Posted: 24 Jul 2012, KCM Blog
This week, we are looking at the advantages of a short sale over a foreclosure from five different perspectives: Sellers’, Neighborhoods’, Banks’, Prices and the Children. – The KCM Crew
A foreclosure, in most cases, leaves the block with a vacant home. A short sale does not. A vacant house in a neighborhood creates several challenges: It doesn’t contribute to the tax base of the region. It can be an eyesore and bring down the image of the area. It can be a breeding ground for insects (example: mosquitoes, ticks, etc.). It can be an incubator for crime if occupied by vagrants or transients. It can create safety issues for children (example: unguarded pool).
If a short sale is the result rather than a foreclosure, it is much better for the neighborhood .
Tomorrow, we will look at the impact of a short sale compared to a foreclosure on the banks.
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