Newport Beach Real Estate - Short Sales and Foreclosure

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Newport Beach Real Estate -
Short Sales and Foreclosure

Short sales and foreclosure are two things that
can cause confusion to many people whenever
their real estate properties are going through
difficulties.

There are people who are saying that
foreclosures are better, while some are saying
that short sales are better.



Both have their valid reasons as to why they
think the other is better than the other, but in
order to give you more detailed information, I
will be showing you the difference between
these two very common real estate terms.



Credit Rating

The effect on the credit rating of a person will
be negative regardless of the option that he
takes. However, if you are going to get into a
short sale, the reduction in your rating will be
less compared to a mortgage.



It will be easier for you to recover from your
loss if you are going to get into short sales.

If you are going to ask me, none of these is the
best, but if you are left with no other choice,
then short sales would be better in terms of
credit rating.



Fees

When it comes to the real estate fees that you
have to pay, foreclosures are better because
they have fewer fees, and the amount that you
have to settle will be lower.



The main reason why there are a lot of people
who are not getting into this is because there
are lenders who are asking for large fees after
approving the sale.

Keep in mind that you are going to lose your
real estate property because you are
experiencing financial difficulties, and why
would you even dare to pay additional fees?


Time

The reason why there are people who are
getting into short sale before foreclosure is
because this will help them buy more time to
look for the funds that they need.



People who are having problems with their
finances often need to have more time, and
getting into short sale is one of the best options
for them.

In real estate, owners who have their properties
listed have 60 days to gather the funds or sell
the property.



Real Estate Agent

The problem with short sales is that you need to
have an agent who can help you look for a
buyer. Since the agent will get less commission
for it, most of them would simply hide it from
buyers, and focus on selling normal priced
properties.



This is also a problem when it comes to short
sales, and is the reason why most people are
getting into foreclosure.

But you can talk to a real estate agent and
explain your situation. In most cases, the agent
will understand you, and will make an
exemption for the rule that they have set
themselves.


Get more information about Newport Beach
real estate by visiting my website now! I can
provide you with all the information that you
need to know, and you can be assured that you
will always get the best from me.

Visit our website now to find more information
about Newport Beach real estate.


Newport Beach Real Estate - Short Sales and Foreclosure

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