with beautiful hardwood trees surrounding it. People come here to enjoy the quiet and the beauty as well as being able to swim and boat on the lake and watch the wildlife. Luckily there are some Smith Lake front short sale properties available.
Nobody wants to have a foreclosure on their credit record. This will hurt them for a long time to come, especially if their credit record is reasonably okay otherwise. For this reason, many people facing a foreclosure are more than willing to allow someone to purchase their home at an extreme discount to avoid those proceedings. This called buying a pre-foreclosure. Pre-foreclosures are a sticky situation sometimes. It is very hard for the person that is losing their home, and all the equity they have in it. The situation is not the most cordial from a buyer’s perspective. Still, the purchase of pre-foreclosures is a good thing for both parties. The buyer is getting a property at an extreme discount, and the seller is getting out from under a potential bankruptcy. How in the world does one go about inquiring about such a situation?