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| Short Sale or Foreclosure |
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Some of you are behind on your mortgage and our now deciding whether you should short sale the home or let it go to auction.
As an agent you could probably expect me to suggest to short sale the property. This is not only because it generates sales for agents but it also helps you, the seller.
How does it help? When someone completes a short sale, their credit takes a lighter hit with a short sale than a foreclosure. In two years the banks will most likely forgive the short sale and will most likely allow you to qualify for another home.
Foreclosure never looks good to the banks. Short sales look like you did anything possible to minimize the loss on your home.
So if you are on the fence about it, get off. Do not hesitate to try a short sale, you could be pleasantly surprised how simple it could be.
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