Many Americans have come to know about foreclosure as a result of the U.S. housing crisis. But not so many Americans know about short sale.
Short sale is still a mystery to many people. Ordinary folks are simply confused on what it is and much more oblivious of what the short sale process is.
Ordinary folks cannot be faulted for viewing short sale in a mysterious way as short sale is indeed a complicated matter. Because of the complicated nature of short sale, a person who to plans to sell via short sale must necessarily be assisted by a qualified real estate agent.
The thing about real estate agents is not all of them are created equal. There are real estate agents who are experienced and knowledgeable about the short sale process; while there are those that are less experienced and knowledgeable about the short sale process. Thus, it is important to hire only real estate agents that are experienced, knowledgeable and have the patience to go through the complicated short sale process.
Foreclosure takes place when a homeowner cannot anymore pay his or her mortgage as a result of financial hardship brought about by a loss of job, filing medical bills or some other life-changing events that result to financial hardship. When this happens, the mortgage company or a bank goes through a foreclosure process to recover the property.
If you are behind in your mortgage payment, foreclosure is not necessarily the end result.
There are different alternatives to foreclosure. This is where short sale comes in. Short sale is one way to prevent foreclosure. A short sale takes place when a homeowner is qualified by a bank to sell a house for less than the amount owed on the mortgage note.