Houston Short Sale Site

What are the benefits of doing a Short Sale?

More Honorable Solution: In a Short Sale you decide to sell your home to another potential home buyer - just like your neighbors have over the years. It is a relatively pleasant and dignified resolution to a very tough situation. If instead your home goes through foreclosure, a Bank representative will come to the home to lock up the doors and windows and change the locks, and if you are still there, they contact the Marshall for eviction. The agent for the bank usually slaps 'Bank Foreclosure' sign on the property while the house sits empty waiting for a sale. This is very embarrassing for friends and neighbors to witness.

Relocation to a new home is easier: After your old home is sold, you will be looking for a home to rent after this issue is resolved. It is easier to find a home to rent if you conduct a Short Sale versus a Foreclosure. Most property managers obtain a credit report . A Short Sale shows you cooperated with your bank and did the most responsible thing possible given the circumstances. A Short Sale instead of a Foreclosure will very likely help you to rent a nicer home with a more reasonable rent payment.

Less Damage to your credit: A Foreclosure will stay on your credit report for 7 years, but a bank Short Sale will on your credit for a shorter period and it will indicate that you “worked out” your situation rather than “walked away”. Completing a short sale with an experienced Short Sale Realtor will move the short sale to a completion sooner and result in less damage to your credit. Much of the damage done to your credit is a result of month-after-month of "30-Day Late" notices on your credit. The quicker we complete your short sale, the less damage to your credit.

Higher FICO Score: A Foreclosure more negatively affects your FICO score which is the rating number mortgage lenders and landlords use to determine if they will loan money to you or rent you a place to live. If you want to borrow money in the next 5 to 7 years a Short Sale will improve your ability to borrow.