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Is a short sale right for you?

Is selling a short sale property a good idea for you? What is a short sale, and how does it benefit homeowners and buyers? These are good questions that should be answered before you consider selling your home to someone at a reduced price. Your attorney can help you manage your negotiations, so you get the most out of the sale.

Is a short sale right for you?

It really depends on your situation, but a short sale can be a way out of debt without the risk of foreclosure or bankruptcy. These transactions can take longer than a normal home sale, so if your home is worth enough to sell it for more than it's worth, a normal sale may be a better option for you.

Mortgage lenders have to approve a short sale, so you'll need to show why you need to sell your home for less. If the mortgage lender doesn't approve your home for a short sale, you may have to look into other options, like foreclosure or bankruptcy, to get out of debt.

How can a short sale benefit you?

Short sales can benefit you by protecting your credit score and helping you get out of debt. The process is not short; it can take many months to complete a short sale. The buyer will have to wait a significant amount of time, in most cases, before he or she can move into or possess the property. On the same token, you'll have more time in your home before you have to move out or make other arrangements. This process can also sometimes help you delay or stop foreclosure proceedings, depending on the arrangement with your creditors.

Source: Freddie Mac, "Buying a Short Sale Property," accessed Feb. 05, 2016

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