Main Content

Why are Venice Short Sales Preferred by Homeowners?

If you find yourself in a situation where you can no longer afford your mortgage payments, it may be time to find an alternative. If you should choose to do a Venice short sale on your home, it might be the best decision you make at this point in your life. One reason homeowners prefer a Venice short sale is because it stops the foreclosure process. Another reason a Venice short sale sounds great to homeowners is because it doesn’t cost a dime and homeowners usually get some sort of relocation assistance up to $3,000 at times. This of course all depends on who your lender is. Banks typically will agree to a Venice short sale because they do not want to go through the foreclosure process. It can be quite costly to them. They do however make more by agreeing to a Venice short sale over a foreclosure. A Venice short sale is a sale of a property where the sale price is usually less than what is owed on the property. So since the sale falls short of the amount needed, the name short sale came to be. The lender will have the ultimate decision on whether or not to accept the Venice short sale on your property. Both the lender and the homeowner must come to the agreement that the Venice short sale would be the best for your situation. This usually releases the homeowner from owing the difference on the balance on the home and the sale price, known as a deficiency. If you choose to complete a Venice short sale on your home, it will have less of an impact on your credit than if you choose to go the foreclosure route. This is good to know so you will be able to purchase another home as soon as you are financially ready.