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Short Sale versus Foreclosure

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Florida real estate Buyers with a Short Sale in their history

top team real estateCurrent Florida real estate buyers with a previous short sale in their past should make sure the information was reported accurately before applying for a mortgage. Make it a point to review your credit report.

There are times where a short sale appears incorrectly on credit reports as a foreclosure. It will prevent a buyer from obtaining a new mortgage because it is one of the lenders red flags.

Contact the creditor and offer to send them a final settlement statement which proves that the previous property was a short sale. Include a copy of the grant deed transferring the property from them to the buyer.

Settled for less than full balance - that is how lenders should report a short sale in a credit report.
It is their responsibility to report it accurately to the credit bureaus.

A short sale borrower should be eligible for a conventional loan 2 years after a short sale at 80 percent loan to value ratio or even lower.

Regarding a foreclosure, the prospective real estate buyer may have to wait up to 7 years to be eligible for a conventional loan. However, if it can be documents that the foreclosure was a one time economic hardship the wait time is reduced to 4 years.

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