Benefits of a Short Sale

October 15, 2009 by  
Filed under Benefits of a Short Sale, Blog

Many homeowners are still trying to understand what a short sale is and what the benefits of a short sale are.  I will explain the benefits to you, so that all homeowners know what they can expect out of a short sale.  Firstly, it is important for many homeowners to know that they have sold their home; there is a sense of pride that goes out the window in a foreclosure, so a short sale restores much of that.   Next, there is definitely a poor social stigma that is attached to the word Foreclosure.  For homeowners it is almost worst than saying Bankruptcy.  In addition to getting rid of any poor social stigma, homeowners who choose to short sale don’t need to make mortgage payments moving forward.  But the major question for most homeowners is, when will I be able purchase a new home?

Under Fannie May guidelines, if your credit report does not show a 60+day late fee, you can purchase another home immediately after a short sale.  If you do show a late pay, then you will be able to purchase a home after 2 years, as oppose to 5-7 years in a foreclosure.  These are the major benefits of a short sale.


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