Treasure Island | Short sales or Foreclosures, why not try a Short Sale before Foreclosure?

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Short sales, Foreclosures, why not try a Short Sale before Foreclosure?

I just commented on a post that was reminding us about the tragedies behind foreclosures and that buyers do not seem to care about it but just want a good deal. Got me thinking. It is the nature of people to get a great deal and yes, do I hear once in a while that buyers say “I feel sorry that someone had to lose their home and I get it real cheap now”  Most of the time I hear “What happened? Who destroyed the house like this”  Nearly all foreclosures that I show have holes in the walls, doors ripped off the hinges, carpet torn to shreds, light fixtures ripped off the ceiling, etc. These are damages that were done deliberately, they do not come from wear and tear. Do I feel sorry for people that lose their home? ABSOLUTELY, there are a lot of human dramas behind a foreclosure, people getting sick; losing their jobs and the list goes on. BUT the part I do not understand is FORECLOSURE  and destroying the house. Why not do a Short sale instead? Why let it go into foreclosure and be hunted down by banks and collecting agencies etc. Talk to your bank, they will agree to a short sale, you get to stay in the house for a long time till a buyer is found and till you and the bank agree on terms and conditions. Your credit score won’t be hurt as bad as it would in a foreclosure, financially you will recover from this much faster. If it was me, I would try to do a Short Sale over a Foreclosure anytime. Worst case scenario if the Short Sale does not work out for whatever strange reason, you can still let it go into foreclosure. What do you have to lose?

Treasure island | Short sales, Foreclosures, why not try a Short Sale before Foreclosure?

  

  

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