Tucker’s Tip #7-2010 presented a comparison chart for the Homeowner’s consequences with a short sale vs. foreclosure. The general conclusion was that a short sale appeared to be better (or less negative) than the foreclosure.
The “short sale” is also preferable as it allows the Seller to control his future including when to vacate the property. The short sale also means “one less foreclosure”, “one less empty house in the neighborhood” and “one less depressed home valuation for future comps”. In other words, all the extra work by the homeowner, realtor and settlement attorney to complete a short sale is worth it.
Each successful short sale in the Central Virginia market place means one less foreclosure to have a negative impact on our real estate market and community.
Please contact me if you have any questions.
William D. Tucker, III
Tucker Griffin Barnes P.C.