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FAQ's Foreclosure Foreclosure What are the advantages of a short sale vs. a foreclosure?
FAQ's Foreclosure Foreclosure What are the advantages of a short sale vs. a foreclosure?
What are the advantages of a short sale vs. a foreclosure?
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- Friday, 12 June 2009
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While in both cases, short sale and foreclosure, the delinquent mortgage will negatively affect their credit rating, at least short sellers avoid having a "debt discharged due to foreclosure" on their credit reports. Mortgage and credit experts say that, after bankruptcy, having a foreclosure on your credit report is the worst result. You could also have to wait up to 5 years to qualify for a mortgage at a reasonable rate. Short sales typically show up on a credit report as a "pre-foreclosure in redemption" status which does negatively effect you credit score, however not nearly to the extent of a foreclosure. After the sale, the mortgage may show up as "discharged." People who successfully complete a short sale may also qualify for a mortgage at a reasonable interest rate in as little as 18 months. So, if buying a home is a future goal, then a short sale is the better option for most people.
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In every transaction there is usually a request for repairs given to the seller by the buyer. The work order is usually backed up by a third party inspection report. The following is a list of some possible work orders. The work orders must be completed prior to closing and the seller is responsible for having them done. Check with your local authorities for specific requirements. 
A plan is something that most people over look when going into a new home purchase and if you don’t have one it could cost you lots and lots of money. A good REALTOR® will be able to help you with your plan. The biggest issue with your plan is TIME.