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.