The Pros and Cons of Short Sales by Sharon Sigman

by Joe Thomas on March 1, 2011

Although short sales may be appealing to most people who cannot find the best means to keep their properties, it does not come without a few cons in itself. For one, a short sale may not essentially be quick and easy. It can be a long process with lots of negotiations in between. Even your agents might end up tired and stressed out from all the proceedings. This is why patience becomes a very valuable characteristic to have when you are doing a short sale. It can also be very complex because you don’t only consider your own circumstances but also those of your buyers.

Yet in spite of all these difficulties surrounding the facilitation of a foreclosure, there are still of course a lot of notable advantages that are attached to short sales. For one, you still get to make money despite the debt you have to pay. Although the price you can sell your property for may be lower than the actual value, you still get a good amount from the sell. You can even make arrangements with your lenders or the bank should you accomplish a successful short sale in a specific period of time–this would help even things out and might get you discounts or more flexed rates for paying your incurred debt.

Undergoing a short sale has its own set of benefits and disadvantages. But if you feel that you really need to do this, just make sure you learn as much as you can about it first and be open to changes and lots of negotiations. You should also evaluate first if your property is actually okay to undergo such a process and if you can find good buyers.

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