Wayne B. Pruner, GRI, Principal Real Estate Broker - 503-891-0795 - Oregon First - Licensed in the State of Oregon
Should I get my short sale re-inspected? Should I get my short sale re-inspected? I would say my answer to that is probably yes, depending on how much time has elapsed. I was talking to a new home owner last week. He purchased a short sale and the period between the home inspection and the closing of the short sale was nine months. The Seller continued to live in the house. When he took … [Read more...]
What is a short sale? We have been hearing this term a lot lately and some first time home buyers are not sure what a "short sale" is. Basically a short sale happens when the Bank allows the Seller to sell the property for less than what is owed on the mortgage. If the Seller can't continue making the payments, it is better for them to sell "short", than to go all the way to foreclosure. It is … [Read more...]
Which is better for my credit score, a short sale or a foreclosure? They both have the same affect on your credit score. A foreclosure does not penalize your FICO score more than a short sale according myfico.com. There are some people who think a foreclosure is worse to their credit score than a short sale. Credit score aside, there are other financial issues to consider when defaulting on … [Read more...]