We’re here to help you navigate through the process of buying or selling your home.
(510) 685-1995
Exodus Professionals are Highly Experienced With Selling Short Sales, Foreclosures and Probate Properties
Short Sales:
Certified Short Sale Real Estate Agents with over 20 years of experience working with short sales and specializing in helping homeowners who are in a difficult financial situation by offering free homeowner consultation services as well as free short sale processing and brokerage services. The short sales process is highly specialized, and it is very important to have
a Real Estate Professional who is experienced in with working them.
Probate Properties:
We have specialized in probate properties and trust sales for over 20 years in the San Francisco Bay Area and has successfully closed numerous probate transactions from simple to complex. Having worked with many conservators, trustees and probate professionals throughout the years, we have seen first-hand the pressures and stress that go along with such a profession. Our goal is to help alleviate this stress as much as possible by being reliable, competent and accessible. If you need us, we will be there. We believe in going the extra mile and being as accessible as possible to our clients. We believe if we have made your job easier, then we have done our job well.
An equally important goal to us is to get the best possible price for the conservator’s or trustee's client and/or their heirs. We always keep the family's best interest at heart throughout the whole transaction. We feel if we got a great price for the property, then we have done our job well.
Short Sale Vs. Foreclosure
WHAT IS A SHORT SALE?
A short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.
While a short sale will save you from foreclosure, it will also have a negative effect on your credit score. This can be overcome more quickly than the black mark of a foreclosure, especially if you manage to retain one or two credit cards and keep them current.
WHAT IS A FORECLOSURE?
A Foreclosure is a legal proceeding, in which the bank can take possession of and sell a mortgaged property when the borrower does not meet his or her contractual obligations, e.g. is delinquent on payments. It is one of the worst types of credit report entries and can impact your future ability to get credit cards and loans.
SHORT SALE:
A short sale is not necessarily viewed in a negative way and usually does not create a huge ding on your credit score. Typically, people who sell their home as a short sale will see their credit score drop anywhere from 30–200 points and will usually be referred to as settled, paid as agreed, or paid in less than full on your credit report. It is also important to be aware that the negative marks will mainly only be caused by late payments prior to closing. For individuals who are able to manage their monthly payments all the way up to the time of closing their scores may drop as little as 30-50 points.
FORECLOSURE:
The affects on your credit caused by foreclosures are far greater and much more damaging to your credit. Point drops due to a foreclosure can range anywhere from 200-400 points. Not only is that point deduction severely damaging they can remain on your record for 7-10 years.
There are several other affects of foreclosures that are not associated with short sales. For instance, loan applications will not ask about short sales but will certainly ask if you have recently had a foreclosure. The foreclosure will be listed clearly on your credit report while the negative effects of selling your home will be in the form of late payments on your credit history.
As you can see, both a Short Sale and Foreclosure are not the best options to protect your credit and should be avoided at all costs. It would be very wise to first exhaust all other options such as a loan modification or repayment plan before going either of these routes. However, for many individuals it is just impossible to manage their mortgage payments even with a lower payment, and therefore they will have to decide which route to choose.
If a short sale is the route you need to take, call Bettie M. Hutson your certified short sale specialist today
(510) 685 – 1995 for your free consultation.
