Pre-Foreclosure versus Short Sale
One of the most misunderstood aspects to real estate these days is how a Short Sale works and if it is the right choice for a property owner.
First thing to understand is “what is a short sale” – It’s simply convincing the lender to accept less then the full amount currently owed on the property – without any recourse or defency issues affecting the property owner in the future.
Another thing to remember is that a short sale can be performed on every type of property from houses to commercial.
A short sale can be done at anytime with a property. The property owner does not have to be current with their mortgage, all though it helps simplify the process for both the bank and the property owner.
If you find a property owner is in a pre-foreclosure status, a short sale can still take place by simply getting the lender to post pone the foreclosure sale date so that all parties would have time to finish the paperwork for the sale of the property. More on this at www.preforeclosure-shortsale.com
The only way a lender will post pone a foreclosure sale date is if the property owner has a qualified buyer for the property. In addition, is able to show the bank that they have a contract from the buyer.
After seeing hundreds of real estate deals – I have come to the conclusion that the lender is always better off accepting a short sale offer vs. foreclosing on the property. Even though the lender is accepting less then the amount owed. You can find out more about why that is by going to www.preforeclosure-shortsale.com
This article was written by Troy Fullwood from www.preforeclosure-shortsale.com
Troy Fullwood is an award winning speaker, self made millionaire, trainer, and coach. He has presented keynote speeches, workshops, and seminars throughout the United States. His high quality, high content, high energy programs are well researched and delivered in a down to earth style that everyone will remember.
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