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Know the facts about short sales

When Illinois residents sell their homes, they may envision receiving more money than they paid for the house. In some situations, though, this may not be possible, and some homeowners may find that a short sale is their best option.

When people hear about short sales, they may think this is the same thing as a foreclosure. Realtor.com says there are important differences between short sales and foreclosures. If a house goes through foreclosure, this means that the lender has repossessed the property. With a short sale, though, the homeowners are the ones selling their house, not the bank. However, people typically do not receive a high offer on their home. A short sale means that the price a homeowner receives is less than he or she owes on the mortgage. Most of the time, people sell their home through a short sale because they are unable to make their mortgage payments.

There are a few reasons why people may want to consider a short sale. If a house goes through foreclosure, the homeowners usually cannot stay in their property. When they sell their home through a short sale, though, people do not have to leave the house until the date they agree on with the buyers. Additionally, people can sell their home themselves and maintain some dignity even as they experience financial difficulties.

According to TheStreet.com, a short sale may help people save money. When people sell their home, they generally have to pay the fees associated with the sale, such as the realtor's commission. If a house sells through a short sale, however, the bank usually covers all of these expenses. Additionally, a short sale may help a person's credit score. When a house goes through foreclosure, homeowners typically receive a lower credit score. If their credit score remains around the same level, homeowners may have more success when they try to purchase another home later on. 

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