For homeowner’s facing foreclosure, choosing instead to have a short sale has its advantages. A short sale is when the lender allows the delinquent homeowner to sell their house for less than what is owed. This type of sale is also beneficial for a buyer to get a great deal on a home. Below you’ll discover the advantages to both seller and buyer in a St. George UT Short Sale.
During a foreclose, the lender can file a judgment against the homeowner and therefore damage his credit. With a St. George Utah Short Sale, you’ll owe less money to the bank and your credit report won’t take such a hit. You’ll also be able to recover faster so you can get your life back on track.
With a foreclosure, homeowners end up paying thousands of dollars in legal costs and the process can be drawn out for a long time. The longer it takes, the more money it will cost you, due to the never ending fees leading up to court proceedings.
A short sale is less stressful to go through than a foreclosure. There’s still a lot of paperwork involved, but it goes more smoothly and you won’t have creditors constantly on your back. You also won’t have to worry about going through legal proceedings, which can be very upsetting.
Since the property is being sold for less that what it’s worth, a buyer can get a really good deal with a short sale. Even though the home may need repairs, which is up to the buyer with a short sale, the house can be bought and repaired for much less.
To sell the house more quickly and re-coup some of the money for the property, many lenders will finance the house to the buyer with a lower than average interest rate.
Some homeowners who are going through a Utah Foreclosure, will purposely damage their property before moving out, because they are upset about losing their home. With a short sale, sellers want to get their house sold quickly so they’re out from under the possibility of foreclosure as soon as possible. This means the buyer may be able to take possession of the property in a short period of time. For more information, visit website online.