Short sales provide an excellent, win-win solution for the distressed homeowner, as well as their bank.  The homeowner avoids a foreclosure on their records and the bank avoids the effort and expense of the foreclosure process.  The tragedy is that most homeowners never know that this option is available and many real estate professionals don’t either.  Our hope is to cure this by providing the rudimentary tools and knowledge to the public.  This, so that they can, number 1, know their options, and 2, find a source to determine how to begin. 

 

Most important to the homeowner, the short sale has much less impact on a homeowner’s credit than a foreclosure.  The bank has much less responsibility with a short sale since the bank, unlike in a foreclosure, does not own the property, the homeowner does until sale.  The impact on the homeowners credit is less as well.   A foreclosure stays on the homeowners credit rating  for 7 years while in the case of a short sale, for only 2 years.  The thinking being that the homeowner has taken the responsibility to sell the home on their own along with the cooperation of the lender.  In a foreclosure, the bank takes possession of the property which in general is something they don’t want to do unless they have no other choice.

 

The Schaller Family Realtors

Truckee, California