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Laura Heinberg


You may be losing your home, but you don’t have to lose control.
Benefits for Short Sale
Of course, you will make your real estate agent happy because agents are happy to take listings. But what about you? What do you get out of a short sale?
• Retain some dignity in knowing that you sold your home.
• You won't suffer the social stigma of the "F" word: foreclosure.
• No mortgage payments to make, unless you choose to make them.
• You can meet the new owners.
• You will be eligible, under Fannie Mae guidelines, to buy another home in 2 years instead of 5 to 7 years.
• If your credit report does not reflect a 60-day+ late pay, under Fannie Mae guidelines, you will be eligible to buy another home immediately.
• You are not responsible to pay the realtor, attorney, or any other fees relating to the sale of your home. All fees are paid by the lender/bank.
Drawbacks to a Short Sale
You may experience some of the same drawbacks as a foreclosure, but they might seem less intense.
• Waiting for the bank to respond to an offer is frustrating.
• The bank will want to examine personal records such as tax returns, bank accounts, assets and liabilities, in addition to asking for a hardship letter from you.
• Accommodating buyers will mean allowing your home to be shown for weeks or months until an offer is received and putting up with traffic through your home.
• There is no assurance the bank will accept a short sale offer.
• The derogatory credit will remain on your credit report for 7 years.
For many sellers, though, the chance to buy another home in two years is the real motivation to do a short sale. Good credit behavior can supplant bad credit after two years, even though the derogatory will remain.
Please contact me with any questions or concerns you may have regarding foreclosure on your property. I am here to help and advice is free. I can recommend Short Sale attorneys who also offer free advice if you would like as well. Thank you for your time and consideration. Please ignore this message if you’re already working with another realtor.

Laura Heinberg
Managing Broker/ Owner RE/MAX Connections II
lheinberg@live.com / lauraheinberg.com