• Real Estate User Login
  • Not A User? Sign Up. Its Free

Rick Fuller Realtors, Inc

Top Real Estate Agent Antioch CA, Antioch CA Homes for Sale, Antioch Ca Real Estate, Realtor in Antioch CA

book
Call (888)950-7425
Connect with Rick
  • Home
  • About
    • Meet the Team
    • Who We Are
    • Awards and Accolades
  • Resources
    • Application Instructions
    • Rick’s Market Update
    • Rick’s Picks
      • Business Directory
      • Partner Application
    • Rick’s Pros
    • Market Stats
    • Houzz
    • Mortgage Calculator
    • Early Payoff Calculator
    • Are you Eligible
  • FOR CC KIDS
    • BIRTHDAY BAGS 2020
      • Delivery of Birthday Bags
    • BACKPACKS
  • Our Reviews
  • Contact Us

Short Sales Myths

September 28, 2013 By Rick Fuller

Absolutely anyone considering a short sale should not believe these myths are true.  As a Real Estate Broker in Antioch, Ca I am shocked by the misunderstandings and myths about loan modifications and short sales today.   These myths have paralyzed many homeowners from doing anything at all and therefore many homeowners end in an unnecessary foreclosure.  Below are my Top 7 myths.

 Top 7 Myths surrounding short sales.

Myth #1.   A short sale is the same as a foreclosure.

NOT TRUE. A short sale is very different than a foreclosure for several reasons the biggest is that a short sale is a voluntary process for all parties involved and foreclosure is generally involuntary and a homeowner can be forced to leave their home after a foreclosure.   A short sale is NOT a foreclosure.   What is a short sale?

 

Myth #2  I must be late on my payment to short sale my home.

NOT TRUE.  Many lenders now are far more cooperative with homeowners wishing to short sale even if they are current on their mortgage.  Specifically when a homeowner has an acceptable hardship, relocation, or inevitable future default.  Many lenders now have a process to submit a short sale  for pre approval prior to the property being placed on the market.  Also known as a cooperative short sale.   Short Sale Timeline

 

Myth #3  A short sale has the exact same impact on my credit report as a foreclosure.

NOT TRUE.  The FICO score is a complex matrix making it very difficult to determine the exact impact on a credit score either a short sale or foreclosure may have on a particular homeowner however we do know that when a short sale is completed it is not reported as as a foreclosure.  When applying for various kinds of employment, credit, or housing an applicant may be asked if they have a foreclosure however rarely would an applicant be asked if they have had a short sale.   Therefore generally a short sale is better than a foreclosure on a credit report.   Short Sale vs. Foreclosure

 

Myth #4   To short sale I must have a sign in my yard and a lock box on my door.

NOT TRUE.  As a Real Estate Professional in Antioch, Ca I have found that many homeowners considering a short sale do not want to announce to their neighbors through a sign in their yard or window their decision to short sale their home and they definitely do not want to have a sign rider that says “short sale” or even worse “foreclosure”  in their front yard.  I have also found many homeowners do not want to have the infamous blue lock on their front door or to give access to their home to anyway who has a lock box key. These concerns are very real and legitimate therefore many of the homes we have for sale in Antioch, Ca and the surrounding communities do not have a sign or lock box and they definitely do not have a sign rider that says  “short sale” or even worse “foreclosure” at all and because of the strong buyer demand for housing in today’s real estate market I have found it is generally not necessary.  Read Reviews of others who may have had similar concerns.

 

Myth # 5   There is no way to determine if I may be eligible for a short sale prior to placing my home on the market for sale.

NOT TRUE.  There are many ways to determine if a homeowner may be eligible for a short sale prior to going through the efforts of selling.  First, large banking institutions like Bank of America and others now offer Cooperative Short Sales.  A Cooperative Short Sale can provide homeowners a short sale pre qualification with a required amount that the bank is requesting in order to provide the short sale approval.   Second, the short sale that provides homeowners a minimum of $3,000 (HAFA)  has 6 questions that can help determine eligibility.  Check Eligibility

 

Myth # 6   A short sale is the only option.

NOT TRUE.  There are many options that exist today including loan modifications, short refinances, deed in lieu of foreclosure, forbearance, renting your home,  and others.  So a short sale is not the only option.   With rising home values you may even find a short sale is not necessary and there is now equity.  Check your home value.

 

Myth #7  I have nothing to gain by short selling my home.

NOT TRUE.  In addition, to the many of benefits listed above and others.  Many lenders today combined with programs like HAFA (making homes affordable program) offer from $500-$45,000 to qualified homeowners to short sale.   In my experience the most common short sale relocation assistance is $3,000 and provided by HAFA.  Check Eligibility

 

 

antioch median sales prices

 

For more information about short sales read.

What is a short sale?

Short Sale Timeline

Short Sale vs. Foreclosure

How to write a hardship letter

Rick Fuller is a Licensed Real Estate Broker in Antioch, Ca 94531.

Contact Rick at (925) 238-0160  for a Free Option Orientation to discover if a short sale is right for you.   Contact Rick

 

 

 

Filed Under: Antioch Community Blog, Antioch Real Estate Blog, Linda's Short Sale Blog, Payment Relief Options Blog, Realtor Rick Blog

Find Your Dream Home

Need a Mortgage?

Contact Cyndi Donnally
Loan Officer NMLS #2054920
Coole Home
Direct: 925.864.4478
Email: c.donnally@coolehome.com
Apply Now Coole-Homes eho

Need a Mortgage?

Contact Angela Clark
Loan Officer NMLS #958355
Supreme Lending NMLS #2129
Direct: (925) 448-3932
Cell: (925) 597-1293
Angela.Clark@SupremeLending.com
AngelaClark.SupremeLendingLO.com
Apply NOW!
Supreme-lending
eho

Providing Real Estate Services in These San Francisco Bay Area Cities

Alamo
Antioch
Bethel Island
Brentwood
Baypoint
Byron
Citrus Heights

Clayton
Concord
Crockett
Danville
Diablo
Discovery Bay

El Cerrito
El Sobrante
Elk Grove
Hercules
Knightsen
Lafayette
Martinez
Fremont
Folsom
Gault
Hercules
Isleton

Moraga
Oakley
Orinda
Pacheco
Pinole
Pittsburg
Pleasant Hill
Pleasanton

Richmond
Rodeo
San Pablo
San Ramon
Walnut Creek
Livermore
Dublin
Tracy
Sunol

West Sacramento
San Pablo
Rancho Cordova

Sacramento
Florin
Franklin
Laguna
Newark
Hayward

Contact & Location

Rick Fuller Inc., REALTORS®
Antioch Real Estate Agents
Lic #01874995
5079 Lone Tree Way
Antioch, Ca 94531
(888) 950-RICK (7425)

Richmond Location

Rick Fuller Inc., REALTORS®
Richmond CA Real Estate Agents
Lic #01874995
3150 Hilltop Mall Rd
Richmond, CA 94806
(888) 950-RICK (7425)

Client Resources

  • Client Login
  • Create an Account
  • Sign Up for Email Updates
Secure connection to your real estate transaction provided with relay™ Transaction Management

Real Estate Search Tools

  • Basic Property Search
  • Advanced Property Search
  • Property Address Search
  • Property Map Search
  • Rental Search
  • Look-Up property Taxes
Check out Rick Fuller on Yelp

Concord Location

Rick Fuller Inc., REALTORS®
Concord CA Real Estate Agents
Lic #01874995
1320 Willow Pass Rd Suite 600
Concord, CA 94520
(925) 305-3386

*As of 5/30/19, Ranked #1 Real Estate Team in the 9 counties comprising the SF Bay Area and Sacramento County for most recent sales in the past 12 months according to Zillow*

Rick Fuller Team Portal

Copyright © 2023 · Rick Fuller, Inc Realtors · All Rights Reserved · Privacy Policy · Terms of Use · Site By Clifton Creative Web