Short Sale Property
If a homeowner owes more on their property than it is currently worth, then they can hire Imperial to market and sell their property through the negotiation of a short sale with their lender. This typically requires the property to be on the market and the homeowner must have a financial hardship to qualify. Hardship can be simply defined as a material change in the financial stability of the homeowner between the date of the home purchase and the date of the short sale negotiation.
Benefits
A short sale allows the homeowner to avoid foreclosure and salvage some of their credit rating. This also keeps foreclosure off the individual’s public record, and in many cases will allow the homeowner to avoid a deficiency judgment. Borrower may qualify for another mortgage in as little as 18 months (as opposed to five years for a foreclosure).
Drawbacks
Short sales can be a very trying process in which a homeowner has to deal with the loss of the property and their hope of a successful investment. In addition their credit status is adversely affected, just not as severely as losing the property to foreclosure.
Want more info on Short Sales? Find out here.
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