Today at one of my webinars, an agent typed in her request that I review the different consequences of short sale versus foreclosure. I’m pretty sure that I’ve written about that before, but I decided to prepare a handy little chart that would help agents and their clients by providing an overview of the consequences (the pros and the cons) of short sales versus foreclosure.
Before you go move on down and print out the chart, I really feel that it is important for me to make my disclaimer that I am not an attorney and I do not play one on television. The information that I provide in the chart is for educational purposes and comes from materials generated by the Distressed Property Institute. Anyone facing short sale or foreclosure should always consult with an attorney or an accountant with regard to legal and accounting matters.
Okay, now that I have gotten that out of the way, on to the chart. Download it, save it, and share it with your clients when they ask about why they might want to consider a short sale if they can just stay in their home until the bank forecloses. At the very least, at least they will know their options.