Real Estate 101 Space Intown, REALTORS® June 8, 2023
ㅤㅤㅤㅤ | Short Sale | Foreclosure |
---|---|---|
Homeowner's Involvement | Voluntary by the homeowner but requires approval from the lender | Involuntary for the homeowner; the lender takes legal action to take control of the property |
Speed and Timing | Typically takes 90 to 120 days or even longer, since the bank won’t approve the sale without a buyer agreeing to its demands | Moves along much faster since lenders want to recoup the costs incurred by the unpaid mortgage |
Impact on Credit Score | Far less damaging to the borrower’s credit score | Will stay on a borrower’s credit report for seven years |
Living in the Home | Homeowners can stay in the home until the sale is completed | Homeowners are forced to vacate |
Payment Terms (For buyers) | Can be bought with a mortgage loan | Can only be purchased with cash |
Method of Sale | Listed by a real estate agent specializing in short sales | Auctioned |
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Space Intown REALTORS® is proud to announce our partnership with The Agency as founding partners of The Agency Atlanta.
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Do you have inquiries about the real estate process? Need expert advice on a property? Interested in exploring investment opportunities? Our team is here to provide the answers you seek. Contact us today; we'll be delighted to assist you and offer expert guidance, helping you navigate Atlanta's real estate landscape with confidence.