Shortsale vs Foreclusre

By
Education & Training with Keller Williams Realty

As a Realtor, I am often asked the difference between a Short Sale and a Foreclosure.  After I explain the difference, I am usually met with the same response... "so, why would I care?  Both hurt my credit, and I walk away from my home with NOTHING either way." 

The answer is easy... If your Short Sale is negotiated properly, you can be forgiven of any balances still due.  For example, if you owe $200,000 for a house and the bank forecloses and sells the house for $150,000... they can come after you for the $50,000 difference.  A properly negotiated short sale, however, will usually forgive you the rest of the debt.  In order to be sure your Short Sale is negotiated properly, it's always best to use a licensed Realtor and a Short Sale Consulting company.

Posted by

Greg DeCristofaro
Team Leader, Keller Williams Realty Group
Anniston, AL 36207

E-mail:  GregDe@kw.com
Office:  256-241-1500 
Direct:  401-323-8700

 

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Rainer
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Jennifer Grace
Elk Grove, CA
Jennifer Grace

Here here!  Even if the loan is non recourse, short sales are better - especially if you can do a HAFA - and walk away with $3,000!

  Get the HAFA facts HERE!

Sep 22, 2010 03:51 PM #1
Anonymous
Greg

That sounds great!  How do they get to walk away with $3,000?????

Sep 22, 2010 04:13 PM #2
Rainmaker
444,997
Letitia Stevenson
BHHS Fox & Roach | www.DelawareValleyRE.com - Greenville, DE
Delaware Valley Real Estate, Lic'd in DE, PA & MD

Greg, Welcome to Active Rain! Active Rain is a great place to share your knowledge, expertise and thoughts, as well as network and learn so much from the vast pool of talent already onboard.

Welcome Aboard and Much Success!

Sep 25, 2010 12:45 AM #3
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Rainer
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Greg DeCristofaro

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