Short Sales vs. Foreclosure

Two of the most commonly used options for homeowners with distressed properties include short sales and foreclosures. Determining which way to go is a big decision and you must become fully informed on the differences between the two.  In both cases, you will still end up losing your home but it is important to understand how each will affect you overall.

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BPO Realty works directly with an attorney-based title company to handle the entire short sale process.  There are no out-of-pocket costs for you.  The attorney-based title company gets paid directly from your lender upon closing.  Contact us today for a free consultation to see how we can help.
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The difference between a Florida short sale and a Florida foreclosure includes the timeline for each one, implications upon your credit, tax consequences, future buying power, future employment, security clearances, and often times your self esteem.

Some of the major benefits of a short sale over a foreclosure includes:

  • You remove the monthly financial obligations that you’ve been unable to meet.
  • Your lender avoids having to process a foreclosure and recoups part of their financial investment by accepting less than the total amount owed.

Short Sale Timeline

The short sale timeline can vary, but takes about two to four months and allows you plenty of time before facing foreclosure to begin and complete the short sale process.

Foreclosure Timeline

The foreclosure timeline includes a few separate stages: the delinquency period and the foreclosure sale period. Once a homeowner is at least 31 days behind on monthly payments (the delinquency period), the lender is permitted to record a notice of default or lis pendens. The time between the initial delinquency and the foreclosure date varies depending upon your lender and how fast the courts process your documents.  On the foreclosure sale date, the highest bidder gains the title to the property.  The entire foreclosure process often takes from twelve months on up to twenty-four months.  Again, it all depends upon the court system and your lender.

How Can We Help?

If you are considering a Short Sale, you are usually required to list your home with a local realty firm. BPO Realty works directly with an attorney-based title company to handle the entire Florida short sales process.  There is no obligation to move forward and there are no out-of-pocket costs for you.  The attorney-based title company gets paid directly from your lender upon closing.

Don’t wait until it’s too late !  Contact us today for a free consultation to see how we can help.