Short Sale vs Foreclosure in Arizona

Should I try to short sale my house or let it go to foreclosure? What is the right choice for me?

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Here are major the differences to consider

Buying a Home: After a short sale, you may be able to buy another home after 2 years. After a foreclosure, you may have to wait 7 years to buy another home.
Credit Score: A short sale is generally considered to be less harmful to your credit score than a foreclosure. A foreclosure will remain on your credit report for 7-10 years.
Loan Applications: On a loan application, you are required to report that you have had a foreclosure. Loan applications do not ask questions about a short sale.
Stay in your house: The short sale process can take months to complete. During this time you can stay in your house. When you house go to foreclosure, you must vacant immediately.

What about my credit?

The foreclosure process will severely damage your credit rating. A short sale is far less damaging and a short sale will lessen the long term credit effect and liability. Real estate attorney, Bill Kozub, talks about the effects that a short sale or foreclosure will have on your credit.

Major lenders are moving toward working harder on short sale negotiations instead of taking properties back through the foreclosure process. Lenders are even changing their guidelines so that a foreclosed homeowner will have to wait 5-7 years before a new loan can be underwritten in their name, whereas a short sale will not have to wait that long.

When your property is sold through the short sale process, the outside world sees it as a true real estate transaction. There isn’t any embarrassment, there aren’t any eviction notices placed on your door, and the Sheriff’s office doesn’t show up at your door waiting for you to evacuate once your lender evicts you. The behind the scenes dealings of short sales are complex, but that’s why you want us as your team of experts to handle this for you.

When you choose to work with us, you choose the top short sale Realtor specialists in Arizona.