According to my clients, one of the biggest benefits of doing a short sale is that they remain in control of their lives. They can give whatever reason they want as to why they are selling. They can, in essence, save face if that is important to them. Most people tell me that they feel like "they are doing the right thing" when they short sell, because they know the lender gets more of what is owed to them than they will in a foreclosure. If any of these reasons resonate with you, then a short sale is the better answer.
If, on the other hand, you prefer to have someone else dictate the timeline of when you move, you have no problem with having the notice of trustee sale posted on your front door or gate, and you are okay with getting all the phone calls and mail from the 'foreclosure assistance programs', 'foreclosure investors' and 'foreclosure refinancing companies' whose main interest is getting your house for bottom dollar, then don't do a short sale.
As stated in my other response to you, Foreclosure is not an option. Foreclosure is something that happens to you when you have exhausted all your options. Dare to Dream.
Shel-lee Davis, CDPE
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
http://www.vgrouphomes.com/atj/user/AdditionalGetAction.do?p Hope this information is helpful to you.
John & Sarena Villaescusa
Keller Williams Realty
Emotionally speaking--I find that with a short sale you may feel better than you would with a foreclosure. I've worked with banks listing foreclosures myself and have seen homeowners have to turn their property over and give their keys to the banks and it's not a great feeling. At least with a short sale, you could be selling the property to a family.
Jake, I'm in Woodland Hills myself. In case you have not listed your home and have questions. Feel free to contact me. Or check out my website at http://www.distressedhomeoptions.com. I specialize in distressed properities. Good luck.
#1 Listing and Selling Agent
A foreclosure is more of a legal matter. The sheriff is involved and a judgment is placed against you. A short sale is just cleaner then a foreclosure.