Short Sales VS Foreclosures

Short Sales VS Foreclosures

Image title


Lets clear the air.


I hear people using short sales and foreclosures interchangeability almost on a daily basis. That leads me to believe that most people do not understand the two processes. Short sales are NOT the same as Foreclosures. The only similarity between the two is that there is a bank involved. Let me clarify:


Foreclosures: A lender (bank) has foreclosed on a homeowner and now owns the property. The lender is now the seller. The lender hires a real estate agent to market and sell the home. In this transaction the lender makes ALL the decisions  because the lender is the seller. Similar to a traditional sale you are on the seller’s timeline and can be in a multiple offer situation. During a multiple offer situation the listing agent submits all the offers to the bank who reviews them and  make a decision. Your negotiations are done directly with the bank.


Short Sales: The homeowner still owns the home. They are behind on their mortgage or are in some type of financial hardship and cannot afford to keep the house. The homeowner goes to sell the home and they owe more on the mortgage than the home will sell for. Since the homeowner is in a financial hardship they are unable to pay the difference to settle the debt. In this case the real estate agent goes to the lender in order to negotiate a short sale and avoid a foreclosure for their client.In a short sale, the lender takes a loss on the mortgage. The seller is still the owner of the home but the seller’s lender has to approve the sale in order to close. In contrast to a foreclosure, only 1 offer can be sent to the lender during a short sale. The lender will not review multiple offers at one time. No matter what anyone tells you if you want to do a short sale you haveto go through the process, there is no way around it.


Questions?


TheShortSaleExperts@yahoo.com or 972-832-2755



Nicole Espinosa Headshot
Author:
Phone: 972-832-2755
Dated: December 10th 2015
Views: 2,167
About Nicole: Nicole is a leading Short sale expert in the Dallas Fort Worth market. Before Nicole did short sale...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Money Saving Tips For Your Landscaping Budget - If you are planning to update your
15014 Homes Sold Yesterday Did Yours - 15,014 Homes Sold Yesterday… Did
Dont Get Caught In The Rental Trap - Careful…Don’t Get Caught in
Thinking Of Selling Now Is The Time To Act - Thinking of Selling? Now Is the

Our Bloggers

Comprar Casa DFW * - 2
Gabrielle Armstrong - 5
Cara Balderas - 50
Tami Bennett - 45
Jessica Boozer - 18
Rhonda Borgne - 1
Olivia Borowski - 1
Jennifer Boyd - 2
Deborah Boyd - 390
Jamie Brannagan - 1
Kathryn Brick - 1
Annette Bruen - 20
Moira Brunken - 18
Beverly Bryant - 23
Ana Cantu - 1
Lisa Cardillo - 52
Bob Cardillo - 4
Lucina Cervantes - 11
Gregory Cornett - 2
Angela Cotten - 78
Missie Craig - 12
Greg Cunningham - 2
Sarah Dieter - 9
Belinda Duff - 5
Leah Ecob - 15
Kristine Edens - 3
Jill Elliott - 99
Laneal Ernest - 9
Nicole Espinosa - 27
Christopher Evans - 1
Heather Feragotti - 8
Mark Fischer - 2
Susan Florsch - 12
Jennifer Flynn - 8
Leslie Fogle - 101
Larry Frassinelli - 6
Chad Gabriel - 58
Shalee Garza - 10
Timothy Gilliam - 2
Cassie Gillock - 2
Christina Gonzalez - 5
Wilma Goodwin - 2
William Graves - 5
Kristen Henderson - 1
Beth Herr - 1
Hunter Howard - 1
Sandra Hunt - 89
Bill Hurd - 3
Gary Hutchings - 20
Rachel Jama - 47
Trenton Johnson - 15
Felicia Johnson - 79
Jemi Khan - 26
Leigh Klotz - 5
Amber L Johnson - 8
Michele Lafortune - 22
Wanda Lewis - 2
Stacy Lynn Massar - 27
Jennifer Menting - 17
Mikki Migis - 8
Richard Mikus - 1
Sean Moniri - 21
Naddia Morales - 10
Keith Moses - 9
Mark Mulch - 19
Erick Murphy - 6
Steve Murray - 1
Julie Nicholson - 10
Nikki Okpuzor - 3
Alan Oliver - 7
Kelly Oltmann - 4
Kaysone Orlando - 1
Holli Paddio - 3
JP Piccinini - 50
Julie Ann Pickering - 85
Ann-Marie Pope - 2
John Priestash - 5
Joshua Putman - 111
Mimi Rader - 1
Shelia Randolph - 33
Teneka Ray - 1
Go 2 Girls Realty - 173
Bethany Rowan - 15
Kristi Roy - 1
Kelly Rumney - 9
Amy Jo Saenz - 3
Linda Scardis - 4
Sandy Setliff - 213
Christine Shannon - 29
Rene Sinclair - 27
Shelby Smith - 3
Bryce Smith - 5
Monica Solkhon - 1
Rodrigo Sotomayor - 16
Jenna Stanley - 9
Kelley Stubbs - 3
Melodie Sulgrove - 1
Seana Taylor - 208
Mary Taylor - 14
Kevin Taylor - 15
Julian Taylor - 17
Erica Taylor - 52
Angela Taylor - 1
Karla Terrell - 2
Joey Thomas - 2
Jason Todd - 24
Andrea Trimble - 55
Miguel Umana - 6
Diane Velez - 17
Debbie Viverito - 132
Nick Walton - 75
Spring Weeks - 9
Michael Worley - 160
Keisha York - 30
Audra Young - 1
Debbie Zurita - 17

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

JP And Associates REALTORS
6175 Main Street #355 Frisco Texas 75034
Frisco, TX
972-375-9448
4692875503

Other Locations