Recently I wrote a contract on a Short Sale. Questions were asked why an owner would do a Short sale. Well this is the answers that I gave to them. People often find in today’s economy that they cannot keep up with mortgage payments for a variety of reasons. Their home in today’s market may be worth a lower amount then their mortgage amount so they still need to get out from under their home mortgage. The bank agrees to take less for the home then is owed on it creating a Short Sale. So why a Short Sale vs Foreclosure, generally speaking a Short Sale is less damaging on your credit score. So there are many people that will tell you Short Sales will not impact your credit score and that simply is not true.
Whatever you do whether a Short Sale, Foreclosure or a Bankruptcy, all will have a large impact on your credit score. Best if you can talk with proper professionals in your area and make an informed decision.
Patsy Barten provides a level of Real Estate Service that “You are proud to Refer” to buyer and sellers in Post Falls, Coeur d’Alene and Kootenai County, Idaho.
No matter how big or small your real estate dreams may be, you can call me in confidence. Please call today and let me know what I can do to be of service to you. Patsy Barten 208 818-6622.
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