Median Price for Single Family Properties in FORT LAUDERDALE, FL --

Median Price for Single Family Properties in FORT LAUDERDALE, FL.

F1227950 --

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Casa Del Mar 881 Ocean Drive Key Biscayne, FL --

  Beachfront Condo

call Kevin 954-471-8120

The Flamingo Condo, South Beach – Miami FL BANK OWNED --


 
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Kevin Berman
Bankers Realty Services
954-302-1100 ext#102
Info@BankersForeclosures.com
Information valid for the date of this posting only. Please contact us for the most current information and status of this property.
1500 BAY RD
Miami Beach, FL
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GREAT 1/1 CONDO LOCATED IN A

$ Click for current price
1 BEDROOMS
1 BATHROOMS (1 full)
737 Square Feet

GREAT 1/1 CONDO LOCATED IN A LUXURY HIGHRISE DIRECTLY ON SOUTHBEACH RIGHT OFF BAY ROAD NEAR LINCOLN ROAD. SUBMIT OFFERS ON FAR/BAR “AS IS” CONTRACT WITH PRE-APPROVAL LETTER, GOOD FAITH ESTIMATE SIGNED BY BUYER, PROOF OF FUNDS, A COPY OF CASHIERS ESCROW CHECK, AND A COPY OF SELLING AGENTS REAL ESTATE LICENSE.ALL CONTRACTS/OFFERS ARE SUBJECT TO SELLER SENIOR MANAGEMENT APPROVAL AND ANY OFFERS OR COUNTER OFFERS BY SELLER ARE NOT BINDING UNLESS THE ENTIRE AGREEMENT IS RATIFIED BY ALL PARTIES.

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Short Sale vs. Foreclosure? --

Bankers Realty Services, Inc – solving the foreclosure crisis, one homeowner at a time.

Short Sale vs. Foreclosure?

You make the call!

I get the question from people all
the time: short sale or foreclosure, which is the better option? My knee-jerk
reaction is always “Are you kidding? Short sale, of course!” This has been
mostly because I was always under the impression that a short sale, although
still a ding on your credit, was gentler on the score than a foreclosure.

But according to a recent blog post
by FICO Banking Analytics, there is no real difference in the affect a short
sale or a foreclosure has on your credit score. Both the impact in points and
the time to fully recover is about the same for both events.

This put me in a precarious
situation. All this time I had lauded the short sale as vastly superior to
foreclosure, largely because of its less adverse affects on credit. So I was
forced to do further research into which was the better option. In doing so I
learned about benefits of a short sale I wasn’t even aware of, and found that
the FICO blog was way off.

Each borrower’s credit situation is
different, and the way that a creditor reports a short sale to bureaus is
different. The reality is that hundreds of thousands of distressed homeowners
who have chosen a short sale have experienced a lesser impact on their credit
than those who have chosen foreclosure.

In a short sale, a distressed
homeowner may be able to obtain another mortgage sooner than someone who has a
foreclosure on his or her record. Also, more and more employers pull credit
before hiring a potential employee, and a foreclosure can keep you from getting
a job.  Some employers pull credit
reports on existing employees, and a foreclosure may not bode well in certain
industries.

These benefits stacked against the
negatives of foreclosure, including the embarrassment of public announcement
and literally being kicked out of your home, make, in my opinion, short sale
the reigning champion.

The most convincing reason is that I recently completed a short sale in which the seller never missed a mortgage payment. So actually no negative credit was ever reported and the seller was able to qualify for a new mortgage and purchase a house immediately after his short sale!

 

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