Due to the increasing popularity of short sales, people have started to ask questions about it. What is short sales? What is its process? What are its effects to the buyers? What is its financial impact on the seller? How can it help avoid foreclosures?
To answer these many common questions about short sales, Laurie Baker from Baker Law Firm joins host and owner of Showcase Realty, Nancy Braun on the 14th episode of How’s the Market: Real Estate. Real Answers.
A short sale is when a homeowner essentially is not able to make payments on a home or essentially behind in their payments on mortgage on the home. – Laurie Baker
Foreclosure is a very bad thing. It’s a hard thing for folks to go through. I’ve unfortunately seen folks who have to go through this, and if they have acted just a little bit sooner, then a short sale might have prevented them from going through this situation. – Laurie Baker
Experience is critical. You can’t replace experience so you need to make sure if you engage the services of either party that you definitely have someone who has been down the road a number of times working out these short sales transactions because they are tricky. – Nancy Braun
The biggest thing that affects your credit is not paying your mortgage. More so than the foreclosure or a short sale. – Nancy Braun