We are firm believers in short sales, and here are some reasons why we are so confident in short sales:
* *Bank Pays All Legal Fees:* There are no legal fees payable by you, the bank that holds your mortgage pays all our fees, and if the short sale is not successful, no fee is charged. In a foreclosure, you must hire your own lawyer to defend you and pay all their fees.
* *Relocation Fees Can Be Paid By The Bank:* Some banks are offering relocation fees to homeowners to assist in your moving expenses
after the short sale is completed
* *It Is Not Necessary That You Empty Your Bank Account In a Short Sale:* You do have to disclose all assets to the bank, but often times a bank will approve a short sale to a homeowner with financial hardship without requiring that all cash be used in the short sale.
* *No Deficiency Judgments:* Unlike a foreclosure, which can sometimes result in you owning a judgment to the bank even after the foreclosure, a successful short sale does not leave the homeowner with a debt owing to the bank.
* *Your Credit Score Recovers Quicker:* * A foreclosure can take 2 years to complete, and once finished can stay on your credit report for another 7! A short sale will impact your credit score, but the damage can often be repaired within 18 months using a qualified credit repair expert.
* *You Maintain Control:* * You continue to own and live in the property during the short sale and maintain control. You make the decision on the broker, and are involved in all aspects of the deal. In a foreclosure, you do not have that control.
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