Archive for mistakes
The Difference Between a Short Sale and a Foreclosure
Posted by: | CommentsSellers often ask me what’s the difference if they do a short sale or just let the bank foreclose? Most of the time property owner’s long term financial health is better off if they do a short sale. There are, however, some cases where the property owner’s long term financial health is better off by letting the bank foreclose or doing a bankruptcy.
- Short Sale
- Foreclosure
- Deed in lieu of foreclosure
- Loan Modifications
- Bankruptcy
Each of these tools will have a different impact on both your short and long term financial health. Don’t let the bank foreclose before you know the difference, and you and I talk about the details. My initial consultation is free.
A short sale occurs when you negotiate with the mortgage company to accept less than the full balance of the loan. When you consider a short sale or foreclosure you need to consider how they will impact the following items:
Credit History
A foreclosure will hurt your score by approximately 250 to 300 points for at least three years. In addition the loan will show on your credit report as foreclosed for 7 years.
With a short sale only the late or missed payments prior to the short sale will be reported, the points off your credit report can be far less, and if you make all you other payments on time the impact will only be 12-18 months. Furthermore, if the lender agrees to accept nothing more than the proceeds from the sale the loan is typically reported as “settled” or paid in “full”.
- The AZ Deficiency Statute
- Bankruptcy
- Loan Modifications
- Short Sales
- Foreclosures
As a public service to AZ homeowners I am glad to offer you a free consultation. If you take advantage of this free service and then go to speak to an attorney and tax expertyou will be armed with information that will help you get more from their consultation fee.
Jerry Raviol
West USA Realty
http://www.houseaz.com
602-695-5478
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10 Mistakes Buyers Make When Purchasing a Home
Posted by: | CommentsAre you in the process of purchasing a home? Maybe you have just begun the process of researching buying a home. Well, whereever you are in the process you must read this article. It could save you time, money and headaches!
-Protect Yourself From These Ten Common Pitfalls-
- Mistake No. 1
Choosing a real estate agent who is not committed to forming a strong business relationship with you.Here’s How to Avoid It
Making a connection with the right real estate agent is crucial. Choose a professional who is dedicated to serving your needs—before, during and after the sale. - Mistake No. 2
Making an offer on a home without being prequalified.Here’s How to Avoid It
Pre-qualification will make your life easier—take the time to talk with bank or mortgage representatives. Their specific questions with regard to income, debt and other factors will help you determine the price range that you can afford. It is one of the most important steps on the path to home ownership.If you’d like to read more about the top 10 mistakes homebuyers make please click the image below to view the entire list.
As always, if you find you need help with avoiding these common mistakes then contact me and I’ll be happy to assist you through your home buying process.
Jerry Raviol
West USA Realty
http://www.houseaz.com
602-695-5478