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Michael Tiller's Blog

By Michael Tiller | Agent in Denton, TX

Short Sale vs. Foreclosure

In the current economic environment many home sellers have been faced with the tough decision of doing a loan modification while trying to avoid foreclosure. Less than 20% of all loan modifications attempted are approved, but short selling your property is a potential option.  A short sale can be a great option for people behind on their payments and facing foreclosure.  There are many benefits in completing a short sale and many times families can purchase another home within 36 months with cleaned up credit.  If a foreclosure takes place it will prevent you from purchasing for a minimum of seven years.  Another positive is that a short sale does not cost the seller anything; the bank pays for the Realtor commissions.  The bank takes a loss on the property sale, but many times this is a cheaper option.  For more information please feel free to contact us, we would love to help you with any of your real estate needs or questions!  You can view our website at www.teamtiller.com or call us at (940)300-7705.

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