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Why Short Sale?
A Short Sale will:
Clear your mortgage debt to ZERO for FREE and allow you to buy a new home again.
Short Sale Advantages:The seller is in control of the sale, not the bank (like in a foreclosure)
- The impact on a sellers credit is less than in a foreclosure
- Credit bureaus do not typically show "short sale" on your credit. Bureaus will show "late payments"
- The sales process, once approved by the bank, is handled like a typical sale
- SHORT SALE sellers can purchase a home again typically within 1-2 years whereas with a FORECLOSURE a borrower must wait on average 5-7 years to purchase another home
What to Expect:
- SHORTSALE sellers credit will be impacted on average 50-150 FICO points whereas with a FORECLOSURE the typical impact on credit is 200-400 FICO points
- Some banks will take several weeks to months to respond to offers
It is imperative to use a skilled agent to help guide you through the purchase and/or sale aspects of a short sale. Give me a call if you have more questions about the Short Sale process.
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