Short Sales and What they mean?

A short sale is selling a home for less than what is owed to the lending institution that is servicing the loan on the home. How does a short sale effect a family? The family that does a short sale has more control over when and how they leave a property. About 50% of the families I have worked with get relocation funds. A families credit is impacted however not as hard as with a foreclosure. After foreclosure it will be 7 years before purchase with a FANNIE MAE or FEDDIE MAC loan. FHA or VA is 3 years. This will effect investors more than traditional home buyers. A short sale is 3 years with some exceptions. Stress of having your home foreclosed is greater than a short sale. Having trustee sale paperwork and ads placed in paper does not feel good nor does having the Trustee paperwork taped to your garage door, with a short sale we avoid this. Having to sale your house because you can no longer make the payments is not fun. Leaving on your terms is better than being told to leave. What I have seen from the short sale is the peace of mind it gives someone from knowing that they did everything they could right even though the economy and the banking world let them down. Having maintained a level of self-respect is priceless. Instead of walking away talk to a true real estate professional and do a short sale. We are there to help you and your family.