Entrepreneurs are preparing everyday to be the best in there industry. One of the best tools of insuring you become the expert is by continuously educating yourself. If your a real estate entrepreneur, your probably asked this question very often, "What is a short sale?". To many of your potential clients the language may be received as a foreign language. Have you ever considered developing a detail guide for your clients to have readily available to present a potential client? Many people are visual in learning.
Today, we will share clips of a great article by realtor.com which explains what a short sale is? Can this be a good investment for entrepreneurs seeking to build a business in real estate?
" Say you’re selling your home; however, the offer you get is so low, it won’t cover the total amount you owe on your mortgage. But you need to unload it, so you’ll take it. This is a short sale—simply put, you end up “short” on paying back your lender, and the bank agrees to accept less than what’s owed on the loan.
According to the most recent data from real estate information company RealtyTrac, 5.1% of all single-family home and condo sales in early 2016 were short sales. Often homeowners are pushed into a short sale by personal financial troubles that make it impossible to pay their monthly mortgage. At the same time, they find it hard to sell at a price that would enable them to pay off their loan—especially if local real estate market trends have driven down their home’s value. This happened in many communities across the nation during the housing bust of 2008.
While selling a home under such circumstances is hardly ideal, many experts argue it’s smarter than pursuing more drastic measures like bankruptcy or foreclosure. Here are a few of the benefits of a short sale for a distressed home seller:
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