Benefits of a Short Sale To Columbia SC Homeowners
It is important to understand the benefits a short sale can provide to each of the parties involved.
Why would a Columbia SC homeowner want to cooperate?
Why would a lender accept less than what is owed?
Why would a Columbia SC buyer want to wait for a short sale to be approved?

Columbia SC homeowners benefit

  • Closure – Foreclosure stress homeowners with collection calls, Threatening letters, and unwanted visits from the sheriff deputies. Homeowners dread answering the phone or doorbell, and hate walking to the mailbox to check the mail. Columbia SC homeowners who sell the property before the final foreclosure action brings the unpleasant calls, letters , and visits to a end. homeowners can move on with their life.
  • Dignity – Imagine the shame and awkward looks from neighbors having a sheriff’s deputy forcibly move you out of what was once your home. Seeing the locks changed by the lenders while you throw your belongings into your car or truck. A short sale allows Columbia SC homeowners to have a normal closing and time to move on their own schedule. In most cases, the neighbors won’t that a homeowner sold their property via a short sale.
  • Credit – A short sale may damage a person’s credit, but it is less damaging than allowing the property to go in foreclosure. Settling the debt and ending the delinquent payments allows a person to stop the damage and start rebuilding their credit score sooner.

Lenders Benefit

  • Excess Inventory – Banks are in the business of lending money, not owning homes. Far to many banks are already burdened with far more Real Estate Owned (REO) than they can handle. In many cases, lenders prefer to allow properties to be sold via a short sale.
  • High Expense of Foreclosure – The average foreclosure results in $77,935 of cost to the lender, borrower, government, and neighbors. This was report June 2007 from the Joint Economic Committee of Congress. They calculate that the lender will spend $50,000 in legal fees, court fees, appraisals, maintenance, rehabilitating, insuring, and reselling the property to a third party. Lenders know that taking back the properties via foreclosure often results in more loss, so they are willing to permit a short sales as a cost cutting measure.

Columbia SC Buyers Benefit

  • Bargains – Patient, opportunistic Columbia SC buyers may be able to purchase a property below fair market value.
  • Equity – A Columbia SC buyer of a short sale may have purchased a property worth more, thus creating equity that can benefit the buyer now or in the future.