Quick Sale VS Short Sale
Let’s look at the differences between a quick sale and a short sale of your property.
Quick Sale VS Short Sale – Short Sale Facts
A short sale is a sale that occurs when you sell your property for the value of that which is under the price of the mortgage which was taken out. Let’s say you took out a loan for $125,000 to pay for the property, but you find yourself in a bad situation where the bank is foreclosing. The bank would then have to turn around and sell the property, essentially ruining your line of credit since you took out a loan you were unable to pay back. In this situation, a work around is available.
Usually in this situation, in order to seal the deal and sell quickly, it is expected that the buyer pays much less for the home than what you purchased it for. However, in exchange for buying the home at a low price, you walk away without taking a hit on your line of credit. In this situation, both the buyer and the seller get the best end of the stick. You as the seller don’t get your credit completely destroyed, and the buyer comes out a happy camper since they got what could be considered a bargain deal.
Quick Sale VS Short Sale – Quick Sale Facts
A quick sale is much simpler to explain, but there are multiple things which could be considered a quick sale. A quick sale can happen if say you are the seller of the home, and someone has an offer for you completely in cash. This makes the process go by faster since there are no middle men to contend with.
A quick sale can happen from ten to thirty days, where in other buying processes it can take much longer. Basically in a quick sale, both you, the seller, and the buyer are somehow motivated to get it settled as quickly as possible, and there are less loop holes to jump through.
Quick Sale VS Short Sale – Time To Choose
When assessing which option would be best for you, consider the kind of specific situation you find yourself in, and what kind of offers you have on the table. If you find yourself at a complete and utter loss and absolutely have to get out of the mess that has been created around you, it would be the best option to go with a short sale where both you and the buyer can profit. However, if you find yourself in a situation where you need to get out quickly and a buyer is willing to put cash on the table with no middleman, both you and the buyer win by getting the settlement done quickly and efficiently.