FORECLOSURE VS. SHORT SALE: PROS AND CONS IN A SIMPLE CHART.......

Reblogger
Real Estate Agent with Keller Williams Realty Professionals MN Broker #40288835

 

There are major differences in executing a Short Sale of your property and walking away!

 

Original content by Kellie Morrissey

FORECLOSURE VS. SHORT SALE
HOMEOWNER CONSEQUENCES


FORECLOSURE CONSEQUENCES FOR THE FOLLOWING

SECURITY CLEARANCES= may be revoked and position may be terminated
CURRENT EMPLOYMENT= may result in reassignment or termination
FUTURE EMPLOYMENT= in most cases will challenge employment
DEFICIENCY JUDGMENT= 100% of the bank in states where they can may pursuer a deficiency
DEFICIENCY JUDGMENT (amount)= If sold at auction at a low price may result in a higher deficiency judgment
FUTURE FANNIE MAE LOAN-PRIMARY RESIDENCE= 5 years to get a FM loan
FUTURE FANNIE MAE LOAN-NON PRIMARY= 7 years to get a FM loan
FUTURE LOAN WITH ANY MORTGAGE COMPANY= Buyer has to answer YES on question C Section VII of the standard 1003
CREDIT SCORE= lower credit score of 250 to 300 for 3 years
CREDIT HISTORY= 10 years on public record

SHORT SALE

SECURITY CLEARANCES= Will not challenge most security clearances
CURRENT EMPLOYMENT= Not a challenge to employment
FUTURE EMPLOYMENT= Not a challenge to employment
DEFICIENCY JUDGMENT= some successful short sales it it possible to convince the lender to give up right to pursuit
DEFICIENCY JUDGMENT (amount)= In most case the amount is lower
FUTURE FANNIE MAE LOAN-PRIMARY RESIDENCE= 2 Years for FM
FUTURE FANNIE MAE LOAN-NON PRIMARY= 2 Years for FM
FUTURE LOAN WITH ANY MORTGAGE COMPANY= No question about Short Sales
CREDIT SCORE= 50 points and 12 to 18 months
CREDIT HISTORY= Not reported on a credit history

I hope this helps you talk to your customers about Foreclosure VS. Short Sale

We would love your comments!

Kellie Morrissey, MA, CRS, GRI, CDPE

The City & Mountains Group

Real Estate Broker

Cell 303.877.2813

Fax 720.266.6479

Keller Williams Realty Success,

LLC 10026 W. San Juan Way Suite 200 

Littleton, Colorado 80127

We would be honored if you visited our website to find 'just the right' home: www.CityandMtnsGroup.com

Posted by

Welcome from the Brainerd Lakes - where outdoor and indoor recreational opportunites abound. Looking to buy on one of our many lakes? Ready to move up or down?  Having trouble selling your home? 

Call me!

Comments (0)