Saint Paul Short Sales versus Foreclosure A CDPE perspective

I spent a busy last seven days with clients that were in a Short Sale position and it amazed me how bad some of the advice was that was given. I decided to write about it to get some thoughts off of my chest as a CDPE that actually works Short Sales in Saint Paul.

A Saint Paul short sale may to any other non CDPE agent that works short sales to be the same but it is not. Saint Paul short sales have a the added problem that in many cases there is no one that at first has any interest in buying them. With neighborhoods being bought up by investors, many regular buyers do not want to live in the neighborhood. My potential Saint Paul Short Sale called me and asked if it was worth the energy to meet and talk about doing a short sale or if he should let the home go into foreclosure. I told him absolutely not.

A short sale will stay on your record for seven years if you do not try and clear it after two or three with a credit repair company. A Foreclosure will stay on your record as a public record for 10 years. If you have more then one mortgage on your Saint Paul Short Sale and you let it go into foreclosure, the second mortgage has the right to go after you with a deficiency judgement. Kind of a double wammy on your life and credit. By negotiating for the lenders to settle in full, you have a know outcome. Who Needs a short sale in Saint Paul? Could be just about anyone with financial strain that has a home that is worth less then you owe.