Inside Sacramento Real Estate

Inside Sacramento Real
Estate

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Inside Sacramento Real Estate
If you want to save your credit rating, then do the short
sale but if you think it is fine to declare bankruptcy, then
let your property be repossessed.

Below are the comparison of repossessed homes and
Sacramento real estate short sales.

Check them out;


Benefits of Short sale - This method have a benefit to
home owners who wants to save their credit ratings from
going down further.

This method will give you a peaceful sleep at night since
you know who is buying your home. Short sale will also
spare you from multiple problems caused by foreclosure
proceedings.


Benefits of repossessed homes - Apparently, repossessed
homes benefit the home buyer than the home owner
(seller). The obvious benefit is that the home buyer can
purchase a very affordable distressed property that has to
be sold because of an unfortunate financial situation.

Distressed homes are much cheaper compared to other
properties found in the Sacramento real estate market.


Repossessed homes can also be great for would be
investors.

Most of the real estate investors I know used to buy
multiple repossessed properties (below market value)
then sell it to potential buyers twice the amount they shell
out.


What's going to happen after a Short Sale –

If your payments have never fallen behind 30 days late
and the lender does not require that you pay back the
loan, a real estate guidelines may allow you to buy
another home immediately.


Finding a lender who will fund that kind of loan is very
difficult.

If you are current on your mortgage, you can qualify for
an FHA loan immediately as well, but lender
requirements can be weird such as you have to move
more than 600 miles away.


He added that If your payments are in arrears yet a short
sale is granted by your lender, you may qualify to buy
another home with a Fannie-Mae backed mortgage within
two years, regardless of whether the home is your primary
residence.

The wait for FHA is three years.



What's going to happen after a Foreclosure –

With certain restrictions, you may be eligible to buy
another home in five years if the home was your primary
residence. Without restrictions, the wait is seven years.


Effects of Short Sale to credit ratings - According to a
realtor, a short sale may be considered to be a derogatory
mark on your credit even though credit bureaus do not
show the word "short sale" on your credit report.

It may say "paid in full for less than agreed" or "settled for
less," among other categories.



Some clients have reported negative FICO score drops
from 50 points to 130 points.

Major point drops are typically due to being in
default, meaning you have fallen behind on your
payments.


Effects of Foreclosure to credit ratings - Depending on
your credit history and other guidelines, a study shows
two examples in which a credit score could fall 105 points
to 160 points after a foreclosure.

Generally, a foreclosure will remain on your credit report
in the tradelines section for seven years.


When you use short sale method you will be able to
escape the problems done by further credit loss and the
lifetime embarrassment from other people.

So, if you think you on the edge of the situation, you try to
avoid getting into trouble by avoiding foreclosure
proceedings, instead, do the short sale so you can save
your credit ratings.


Your credit history can be saved through several
Sacramento real estate methods and all those methods
can be done through real estate practitioner who was in
the business for a very long time.

They can surely help you understand more the reason
why you should do such method.


Looking for the most trusted and well known professional in
Sacramento Real Estate?

Look no further! David Yaffee can help you in virtually ALL
your Real Estate in Sacramento needs.

If you have more concern in Real Estate Sacramento just
visit my site and call me.


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Inside Sacramento Real Estate

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