Saturday, 19 January 2013

Huge benefits of Short sales

Short sale is beneficial for both the property owner and the lender. Generally a short sale refers to the sale of property at a value lower than the amount mortgaged. The property owner gets a breather as the inability to clear debts looms the threat of foreclosure on such properties.
Short sale is helpful for the property owner to get relieved of the debts and commitments towards the lenders. While it might seem the short sale is designated for the property owner’s benefit in actuality the lenders also stand to gain. The costs incurred in the formalities of a foreclosure are lot more compared to the amount they receive via the short sale. The property values are declining constantly and the lenders are hardly going to benefit from the standard sale of property. The short sale is therefore acceptable by both.

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The entire short sale process is best conducted by short sale experts. Usually they are realty brokerage companies who have experience in this. A good company would value the interests of all the parties involved in the transaction. Neither the property owner nor the lender needs to be active in the entire short sale processing. Successful short sales occur largely due to the expertise of these realty companies.

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