What do you have to gain by short selling? The top 5 benefits of a short sale over a foreclosure:
Avoid the stress of falling behind and losing your home to foreclosure.
A foreclosure can be mentally and emotionally draining and publicly humiliating. A short sale will help you stop FL foreclosure, and move on with your life quickly.
Eliminate or minimize the chances your lender will pursue you for a deficiency judgment.
If you foreclose in Florida, your debt doesn't disappear, especially if you owed more than the home eventually sold for! Florida state laws allow lenders to pursue you for this loss, but you do have the opportunity to settle the debt in a short sale.
Minimize credit repercussions.
A short sale is less derogatory on your credit than a foreclosure and recovery is faster. You will qualify for a new home loan much sooner without a foreclosure on your credit.
Control over the sale of your home.
You will be able to sell your home on the open market and make all the decisions regarding the terms of the sale of your home.
A short sale will likely cost you nothing!
When involved in a short sale, almost always the lender allows all customary closing costs to come out of the proceeds of the home sale including realtor fees, conveyance taxes, back taxes and attorneys fees. In some cases you may even qualify for relocation assistance!
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Last Updated on January 14, 2021 by Minna Reid