Some of the benefits of a short sale for the property owner or seller are:
· The short sale can have less of a negative impact on your credit report than a foreclosure
· The seller avoids eviction because they can live in the property until the short sale closes, allowing them time to make their moving and relocation plan.
· The seller may be eligible to purchase another home sooner than if they were foreclosed on.
However, the seller should also be aware of the downside to a short sale. Short sales involve numerous legal, financial and tax issues. And each case will be different depending on the each sellers unique set of circumstances. The benefits and disadvantages of a short sale may not be the same for different individuals. Therefore, before proceeding with a short sale, a homeowner should obtain legal and financial advice from a qualified real estate attorney, tax accountant and credit counselor.