Many sellers in our current real estate market are upside down on their homes or owe more to the bank than their homes are worth. So, if a seller needs to sell right now, he or she may have to consider a short sale. Most sellers read lots of stuff on the Internet or hear things in the news and become curious about the different consequences of short sale and foreclosure. As such, I decided to prepare a handy little chart that would help sellers by providing an overview of the consequences (the pros and the cons) of short sales versus foreclosure.
Before you go move on down and print out the chart, I really feel that it is important for me to make my disclaimer that I am not an attorney and I do not play one on television. The information that I provide in the chart is for educational purposes. Anyone facing short sale or foreclosure should always consult with an attorney or an accountant with regard to legal and accounting matters.
Okay, now that I have gotten that out of the way, on to the chart. Download it, save it, and read it. It will explain very clearly the differences between short sale and foreclosure.
Short Sale vs. Foreclosure
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