In a short sale transaction, hiring a lawyer is necessary. The attorney will help the buyer assess the property. On the other hand, the seller will be guided by the lawyer once the short sale transaction is started. Just choose an attorney that is experienced in cases about the real estate industry.
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Many owners of property, when faced with financial constraints, choose short sale over a full-blown foreclosure case. Basically, a foreclosure proceeding is more expensive than a short sale process. It's also difficult to handle and needs more time to complete. No wonder many people prefer going through a short sale than foreclosure.
The idea of selling a property in a lowered price is perfect for those who can't pay a mortgage debt. Although the debtor can't be absolved with the debt, he or she will have the chance to pay in accordance with the sale of the property. On the other hand, the buyer will have an opportunity to own a property that is affordable. I think that it's one way of accumulating real estate properties on budget. It's a leverage for business owners that can't be ignored these days.
Personally, I'm planning to purchase properties through short sale transactions. It's beneficial to both the seller and the buyer with the help of an experienced lawyer. For those who are in the real estate business, you don't need to spend more money to grow your investment portfolio. By just going into the trade of short sale, you'll have more properties to purchase in lower prices.
Are you planning to buy properties through short sale? I'll be glad if you'll share comments about it.
By the way, this is a sponsored post. However, all the points and views are my own.
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