Short Sale and Foreclosure Effects on Credit |
| Published: September 22, 2007, 8:57 pm |
| Tags: nlc main, nlc loan originating, nlc real estate buying, nlc real estate selling, imploding banks, short sale |
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The Impact of Short Sales / Foreclosures on Credit Reports Sellers may wonder whether a letting a property go into foreclosure would be easier and smarter than going through a short sale. With a foreclosure, and depending on state laws regarding foreclosure, a seller could stay in the property, essentially rent free, for four months to a year before being forced to evacuate. But that fact alone does not mean a foreclosure is better. Whereas a short sale involves offering the home for sale, generally listed through MLS. Potential home buyers will make appointments to view the home, some will make lowball offers, agents might hold open houses and, in general, a seller’s life will be disrupted, all in the hopes that a buyer will buy the home. Basics of a Short Sale Short sales happen when a lender agrees to accept less than the amount owed against the home because there is not enough equity to sell and pay all costs of sale. Not all lenders will negotiate a short sale, and that is [ Full article ] |
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