Short Sale vs Foreclosure?
Short sale vs foreclosure? Which is better? For Branson real estate sellers, when it comes to your credit report, a short sale will always be better than a foreclosure. For Branson real estate buyers, a short sale provides you the chance to ask questions about the home from the owners. For the bank, a short sale is better since the cost and inconvenience of taking back a home is gone. So, for all parties involved, a short sale is usually the best way to go… if you can.
Understanding Short Sale vs Foreclosure
In the short sale vs foreclosure debate you’ll find supporters on both sides. Some Branson real estate investors believe that better deals can be had from a foreclosure. Other investors, however, like to know the history of a home and what they might be getting into financially (as far as repairs, neighborhood information, etc.). In a foreclosure, the bank owns the property and quite often knows very little, if anything, about it.
In a short sale, the homeowners are still selling the property (although the bank is accepting less than what is owed on the note). As for the Branson home sellers, a short sale can show up on credit reports. However, unlike the foreclosure, it’s not nearly as detrimental and only stays on the credit report for 2 to 3 years as opposed to 7 or more with a foreclosure. With a short sale, banks can also come out ahead because owning a home is expensive. Their job is to lend money; not be landlords. They realize that taking less for a home can save them money in the long run. So in the debate of short sale vs foreclosure, short sale often wins… for everyone’s sake.
Do You Need a Short Sale Realtor®?
Whether you’re a Branson real estate buyer or seller of a short sale, it’s important to deal with an experienced Branson real estate agent who’s familiar with the process. In addition to selling traditional Branson MO homes for sale and Table Rock Lake real estate, Gerken & Associates are experienced in helping people avoid foreclosure with a short sale. Likewise, we’ve helped many investors and future homeowners with purchasing short sale property. One of the main reasons is a valuable network of contacts to help the process go smoothly. So, if you’re considering buying or selling a short sale home, then contact Gerken & Associates today.