Are Short Sales Good for You?

There are a lot of misconceptions about short sales out there.  One of the most common questions is whether or not they are good for you.  Short sales can definitely provide some positive results.  Here are some things to consider:-Short sales can save your credit.  While a foreclosure or bankruptcy can destroy your credit for 7+ years, a short sale has minimal impact.-There are NO FEES to the seller on a short sale transaction when done through Torelli Realty.  The lenders and the buyers are most often in charge of paying for all commissions, costs, and fees.-Short sale homes are less likely to be vacant.  Short sale sellers typically occupy the property throughout the short sale process so the house is usually maintained and the seller moves out ON THEIR TIME FRAME, not forced out like through a foreclosure.-Short sellers have the option to buy again soon.  Most borrowers can qualify for a home loan just 2 years after their short sale transaction.-Short sales can deal with your debts.  If you have a home loan that is NOT the original loan you received, it may be a loan that YOU ARE REQUIRED to repay even if you went through a foreclosure. With short sales you can negotiate to have those loans settled to prevent that burden.  This is part of The Mortgage Forgiveness Debt Relief Act and debt cancellation.-Win, win, win!  The seller gets off the hook from their debt.  The lender gets paid and avoids the high legal costs associated with foreclosures.  And the buyer gets a major deal on a home.Yes, short sales can be good for you.  Working with an agent who specializes in this type of transaction will help make the process go smoothly.  Torelli Realty works hard to negotiate short sale transactions and we have a 100% success rate.  Torelli Realty is a leader in Costa Mesa, California real estate and works throughout Orange County.  Call or email us to learn more about the short sale process today.