Like HowStuffWorks on Facebook!

10 Benefits of Short Sale over Foreclosure


3
It gives homeowners more control.
Tired of a mailbox full of bills and demands? A short sale will help you take control of the situation.
Tired of a mailbox full of bills and demands? A short sale will help you take control of the situation.
©iStockphoto.com/skodonnell

Once the ball starts to roll in a foreclosure, an arduous and stressful process begins for the homeowner. The mailbox starts to fill up with demand letters and confusing documents, and constant exchanges with the lender's legal team ensue.

In a short sale, there are still negotiations, meetings and paperwork for the homeowner to weave through. But the process plays out more like a traditional sale, as opposed to a litigious and pressure-packed foreclosure proceeding.

Any real estate sale can be somewhat stressful, but a short sale will allow the homeowner to play more of an active role in the process and deal mainly with the bank, the homebuyer and the real estate agent. Overall, a short sale is much more manageable for the homeowner than being at the mercy of a bank's attorneys during a foreclosure [source: Foreclosure Questions].


More to Explore