THE BENEFIT OF HAVING A REALTOR REPRESENT YOU AS A BUYER
When I represent a buyer, 100% of my dedication is to YOU, the home buyer. My job is to get YOU into the best home for the least amount of money and hassle possible. If you were interested in a home, as an unrepresented buyer that is listed by another agent, the only duty that the listing agent has is to not lie to you. That is it. When you arm your self with BUYER REPRESENTATION you will have someone working hard for YOU at every point in the home buying process. As a Realtor, I can show you ANY property that is available - regardless of the sign in the yard. I have access to every home that is for sale, the minute it becomes available. I can actually set The Maine Real Estate listings so that the very minute something that matches your criteria is listed, you will receive that property via email. Time is of the essence when some of these incredible deals hit the market. I can also help you find a mortgage person to qualify you for a loan before you start looking and also find you home inspectors, landscapers and anyone else that you, a future homeowner, may need, once you find a home that you want to buy. Are you knew to the process? Let me walk you through it with a free con
Whether you should do a SHORT SALE or let the home go to FORECLOSURE depends on several factors. While for some homeowners, it is easier to throw up your hands and let the bank take your home, that might not be the wisest thing to do.
Short Sale Benefits
Here are a few benefits for doing a short sale that may not have occurred to you:
- You are in control of the sale, not the bank.
- You may sleep better at night knowing who is buying your home.
- You will spare yourself the social stigma of the "F" word, foreclosure.
- Your home sale will be handled like any other home sale.
Buying Again After a Short Sale
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 3 years.
Buying Again After a Foreclosure
With certain restrictions, you may be eligible to buy another home in 5 years if the home was your primary residence. Without restrictions, the wait is 7 years.
If you are an investor and do not occupy the home, the wait to buy with a Fannie Mae insured loan is 7 years.
Affects on Credit After a Short Sale
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.
Affects on Credit After a Foreclosure
Generally, a foreclosure will remain on your credit report in the tradelines section for 7 years.
Credit Reports After a Short Sale
All lenders report short sales differently, with many reporting "paid in full for less than agreed," and some report the short sale as a charge off. Negative credit, however, stays on your report for 7 years.
Credit Reports After a Foreclosure
If a prospective employer runs a credit check on you, your job application may be denied if you have a foreclosure on your record.
Deficiency Judgments After a Short Sale
Judgments are often negotiated between the seller and the short sale bank
Deficiency Judgments After a Foreclosure
Banks are generally unwilling to negotiate deficiency judgments with the homeowner after a foreclosure.
Loan Application Questions After a Short Sale
Loan applications do not ask questions about a short sale. You may report that you sold your home.
Loan Application Questions After a Foreclosure
You are required to answer the question: "Have you ever had a property foreclosed upon or given a deed-in-lieu thereof in the past 7 years." If the bank sees you have had a foreclosure, your loan most likely will be denied. If you lie, you may be subject to investigation by the FBI for mortgage fraud.