Q: Would you let me know what the benefit of doing a short sale is? –Linda
A: Whether there are benefits to doing a short sale, and what they are, depends on a number of factors, including whether you are buying or selling, where you are located, and the specifics of your personal finances and situation.
For clarity’s sake, let’s start with a definition: A short sale is a home that is being sold for less than the payoff amounts owed at the time of sale to all outstanding mortgage holders and lien holders. More simply, to "short sale" a property is to sell a home for less than is owed on it, with the permission of all entities and persons who hold loans or liens that are secured by the property.
The way your question is phrased leads me to suspect that you are a seller, but I’m not 100 percent sure, so let’s talk quickly about benefits of buying a short sale as a buyer. There are really very few.