Many Bradenton - Sarasota, Florida homeowners are facing the risk of foreclosure in our declining market. For some, a short sale may be the solution.

How Does a Short Sale Affect Your Credit? 

The credit score of the seller will take a bigger hit by going through foreclosure or giving a deed-in-lieu of foreclosure than with a short sale.

A short sale may result in a loss of about 100 points on the borrowers FICO score. A foreclosure or deed-in-lieu of foreclosure may result in a lost of 250 points of more.

Also to be considered is how long a borrower must wait before they buy another home.

A foreclosure may force the borrower to wait as many as 36 months before they can comfortably buy again.  However, with a short sale, the borrower can buy again in about 18 months.

Most people, when faced with the possibility of foreclosure, find a short sale to be a better solution.  In my previous posts I covered all of the options that a Bradenton, Florida homeowner needs to consider. I always recommend that the homeowner discuss their situation with their attorney and their accountant.

(Copyright © 2007 By Dan Forbes, All Rights Reserved. This material is excerpted from Everything You Need to Know About Short Sales, by Dan Forbes)

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Please give me a call if you have questions abour our Bradenton real estate market.  You can reach me, Dan Forbes, at 941-746-0505 or toll free 877-646-8326.  Also visit my web site at BradentonFloridaRealEstate.Com  and my blog at The Real Estate ZOO.

If you or someone you know is facing foreclosure we can help. Lenders are ready to accept short sales rather than taking a home back in foreclosure.

A short sale occurs when a lender is willing to accept less than what is actually owed on the mortgage. Why would they do this? A 2002 study revealed that the average foreclosure costs a lender over $58,000. They would rather accept a short-pay on the mortgage.

Put our experience to work for you and save your credit! Call today.

I’m Dan Forbes and I want to be your Realtor and resource for all your Bradenton real estate needs.

Foreclosures are skyrocketing in our Bradenton - Sarasota , Florida market.

Yesterday’s paper noted, “Lenders have filed 573 foreclosure actions in Manatee County Circuit Court through the first four months of 2007, including a record 156 in April alone, according to the Manatee County Clerk of Court’s Office. At that pace, the county’s annual foreclosure-filing record - 901, set in 2002 - could fall as early as mid-July.”

If you need to sell your home and are struggling to keep up with the mortgage payments, give us a call. If you are behind in your mortgage payments, we may be able to help you save your credit.

I’m Dan Forbes and I want to be your Realtor and resource for all your Bradenton real estate needs.