916 481 8106



Why Short Sale a house in Sacramento?

Selling a house with a short sale in Sacramento is no easy thing. There are many questions. But are there any benefits to short selling a house?

Debt Forgiveness is one of the biggest benefits of a short sale. If the short sale is approved then loan balance usually has the remaining debt forgiven. This amount of debt forgiveness could be a few thousand dollars or over a hundred thousand dollars.

The credit impact of a short sale is much less than a foreclosure. If you are current, the effect to your credit is minimal, but removing such a large debt from your credit report can be positive as well. But if you are behind on payments, the sooner you sell, the quicker your credit will improve. Being behind on your mortgage payment is where the bulk of the negative credit issues arise.

You will be eligible, under Fannie Mae guidelines, to buy another home in as little as 2 years. If your house is foreclosed, 5 to 7 years may be the earliest to qualify for a mortgage. Also, if your credit report does not reflect a 60-day or longer late payment, you may be able to qualify for a new loan under Fannie Mae guidelines. Which means you will be eligible to buy another home immediately.

There is no question that a short sale is a more dignified method to selling a home versus a foreclosure. You retain some dignity in knowing that you sold your home. You made a good financial decision versus having a bank take your home to a foreclosure auction.

The two big questions to ask about short sales are. Do I need to sell my home? And do I owe more on my home than it is worth? When you know the answers to these questions, then you will know if you should I short sale your house?

Dan Parisi

Coffee Real Estate


[email protected]

916 481 8106

2800 Arden Way

Sacramento, CA 95825


Real Estate agent & Mortgage expert
DRE 01923081 NMLS 997987
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