Short Sales vs. Foreclosure - Short Sale Benefits

By
Real Estate Agent with Allison James Estates & Homes, Sarasota 941-957-3737

At the Troy Funk Team, Short Sale Experts with Keller Williams Realty, in Sarasota, FL, we have helped many homeowners avoid foreclosure with a short sale in Sarasota.  There are many benefits to choosing to short sale your property vs. letting it go into foreclosure. Here are our top five...

TOP 5 BENEFITS OF SHORT SALES

1. Preventing Foreclosure & Deficiency Judgments in Sarasota County

If you qualify for a short sale, you have the potential to stop foreclosure proceedings against you, and reduce your chances of being dealt a deficiency judgment. In general, lenders prefer short sales over foreclosures.  Lenders tend to lose more in legal foreclosure proceedings than they do in short sale negotiations. Therefore, your lender is likely to delay a pending foreclosure in order to approve a pending short sale in Sarasota County, Florida.

2. Reducing Your Credit Damage

In most cases, short sales have less impact than foreclosures on your credit.  Foreclosures can negatively impact your credit up to 350 points. In contrast, most short sales have a 100 point maximum impact.

3. Improving Your Financial Recovery

After your short sale, you can usually secure new financing and buy another home within 2 years. In contrast, foreclosure and bankruptcy can take up to 10 years.

4. Reducing Your Stress & Improving Your Transition

In foreclosure, you are essentially forced out of your home on a date decided by the court. In a short sale situation, you have the dignity of negotiating your closing date and staying in your home until the closing.

5. Offering Potential Tax Savings in Sarasota County

If you qualify, there may be more favorable tax treatment on a short sale compared to a foreclosure.  The Mortgage Forgiveness Debt Relief Act of 2007 relieves homeowners from having to pay taxes on the difference between their loan amount and the short sale price.

If you or anyone you know is facing foreclosure in Sarasota County, Florida, please contact the Troy Funk Team. We are experienced, qualified, and ready to help.

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For more information on Short Sales in Sarasota and Foreclosures in Sarasota, please CONTACT USWe have over 25 years experience in real estate, and have been highly successful in negotiating short sales in Sarasota County & Manatee County, Florida.

Troy Funk, CDPE, SFR
Sarasota Certified Distressed Property Expert
Sarasota Short Sales & Foreclosures Resource
Florida Licensed Real Estate Agent

Allison James Estates & Homes
665 S. Orange Ave. #2
Sarasota, FL 34236
(941) 365-8769
Troy@FunkFL.com

SarasotaShortSaleNEWS.com

WATCH this Sarasota Short Sale Testimonial Video

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Charles Stallions 01/04/2013 05:47 PM
Topic:
Home Selling
Location:
Florida Sarasota County
Groups:
Short Sales Pre Foreclosures Bankruptcy and More!
Sarasota County real estate
Posts to Localism
Keller Williams 'Rainers
Foreclosures & Short Sales
Tags:
realty
short sales sarasota
sarasota short sales
deficiency judgments
stop foreclosure
short sale benefits
foreclosures
short sales

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