Why Short Sales Are A Win For Every One

Other than investors, there are few people who get excited about short sales.  However, I want to show you why these transactions are a win for more than just buyers in today’s market.

    1.  Short Sales are a win for tax payers.   As with any business, a negative balance that is written off harms tax payers. Especially when our government is continually bailing out banks.   Now obviously, short sales still cost banks money and they take a loss.  However, the loss is statistically much less due to the legal costs of a foreclosure.
    2.  Short Sales are a win for your neighborhood.   No one loves to see a distressed property listed in their neighborhood.  However, since foreclosures are vacated with the power turned off, their curb appeal is much more degrading and harmful to  the neighborhood’s value than a short sale.  Until the ownership transfers on a short sale, the owner of the property has the right to remain in the home which helps the property maintain it’s appearance, which helps the neighborhood’s value.
    3.  Short Sales are a win for sellers. Credit dings, 1099?s, and a potential promissory note.  So what is good about a short sale  for a seller?  Many banks are now waiving their deficiency judgments, the credit hits are less, and you can purchase much sooner after a short sale.  Oh, and don’t be deceived… Most of these penalties can still happen with a foreclosure.  So there is no denying that a short sale is your best option!
article first written at http://www.dullesshortsales.com/shore-sales-are-a-win-for-every-one/