Short Sale vs Foreclosure, Why a Short Sale is Better

If you are considering a short sale instead of foreclosure, here are the top reasons why a short sale is better for you and your family.

1. Credit Score -After a short sale, a credit score will be damaged by as little as 50 points. In most cases only mortgage lates will be reported. Credit will start to improve in as little as 12-18 months.

2. Credit History – A foreclosure will remain on a credit report for 7 years or more.

3. Employment – A foreclosure can effect employment in particular sensitive positions and security clearances. On top of this, when applying for a new job, a foreclosure is one of the most detrimental credit items an applicant can have.

4. Buying another home – A seller who wants to buy another home after foreclosure will end up waiting about 24 to 72 months before a lender will offer any kind of interest rate that makes sense.  The good news is a short sale will allow the seller to obtain a loan for a new home within two years.

5. Avoid bankruptcy – A short sale may prevent bankruptcy, which could enable the homeowner to possibly re-purchase a home and secure a mortgage without the delay associated with a foreclosure

When making the final decision on whether a short sale is the better option, homeowners should consult with a professional short sale specialist.

If you are thinking, how can I sell my house fast?  Contact Done Deal Solutions today!  On the web at www.DoneDealSolutions.com or by phone at 602-956-2274