Short Sales: A Closer Look

Definition:

A short sale occurs when a homeowner sells their property for less than the outstanding mortgage balance, with the lender's approval.

Pros:

Avoid Foreclosure: A short sale allows you to avoid the stigma and credit impact of foreclosure.

Potential Debt Forgiveness: Some lenders may forgive the remaining mortgage debt after the short sale.

Control Over the Sale: Homeowners can be more involved in the sale process compared to foreclosure.

Cons:

Credit Impact: While less severe than foreclosure, a short sale can still impact your credit score.

Lender Approval Required: The process involves negotiations with the lender, and approval is not guaranteed.

Potential Tax Implications: Depending on your situation, there may be tax consequences for the forgiven debt.

Foreclosures: Understanding the Process

Definition:

Foreclosure is a legal process where a lender repossesses a property due to the homeowner's failure to make mortgage payments.

Pros:

Clearance of Debt: Once the foreclosure process is complete, the homeowner is relieved of the mortgage debt.

Quick Resolution: Foreclosures often have a faster resolution compared to a short sale.

Cons:

Credit Impact: Foreclosure has a severe impact on credit, making it challenging to secure future loans.

Loss of Property: Homeownership is lost, and the property becomes the bank's asset.

Stigma: Foreclosure can carry a social stigma, affecting personal and professional relationships.

Making the Right Choice for You

Every homeowner's situation is unique, and the decision between a short sale and foreclosure depends on various factors. Consultation with a financial advisor or real estate professional is highly recommended.

Act Now! Schedule a Private Planning Session with Boise's Best Real Estate

Take the first step towards a brighter future by scheduling a private 1:1 planning session with our experienced team. Click here to go to Our Calender  or call us at 208-472-8606. You can also reach out via email at [email protected].

Why Leigh Wilson & Why Boise's Best

Leigh Wilson stands out as an exceptional realtor in the Treasure Valley, distinguishing herself not only for her overall real estate prowess but also for her expertise in short sales. With an impressive track record of successfully navigating over 400 short sales, Leigh has not only demonstrated her proficiency but also served as a certified short sale instructor for numerous fellow agents. When traversing the intricacies of the short sale process, it's crucial to engage the services of a real estate professional with specific expertise in this domain. The intricacies of short sales can be overwhelming, even for seasoned agents. Notably, the national success rate for short sales is below 10%, whereas Leigh Wilson boasts an extraordinary success rate of 98%. Your choice of a realtor makes a significant impact – choose wisely, choose Boise's Best!