Charlotte Short Sale vs. Charlotte Foreclosure - Short Sales vs. Foreclosures - Advantages & Disadvantages

Real Estate Broker/Owner with Charles Stallions Real Estate Services

I found this great informational post on the short sale vs the foreclosure aspect of selling ones home written by Yuriy V. of Charlotte NC Real Estate, Property Management in Charlotte, NC is hold valuable information that is good for my Pensacola, Pace and Gulf Breeze sellers as well.

If you leave a comment here please also leave a comment on the author's post. Thank you!

Courtesy of Charles Stallions, Pensacola Homes for sale – Pensacola Short Sale and Investment Expert



Original content by Yuriy V.


Charlotte Short Sale vs. Charlotte Foreclosure – Pre-foreclosure Sale vs. Foreclosure

In order to understand the difference between a Charlotte Short Sale versus a Charlotte Foreclosure, it may be helpful to think of a short Sale as a pre-foreclosure sale.  A short sale, or pre-foreclosed sale, is a property that is sold before the foreclosure actually takes place.  Some banks will postpone or pause the foreclosure if you have your house listed as a short Sale.  A short sale gives you the opportunity (not guaranteed) to avoid foreclosure.


Advantages of Charlotte Short Sale vs. Charlotte Foreclosure

A homeowner who successfully sells their home (I recommend using a Short Sales Specialist) as a short sale is eligible for a Fannie Mae backed mortgage after 2 years – versus  5 years after a foreclosure.

When getting a future loan, the application does not ask if you have been involved in a short sale  – versus – the loan application does ask if you have had a foreclosure.

Only late payments on your mortgage will affect your credit score, which may lower your score by a small amount – versus – large reduction (probably 250-300 points) should be expected after a foreclosure.

A short sale is reported on your credit history as “settled for amount less than owed” – versus – a foreclosure is reported on your credit history as “foreclosure” for ten years or more. 

A short sale will typically not affect future employment, since it will not be seen on the credit check – versus – a foreclosure will be seen on your credit check and could prevent you from getting a new job.

With a shortsale, it is quite possible to convince the lender not to go after a deficiency judgment – versus – with a foreclosure they are more inclined to go after the deficiency judgment.


Other advantages of a Charlotte Short Sale …

  • You can keep your head up high knowing that you sold your home.
  • You won’t be branded with the “F” word, foreclosure.
  • No mortgage payments to make during the short sale process.
  • Your Short Sales Agent is compensated by the lender, not by you.


Charlotte Short Sale Disadvantages

It may take months for the short sale process to be completed.

The lender will examine your financial records.

People will be going in and out of your home while it is on the short sale market.


A Charlotte Short Sale is a great alternative to Charlotte Foreclosure

A Charlotte short sale is an excellent way to avoid a Charlotte foreclosure.  Although a short sale is not for everyone, it is much more beneficial than going through the foreclosure process.  In order for your short sale to be successful, it is important to have a top-notch short sale specialist walking you through the process.  If you decide to do a short sale, keep in mind that there is no guarantee that the bank will accept the sale of your home.  However, there is a very high chance that you can successfully avoid foreclosure and sell your home as a Charlotte Short Sale.




Fill out the form below for a FREE Short Sale Consultation.  

Service is provided for Short Sales in Charlotte and surrounding areas, including Lake Norman, Lake Wylie, Fort Mill, Indian Trail, Matthews, Mint Hill, Pineville, Rock Hill, Waxhaw, Weddington, Huntersville, Monroe, Mooresville, and other nearby areas.

Charlotte Short Sale Form - FREE Short Sale Consultation


For more information on Charlotte Short Sale or Pre-foreclosure Sale visit  Our Short Sale Specialists are standing by ready to help!

Carolinas Metro Realty

Call us at:

Toll Free: 866-373-0917

Local: 704-405-0634

Fax: 866-357-5331


Yuriy Vaynshteyn


Comments (2)

Pat & Steve Pribisko
Keller Williams Greater Cleveland West - Westlake, OH

Charlie, Yuriy's blog was quite good.

Jan 30, 2013 10:59 PM
Charles Stallions Real Estate Services
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

I only work with buyers and tenants so you get my undivided attention, expert advice on what a home is worth not what a seller or Landlord thinks it is worth. Whether you would like to see one home or ten count me in because it is all I do. I have an appraiser, title company, pest control man, general contractor and most important 3 specialized lenders on speed dial and at your beckon call.

Sep 20, 2013 02:15 PM