Real Estate Short Sale

Archive for the ‘Short Sale’ Category

I short sold a home a couple of years ago. The short sale was reported to all three credit bureaus as being ” Settled for less than the full balance, paid as agreed”.

However on my Equifax and Experian credit report the account shows “settled for less than the full balance, paid as agreed and lastly Foreclosure”.

However the final status for the accounts show closed and not RF as would be posted after a foreclosure.

I do not have any public records or judgments on my credit. I am wondering now if it is accurate that a completed short sale would reflect as a foreclosure. I had this mortgage with Ameriquest Mortgage and have not been able to get any answers about this since it was two years ago.

I have done as they have asked and have submitted to them in writing my dispute. Has anyone ever done a short sale. Can you tell me how it appeared on your credit report please.

What is a short sale and how long you have to wait to buy another house again?

I heard a short sale in when you can pay or can sell your house for the amount you bought it for… For example I bought my house for 5k and now it cost less, so it is upside downs. I heard that I can hire a realtor and he will sell it for a less amount and the rest the bank will “eat it”. But I have to wait certain years to buy another house again. How many years do I have to wait to buy again?

Wait after shor sale?

Buy Find The Money In It, Or The Way Out: Real Estate Short Sales By The Book (Paperback) at Amazon

Some people think that you have to be late in your mortgage payments to start a real estate short sale process. This is not true. In the video below, real estate agents in Southern California talk about short sale and when you can do a short sale. It is never too early to do a short sale if you think that you need it. You do not have to wait until you are behind on your mortgage payments to start the process on your property. In fact, it is best if you do not.

There are a lot of myths and misunderstandings about short sale. Many real estate agents know very well how to do a short sale. They work with individuals who are current in their mortgage payments and also people who are late and have even defaulted on their loans.  If you see yourself having difficulties in the future in paying your mortgage payments, then it is a good time to start a real estate short sale.

For a successful short sale, you need to find yourself a great real estate agent. You need to find someone who has closed at least 3 short sale cases with their own listings, advised real estate agents in the video. You need to let go of your pride, denial and attachment to your home. You need to move on and get yourself ready for a short sale and to sell your home.

Kris & Kim are trained in the Real Estate Short Sale Process by Harris Real Estate University. Kris & Kim introduce their series on Real Estate Short Sale Myths. They will be de-bunking all the myths of the overwhelming Short Sale process.

Buy Short Sale, A Practical Approach (Paperback) at Amazon