Short Sales vs. Foreclosure….What’s the difference? SkippyBean Realty

I’m finding that most homeowners in the San Ramon, Danville, Brentwood, Pleasanton, Livermore, and Discovery Bay Real Estate markets are too quick to give up and foreclose when there are a lot more options to consider. I get it…. in most cases homeowners with adjustable rates feel like they were lied to and want to stick it to the bank that didn’t explain the original loan they signed for. The best way to stick it to the bank is to work with the bank…….Let me explain. Yes it would be easier to stop making payments and wait until the sheriff came to kick you out after the foreclosure is sold. Why not try for a loan modification (which will not go through in most cases) but will keep you in the house for months (rent free)? After your denied for the loan mod and have not been making payments for months (hopefully saving your money) apply for a short sale with an experienced short sale expert. Short Sales take anywhere from 4-6 months to close (still not making payments and saving your money) and because you were denied for the loan modification you qualify for the HAFA Program which gives you $3,000 from your bank to help you relocate. It’s a not brainer….. You have not only stayed in your home rent free for months, you were able to save some scratch, and once you closed your short sale you received $3,000 and up from your bank to move.

Lending institutions have a 24 months grace period from when you short sold your home to qualify (if your credit is 640 +) to purchase a new home. This market isn’t getting any better for a few years which means you should still be able to get a GREAT deal 24 months after you short sold your home. My team at SkippyBean Realty have successfully got our sellers over $50,000 this year to Short Sale instead of Foreclose.

The other option is to stop making your payments and be kicked out 3 months later and with a foreclosure on your credit for 7-10 years…..

Think about it knowledge is key.. check out http://www.MyShortSale.net for more information.