Comments on: Short Sale vs. Foreclosure: Which is the Better Option?

By: Katherine Cameron

Katherine Cameron — Tue, 17 Nov 2009 18:35:10 +0000

Hi I live in Palm Beach county and my husband and I need some expert help
re short sales . Do you have an office in palm beach county?

By: Allan Kleer

Allan Kleer — Thu, 05 Nov 2009 19:15:22 +0000

Great Article. I have recently discussed this topic on my blog. And you are right, Short Sale is always a better option than foreclosure. Foreclosure not only affects your credit but may also play a role in your future employment.

By: Short Sale Investor

Short Sale Investor — Tue, 03 Nov 2009 04:29:46 +0000

Nathan,
If you owe more than your house is worth, it’s generally the best choice to go with a short sale but every state’s laws are different. You may want to consider speaking with a lawyer or real estate agent to determine the best direction. The good news is that if you decide to short sale your house, typically the bank will pay all of the real estate agent commissions and fees. Your credit will be hurt but if you are able to make your payments on your other debts, you can probably get that credit score back in a few years.

By: Short Sale Investor

Short Sale Investor — Tue, 03 Nov 2009 04:27:19 +0000

Bren,
Depending on the type of mortgage that you have, you should be able to get the mortgage company to accept the short sale as payment in full. If you would like a professional evaluation, contact me directly and we can go over your specific situation. We’ve completed over 250 short sales this year.

By: nathan

nathan — Tue, 03 Nov 2009 03:13:03 +0000

Divorce unfortunately imminent… We need to sell our home, neither one of us can make the payments alone. The house is almost certainly worth less than what we owe; especially after fees etc… Suggestions, comments would be appreciated greatly.

By: The Economy Still in the Shitter : NO QUARTER

The Economy Still in the Shitter : NO QUARTER — Fri, 02 Oct 2009 01:17:25 +0000

[...] in the offer the 1st of August and probably won’t hear an answer back from the bank (it is a short sale) until middle November. The real shocker came when he started to look for a [...]

By: Real Estate Brokerage « Own Your Real Estate Company

Real Estate Brokerage « Own Your Real Estate Company — Thu, 01 Oct 2009 16:48:11 +0000

[...] is an excellent post on foreclosure vs short sale — please take time to read [...]

By: Chad Huebener

Chad Huebener — Thu, 24 Sep 2009 19:10:57 +0000

Thanks for this article. We do a lot of short sales in the south Twin Cities suburbs, but still struggle with getting people to understand that they cannot “just do a short sale” a month before they plan to be out of the house. We are going to share this with our prospects. Thanks!

Chad & Sara Huebener
Coldwell Banker Burnet

By: Bren

Bren — Wed, 16 Sep 2009 20:20:01 +0000

We have a house in AZ and live in another state. The AZ house is the collateral for the loan and we are waiting approval on a short sale. Will the short sale satisfy the mortgage company or can they try to collect more? Or is giving the mortgage company the keys the better way to go?

By: Mike

Mike — Mon, 14 Sep 2009 18:38:34 +0000

Is foreclosure necessarily the worst option? From what I’ve read about it, a shortsale can impact your credit score just as badly as a foreclosure, plus you may be liable to reimburse the difference between the sale and the mortgage to the bank- something that won’t happen if the home is repossesed by the bank and sold by them.

Linda,

Depending on the state you live in, the type of mortgage it was, investor/lender ratios and the amount of the differnce between what the bank sold your property for vs what your mortgage was, may result in a deficiency judgement.

To put it simple:
A short sale – puts in a negotiable position
A foreclosure – takes that position away

If you plan on purchasing a home in the near (er) future, a short sale is to your benefit.

Hope this helps.

Mike Luzzo