Estrella Ruiz June 8, 2023
Short Sale | Foreclosure | |
---|---|---|
Homeowner's involvement | Voluntary by the homeowner but requires approval from the lender | Involuntary for the homeowner; the lender takes legal action to take control of the property |
Speed and timing | Typically takes 90 to 120 days or even longer, since the bank won’t approve the sale without a buyer agreeing to its demands | Moves along much faster since lenders want to recoup the costs incurred by the unpaid mortgage |
Impact on credit score | Far less damaging to the borrower’s credit score | Will stay on a borrower’s credit report for seven years |
Living in the home | Homeowners can stay in the home until the sale is completed | Homeowners are forced to vacate |
Payment terms (for buyers) | Can be bought with a mortgage loan | Can only be purchased with cash |
Method of sale | Listed by a real estate agent specializing in short sales | Auctioned |
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