Is This the Year to Sell My House?If one of the questions you’re asking yourself is, “Should I sell my house this year?” consumer sentiment about selling today should

Dated: September 14 2019
Views: 59
As unfortunate as it can be when homeowners fall behind on mortgage payments and must face the possibility of losing their homes, short sales and foreclosures provide them options for moving on financially. The terms are often used interchangeably, but they’re actually quite different, with varying timelines and financial impact on the homeowner.
Here’s a brief overview.
A short sale comes into play when a homeowner needs to sell their home but the home is worth less than the remaining balance that they owe. The lender can allow the homeowner to sell the home for less than the amount owed, freeing the homeowner from the financial predicament. On the buyer side, short sales typically take three to four months to complete and many of the closing and repair costs are shifted from the seller to the lender. On the other hand, a foreclosure occurs when a homeowner can no longer make payments on their home so the bank begins the process of repossessing it.
A foreclosure usually moves much faster than a short sale and is more financially damaging to the homeowner. After foreclosure the bank can sell the home in a foreclosure auction. For buyers, foreclosures are riskier than short sales, because homes are often bought sight unseen, with no inspection or warranty.
S
Cherise is a Georgia Associate Broker / Realtor with eXp Realty, LLC. She obtained her Sales license in 2006 and Broker license in 2020. She lives in Dekalb County and is a neighborhood expert in the ....
Is This the Year to Sell My House?If one of the questions you’re asking yourself is, “Should I sell my house this year?” consumer sentiment about selling today should
Checking Off Your Pre-Listing ChecklistJul 09, 2020Cherise GunnersonWhen it comes time to list your home, you’ll want to come up with a list of small repairs and other tweaks that you can
How Does Rent to Own Housing Really Work?Aug 13, 2020Cherise GunnersonBuying a home is a big deal, especially for those who have had credit problems in the past. The most common way to buy a
June 29, 2020 Cherise GunnersonPlay is important for kids. It’s especially important for kids to have active play as a part of their routines, since it builds imagination, physical