Another aspect to consider
between foreclosure and short sale is the waiting period for when they come off your credit report, which is a different consideration than your credit score.
Millions of homeowners will
see foreclosures and short sales — black marks from the crash — drop off their credit reports, helping their case for a new mortgage.
While there's both art and science involved with appraisals, estimating value has become more complicated in markets
with foreclosures and short sales that may not be in comparable condition to your home.
So here is a seller who is in
foreclosure and this short sale company nor the agent ever advised him to go seek the advice of a foreclosure defense attorney to defend him in this foreclosure suit.
The median sales price for the city and five surrounding counties was flat from a year before, but if so - called «distressed properties» —
including foreclosures and short sales — are removed, the median rose 8.4 percent to $ 260,000, RBI reported.
Distressed homes —
foreclosures and short sales typically sold at deep discounts — accounted for 31 percent of sales in August, compared with 29 percent in July and 34 percent in August 2010.
Distressed homes2 -
foreclosures and short sales which generally sell at deep discounts - accounted for 23 percent of second quarter sales, down from 30 percent a year ago.
But as the number of
foreclosures and short sales drop, Wall Street - backed buyers now are starting to shift their focus to mainstream real estate listings and to compete for a limited supply, they realize they need to act fast.
Recently FHA announced in mortgage letter 2013 - 26 the ability to FOREGO the current three year waiting period for
previous Foreclosures and Short Sales before you can qualify for an FHA Loan if the borrower had an ECONOMIC EVENT that created a hardship.
In the past, banks have suffered huge losses with so many properties going
into foreclosure and short sale that they have become increasingly more dependent on an individual's credit history in determining their ability to make timely payments.
That also doesn't factor in the
damage foreclosures and short sales can do to a person's credit score, and the work former home owners» will need to do to repair it so they'll have a better chance at qualifying for financing again in the future.