Though not always the right answer for all buyers and sellers, short sales often provide a number of benefits. For some homeowners, short sales may be an option to avoid foreclosure. Foreclosures can severely damage homeowners’ lives, not just jeopardize their finances. Purchasing a home through a short sale can also be very beneficial to a young family or family that cannot afford the full price of a home.
A short sale attorney can help homeowners and would-be-homeowners determine if this type of transaction is the right solution for them.
Buyer Benefits to Purchasing a Short Sale
While there are often challenges to buying a short sale, particularly the lengthy waiting period to complete the transaction, it can be beneficial for buyers who can wait to purchase a home. Short sales may make a nicer home financially viable for a family, sometimes enabling a buyer to get more houses for a lower cost than they might under a regular sale.
An experienced short sale attorney can ensure that the home is fairly priced, help review documentation and the person’s finances to determine if it is likely that a short sale will be approved, and assist the buyer through the entire process to ensure the transaction goes smoothly. In the event that the buyer and the property are both eligible, the only remaining significant barrier to the purchase is the time frame.
Seller Benefits to Short Selling a Home
Short selling a home might result in a financial loss for the homeowner, but when faced with foreclosure, it could be a better solution. While the homeowner’s credit will be hurt by falling behind in mortgage payments, short selling a home can minimize the damage. By comparison, a foreclosure may make it nearly impossible for the homeowner to make any large purchases that require credit for a long time. By short selling a home, the seller can reduce the amount a bank will seek in repayment. It can also save the homeowner from having to pay legal fees associated with foreclosures.
For those considering buying or selling a home in Las Vegas, short sales are still common. Contacting a short sale attorney can help determine if this is the right path for selling or buying a home.