There are many that are facing a foreclosure and are trying to find the best alternatives to get out of the problem.  One of the ways to make sure that you don’t suffer from a foreclosure completely is to consider a short sale.  Before you decide to take this alternative, you will want to know what a short sale is and will need to weigh in the benefits and downfalls to make sure it is the best option. 

Facing foreclosure also means that you will have several negative strikes against your credit and finances.  A foreclosure will stay on your credit report for an average of 7 – 10 years, making it difficult for you to find another home.  If you are facing late payments that move into the foreclosure process, then you will also have to move through several government provisions and court rulings because of the status of your home.  After a certain time period, you will have to leave your home instead of being able to recover from the late payments. 

If you don’t want to go through the foreclosure process, then a short sale can save you from the difficulties.  If you decide to move into a short sale, you will be able to sell your home within 90 days.  This immediately stops the court proceedings and the late payments from accruing.  Instead of going through this process, you will simply have sold your home in a short period of time, while giving you enough time to move into another alternative for real estate. 

There are many that are considering a short sale but aren’t certain if it is the best option.  Taking this route means that you won’t make a profit from your home and won’t receive the return from your property.  However, you also would not be able to receive a return if you are facing foreclosure.  A short sale may also mean that your credit history lowers for an average of two to three years.  However, this doesn’t take away as many points as a foreclosure and is easier to recover from if you need to buy a new home.