Susan Hilton College Station Real Estate
Realtor & Vice President of Sales
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Foreclosure – Short Sale – Is There Really a Difference to Me?
July 22nd, 2008 Categories: Foreclosures
As we see more and more on the national news about foreclosures I am asked more and more questions about the difference between a foreclosure and short sale. Agents, buyers and sellers are forming opinions of how things work in Bryan/College Station based on what they heard…. Believe me, the foreclosure laws are NOT the same in Texas and Michigan! The process is very very different! But, with our unhealthy desire to watch cable news (yes, it is on my television as I type – I’m listening to another story about IndyMac’s takeover by the FDIC) we often take pieces of information and assume that it will apply to us in Bryan/College Station.
How do you know what is fact and what is fiction? Talk with a Realtor that specializes in foreclosures. An agent that has sold 2-3 foreclosures in the last couple years is NOT a specialist! Yes, they can research the market and let you know what the property is worth but they are not specialists. How do you find a foreclosure specialist in Bryan/College Station? Call Century 21!
No, we don’t have many foreclosure specialists but we have a few and they are willing to share their experiences and expertise with the other agents for YOUR benefit! I work with great agents who work together as a group sharing ideas and encouraging each other.
I’m often asked something like, “does it matter on my credit if I have a foreclosure or a short sale?” YES!!! A short sale will always be better than a foreclosure. Sure you may have late mortgage payments reported on your credit but there is a good chance that the loan will be reported as “Paid as Agreed” and the late payments over time will roll off. Your credit score is set by an algoithm that uses many different pieces of information about you but a foreclosure will hurt it much more.
In the past lenders did not hurry to help anyone with a short sale if they were current on their mortgage but it does happen. The main things to do if you are not going to be able to continue making your mortgage payments is 1) contact a Realtor who specializes in foreclosures in YOUR market and 2) start working with your lender. Call your lender and ask for the loss mitigation department and ask for someone to help you through the process of a short sale. The people who have that job are often called “Negotiators” or “Loss Mitigation Specialists”.
Get started right away – it may take weeks just to get assigned to someone to begin the process. If you are struggling and need to get out from under the house payments please do not wait! Call us NOW so we can help. Don’t wait until you are getting foreclosure notices. Call CENTURY 21 Beal (979-764-2100) now and let us help you with the process ahead. We know how to help – we’ve done it many times before.
Want to read more post about this topic?
Are You Drowning? Are You Behind in Your House Payments? Don’t Wait!!!
Selling Your Home Pre-Foreclosure: The Hardship Letter
Foreclosures Across the Country Still on the RISE!!!
Susan Hilton – Realtor & Sales Trainer for Century 21 Beal
Search the ENTIRE Bryan/College Station MLS? CLICK HERE!!!
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