Short Sale vs. Foreclosure

We've been asked a lot recently what the difference is between a Short Sale and a Foreclosure. And why is it better to sell your home as a short sale than it is to let the bank foreclose.

Here's just a brief list of some of those differences:

Short Sale: You sell your home for more money.
Foreclosure: You sell your home for less money.

Short Sale: Shows as a closed account on your credit report.
Foreclosure: Shows as a foreclosure on credit for 10 years.

Short Sale: Homeowner typically stays in the home for a longer period of time.
Foreclosure: Homeowner typically stays in the home for a shorter time.

Short Sale: No eviction.
Foreclosure: Eviction.

Short Sale: It's private. Neighbors do not have to know.
Foreclosure: Public notices filed and posted at your home. This is embarrassing.

Short Sale: No deficiency judgement.
Foreclosure: Deficiency judgement.

Short Sale: No cost to seller.
Foreclosure: Trustee sale.

Short Sale: Right way to handle this type of debt.
Foreclosure: Wrong way!

Remember, there is a lot of misinformation about the short sale and foreclosure process. If we can help you and work with you through this situation, please do not hesitate to contact us for a free, private consultation.

Geoffrey & Gabe
OC Short Sale Guys
(949) 287-4483
http://www.ocshortsaleguys.com/