Password Verified

Thank you for updating your password to meet enhanced security standards, your account is now more secure.

Explore the Marketing Center

Short sale and foreclosure: How are they different?

The article below is for real estate professionals to use on their own blog or website copyright free.

As unfortunate as it can be when homeowners fall behind on mortgage payments and must face the possibility of losing their homes, short sales and foreclosures provide them options for moving on financially. The terms are often used interchangeably, but they’re actually quite different, with varying timelines and financial impact on the homeowner. Here’s a brief overview.

A short sale comes into play when a homeowner needs to sell their home but the home is worth less than the remaining balance that they owe. The lender can allow the homeowner to sell the home for less than the amount owed, freeing the homeowner from the financial predicament.

On the buyer side, short sales typically take three to four months to complete and many of the closing and repair costs are shifted from the seller to the lender.

On the other hand, a foreclosure occurs when a homeowner can no longer make payments on their home so the bank begins the process of repossessing it. A foreclosure usually moves much faster than a short sale and is more financially damaging to the homeowner.

After foreclosure the bank can sell the home in a foreclosure auction. For buyers, foreclosures are riskier than short sales, because homes are often bought sight unseen, with no inspection or warranty.

breakthroughbroker
Technology, marketing, & strategy your real estate business needs!

Being a Real Estate Professional is challenging. Finding the time and technology to stay top of mind and generate new business is a full-time job. Breakthrough Broker is here to help.

Equipped with features such as:

Workbooks, checklists, playbooks, and workshops to support the growth and management of your business.
Easy-to-use marketing technology to create and customize professional marketing designs.
Direct mail marketing services and engaging social media content.

Create your free account and join over 600,000 other real estate pros.

Create Free Account

A guide to your advanced real estate marketing tool kit.
Click through the menu on that left to see all the incredible perks of your BB Plus membership, as well as tutorials for using them to save more time and sell more homes.
MLS Lookup
Automated Postcard Campaigns
Social Posts
Team Designs
Preset Brand Color
Headshot Library
Other BB Plus Benefits
Using MLS Lookup
Create marketing for your listing in seconds
  1. Find a marketing template you love.
  2. Enter your listing’s MLS number in the left sidebar.
  3. Watch as your listing’s information and photos instantly populate the item.
  1. Double check for accuracy.
  2. Download for free, share on social media, or use our printing and shipping services.
  3. Create marketing for your listing in seconds.
Select a template and try the MLS Lookup!
Using Automated Postcard Campaigns
Take care of your sphere marketing for the year with just a few clicks.
  1. Choose a postcard set.
  2. Customize your postcards with your information and special message.
  3. Upload your contacts’ addresses or purchase a mailing list.
  1. Purchase your direct mail campaign.
  2. Sit back and relax! Each postcard will be automatically sent at the right time throughout the year.
Create your Automated Postcard Campaign!
Setting up team and two-agent branding
Market as a team.
  1. Visit your BB Plus profile using the waffle icon in the top right corner.
  2. Upload your teammate or team’s information, headshot, and logo.
  3. Open your desired marketing template and select two-agent or team in the left sidebar.
  1. Whatch your teammate or team's information instantly populate the item.
Try team branding by editing a template!
Selecting your preset brand color
Say good bye to “Frankenstein” marketing.
  1. Visit your BB Plus profile using the waffle icon in the top right corner.
  2. Click the Edit Primary Brand Color widget.
  3. Select your brand color with the color picker or enter the Hexcode and click Select.
  1. Moving forward, every customizable marketing template you edit will automatically load with your brand color.
Using your headshot and logo library
Put your best look forward.
  1. Visit your BB Plus profile using the waffle icon in the to pright corner.
  2. Upload additional headshots and logos.
  3. Click Update to save changes.
  1. Edit your favorite marketing template and click on the headshot or logo image slot to pull up your library of images and select.
Other BB Plus Benefits
Premium Designs & Content
Eye-catching, exclusive marketing material and print collateral branded for you.
Unlimited Downloads
Every standard & premium content piece downloaded as much as you.
10% Off Print Orders
Receive 10% off all print orders, including our direct mail services.