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Successful Short Sale

Examining A Home Objectively – What Matters And What Doesn’t

Everyone heads out to look at potential homes with a list of the things they want in a house, and a list of the things they definitely do not want. In addition to that wish list, there are also some other things you will notice about the homes you visit that may strike you as… Read More &raquo

Buying A Fixer-Upper – Are You Ready For The Work?

Always dreamed of renovating a home exactly to your specifications, or have you found an older house that is structurally sound but needs a lot of work inside? Perhaps the price is right and you can’t resist all that house you can get for your money. Whatever the reason, buying a fixer-upper can be both… Read More &raquo

How To Handle A Motivated Seller

Often ads for homes on the market include the phrase “motivated seller,” and while this sounds as if it may be to your benefit as a home buyer, what does it actually mean? If a seller is truly motivated you can benefit from a number of potential perks they may be willing to throw in… Read More &raquo

How To Handle A Bidding War

So you have found the home of your dreams, it has all the features you want, and it is in the right neighborhood. Even the price is right, but suddenly you find yourself in a bidding war with one or more people who also think this is the perfect home. This can be a stressful… Read More &raquo

Home Buying Negotiating Tips

When it comes to buying a home, the ability and willingness to negotiate is a must for both the buyer and seller. In general, sellers ask for more than they are actually willing to accept and buyers offer less than they are willing to pay. The trick is to find the perfect balance so that… Read More &raquo

Finding Your Credit Rating

Finding your credit rating can be an intimidating task, but for anyone hoping to purchase a home, it is a necessary step. Your credit rating has a huge effect on the process of purchasing a home, from the types of lenders you will approach, to the type of loan you will get, to the interest… Read More &raquo

FHA Loans – What They Are And Who Qualifies

  In your house hunting, you may have come across a mention of FHA loans. FHA stands for Federal Housing Authority, and the loans available through this program are designed to help people qualify for loans and purchase homes more easily. If you are wondering about getting an FHA loan for your home purchase, the… Read More &raquo

Eight Things To Consider Before Listing

So you have decided that you are going to sell your home. While your home may work just as it is for you and your family and you don’t want to invest any more time or money into your property, there are a few necessary steps that every homeowner should take in order to ensure… Read More &raquo

Avoid The Most Common Mistakes When Selling Your Home

Selling a home can be difficult. Side step these common mistakes to increase your chances for a smoother, faster, and more gainful transaction. Here are the most common mistakes people make when selling their property: Home Is Priced Too High This will certainly turn buyers off, and you may have to make several contingencies or… Read More &raquo

Pay Off Your Mortgage Faster

Paying off your mortgage is one of the biggest financial goals of most homeowners, and retiring debt-free can certainly give your golden years a greater sense of financial freedom and stability. Whether you’re nearing retirement age or are just looking to reduce your largest debt load more quickly, here are some great tips for paying… Read More &raquo

There are several differences between a short sale and a foreclosure. The chart below helps highlight some of the most significant differences between the two options. It is highly recommended to speak with your lender, attorney and/or accountant to determine which option best fits your personal situation.



 Successful Short Sale

Obtaining a Future Fannie Mae Loan A homeowner who loses their home to foreclosure is ineligible for another Fannie Mae Loan for a period of 5 years+. A homeowner who successfully negotiates and closes a short sale will be eligible for another Fannie Mae Loan after only 2 years+.
Obtaining a Future FHA Insured Loan A homeowner who loses their home to foreclosure may be eligible for another FHA Insured Loan after only 3 years+. A homeowner who successfully negotiates and closes a short sale without any missed payment may be eligible for another FHA Insured Loan immediately.
Obtaining a Future Fannie Mae Loan as an Investor An investor who loses a property to foreclosure is ineligible for another Fannie Mae Loan for a period of 7 years+. An investor who successfully negotiated and closes a short sale may be eligible for another Fannie Mae Loan after only 2 years+.
Credit Score Score may be lowered anywhere from 250 to over 300 points for a period of 3 years or longer. Score is only affected by the late payments and the credit score may be impacted by as little as a 50 point reduction. The overall effect can be as brief as 12 to 18 months recovery time.
Credit History A foreclosure will remain public record permanently and on a person’s credit report for 10 years or longer. The debt shows as “settled” on most credit reports and in some cases “paid in full.”
Security Clearance A foreclosure will usually reflect negatively and pose an issue on security clearances, sometimes resulting in a revocation of an existing security clearance. On its own, a short sale does not challenge most security clearances.
Future Employment Many employers today require credit checks on employees. A foreclosure is one of the most detrimental credit issues an applicant can have and in many cases will challenge employment, especially in financial employment opportunities. On its own, a short sale does not challenge most employment opportunities.
Deficiency Judgment The bank has a right to pursue you for the deficiency. In some successful short sales, it is possible to negotiate with the lender and have them give up the right to pursue a deficiency judgment.
Deficiency Judgment Amount The home will go through a REO process if the property did not sell at the courthouse auction. In most cases, this will result in a longer time on the market and a lowered sales price – in which will increase the deficiency judgment amount. The home should be sold at a price comparable to market value and the deficiency judgment amount may be exempt.


When faced with a short sale or foreclosure, it is always best to seek professional help immediately. Know exactly what your options are and have a Plan “B” in place, in the event the situation does not quickly improve. The longer you wait the less likely the bank will be to allow a short sale in lieu of foreclosure. The process takes time; however, with the right agent and a responsive bank – many times the foreclosure can be stopped and a short sale can be conducted successfully. At FloydRA, we have experienced short sale agents and a team of attorneys to assist in the process!