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Why Do a Short Sale?

Why Do a Short Sale?

Many borrowers wonder, “Why bother with a short sale? Shouldn’t I just let my property go to foreclosure?” – In most cases, the answer is ‘no.’

Short Sale (For Sale)

A short sale is a much better alternative to foreclosure or a deed-in-lieu of foreclosure because a short sale is usually less harmful to your credit and your future ability to borrow.

A foreclosure will remain on the credit report for up to seven to ten years. With a foreclosure on your credit, it usually takes 5 years before new mortgages may be obtained.

The benefit of a short sale is that you may be able to purchase a new home in 2 years or less. Additionally, many loan applications ask whether you have had a previous foreclosure or bankruptcy.

So, if you own real estate and you are considering the alternatives, a short sale may have a better impact on your future ability to borrow.

Originally posted at http://servingsandiegocounty.com/for-sellers/short-sales/why-do-a-short-sale/

 

 

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ABOUT ME

Sharon Paxson is a full-time REALTOR® with EQTY | Forbes Global Properties and has been specializing in residential real estate throughout the Newport Beach area since 2005 assisting Buyer’s, Seller’s, Landlords, and Tenants with their real estate needs.

If you are thinking about buying, selling or renting your home, condo or other Real Estate in the following areas including Newport Beach, Newport Coast, Corona del Mar, Huntington Beach there are thousands of Realtors to choose from. However, it doesn't cost you any more to work with a top Newport Beach CA Realtor. We welcome the opportunity to show you how we get outstanding real estate results with specific and targeted marketing. If you are looking for a top real estate agent who will make a difference you have come to the right place. Use this real estate website to learn about communities and homes for sale.

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