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SHORT SALE VS. FORECLOSURE: If you're in trouble, KNOW your options!
This article is written with Florida residents in mind. Laws vary from state to state and it is highly advised that you consult an attorney and CPA regarding how the following options can affect you.
Short sales vs. foreclosures: A lot of consumers don't understand the difference between a short sale and a foreclosure. This article is intended to help shed some light about the difference between the two and answer questions you might have about the process.
SHORT SALE: With a short sale a settlement is negotiated between the parties involved, like a "regular" sale. The liens on the property are negotiated with the 1st lien holder taking precedence. When doing a short sale, the seller's credit is typically bruised versus totally destroyed, at which point the seller may be able to buy again in as little as 2 years. There is debate about how a short sale vs. foreclosure affects the FICO (credit) score, but this is simply my understanding.
As a seller, listing your property in a short sale capacity can actually be beneficial in a number of ways. If you have a real estate professional that can facilitate the short sale with and for you, ... more
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