Short Sales: Why Should I Short Sale?

By
Real Estate Agent with Re/Max Metro Real Estate Services

When you are having a tough time financially, it may seem like you will never get back on your feet. But, most people do get back on their feet.

They find another job and start making money again. Their credit will usually be back to normal in 2-3 years.

Why not buy a new home at that time? If you short sale, then you will be eligible to do that. Fannie Mae will consider you for a new loan 2 years after a short sale.

You would have to meet all of their credit guidelines and other lending criteria. Most derogatory credit items such as late payments or collections won't have as much of an impact when they are 2 years old.

In addition, there are many ways to get derogatory items removed from your credit. The other great option is an FHA loan. FHA allows you to buy a home with only 3.5% down.

Current FHA guidelines will loan to you 3 years after a short sale. Contrast that with the 5-7 year wait required if the home is foreclosed on by the lender.

That is the number one benefit of a short sale. You can get back on your feet and buy another home a lot faster than if the lender forecloses on your home. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. 

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Rainmaker
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Jon Quist
REALTY EXECUTIVES ARIZONA TERRITORY - Tucson, AZ
Tucson's BUYERS ONLY Realtor since 1996

Good reminder of the two year situation. Great subject to remind people of in a public post or an ad.

Jan 22, 2011 03:14 AM #1
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Rainer
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Paul Flores

Short Sales - Anaheim Homes, Anaheim, CA
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