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Foreclosure vs. Short Sale. A short sale is often used as an alternative to foreclosure because it mitigates additional fees and costs for both the creditor and borrower. The negative impact on the borrower's credit score is typically smaller in a short sale than in a foreclosure, but a short sale usually involves a lot more paperwork for all parties.
Foreclosure Vs. Short Sale Foreclosure Definition. Foreclosure is a legal recourse lenders use to repossess... Short Sale Definition. Short sales are an alternative to foreclosure that borrowers use... Effects. Both foreclosures and short sales are a worst-case scenario for homeowners. Home ...
Short Sale: A term that describes the sale of a property for an amount less than the unpaid mortgage. This happens when a borrower cannot afford to keep making mortgage payments and cannot pay the difference between the sale price and the unpaid mortgage.
The biggest point of difference between foreclosure and short sale is that foreclosure is forced sale i.e. something that happens to you forcibly but short sale is a voluntary sale i.e. something that you do. Both have their own pros and cons, however, a short sale is better option, but requires more paper work than in foreclosure.
If a financial hardship situation has put you in a position where you cannot remain in your home any longer, you have two options: short sale or foreclosure. What You Need to Know About Short Sales If you owe more on your loan than your home is worth and need to sell your home, the transaction is called a short sale.
A short sale is a home that is offered at a price that is less than the amount owed by its current owner. Here's what you need to know, as a buyer or a seller.
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral, and if the borrower defaults, the creditor takes possession of the asset used as collateral and may sell it to regain some or all of the amount originally loaned to the borrower. An example is the foreclosure of a home. From the creditor's perspective, that is a category of debt in which a lender has been granted a portion of the bundle of rights to specified property. If the sale of the collateral does not raise enough money to pay off the debt, the creditor can often obtain a deficiency judgment against the borrower for the remaining amount. The opposite of secured debt/loan is unsecured debt, which is not connected to any specific piece of property. Instead, the creditor may satisfy the debt only against the borrower, rather than the borrower's collateral and the borrower. Generally speaking, secured debt may attract lower interest rates than unsecured debt because of the added security for the lender; however, credit risk (e.g. credit history, and ability to repay) and expected returns for the lender are also factors affecting rates. The term secured loan is used in the United Kingdom, but the United States more commonly uses secured debt.
A conditional sale is a real estate transaction where the parties have set conditions. A standard real estate transaction usually begins when a prospective purchaser submits an offer to purchase to the vendor of a property. As in a standard offer, a conditional offer sets out the terms of the sale such as the purchase price, the date of closing, the names of the parties, and the amount of any required deposit, but it also stipulates various conditions which must be met in order for the contract to be binding on the parties. These conditions may include approval by a co-purchaser, financing acceptable to the purchaser, the receipt and review of a survey showing that the buildings on the property comply with local zoning regulations, a title search showing no unacceptable liens or encumbrances, confirmation from the current mortgagee that the property is not in foreclosure, and the like. If the offer is accepted by the vendor, the offer to purchase will become a contract binding on the parties when all conditions are satisfied. An alternative to a conditional sale is an invitation to treat.
Real estate economics is the application of economic techniques to real estate markets. It tries to describe, explain, and predict patterns of prices, supply, and demand. The closely related field of housing economics is narrower in scope, concentrating on residential real estate markets, while the research of real estate trends focuses on the business and structural changes affecting the industry. Both draw on partial equilibrium analysis (supply and demand), urban economics, spatial economics, basic and extensive research, surveys, and finance.