FORECLOSURE OR SHORT SALE? WHAT ARE MY OPTIONS?
Our clients know what “foreclosure” means: bank takes your home and you leave. In short payoff (the correct term for “short sale”), a buyer is found for your home and your real estate pro negotiates with your lender (or lenders, plural!) until an agreement is reached to accept the amount offered by the buyer; and, of course, you have to leave then too.
Increasingly, our Associates are asked about the pluses and minuses of waiting for a lender to foreclose on a distressed property as opposed to trying to achieve a “short pay-off” with that same lender. Here are our brief answers to those famous FAQs: