The time may come when you have to make the tough decision to sell your home as a short sale or foreclose on your home. Selecting the option of a short sale provides benefits that many people are not aware of. Take a moment to review the benefits of a short sale versus a foreclosure on your home.

Credit Score-Opting for a short sale provides benefits to your credit score and future home purchases. A short sale will show as paid or negotiated on a credit report. A short sale can decrease your credit score by as little as 50 points, and you are able to purchase another home 12-18 months after your short sale. Foreclosures can reduce your credit score by 250-300 points and postpone another home purchase for 2-3 years.

Employment Opportunities-Many job applications require a credit check as part of their background check for certain positions or specifically ask if you have had a foreclosure. A short sale will not appear on your credit history report or this type of background check.

Renting-For many, after a short sale or foreclosure, there is a period of time where you are required to rent a home or apartment. Many properties have restrictions against people who have gone through foreclosures, or the foreclosure prevents the person from having the minimum credit score required to rent a home. A short sale does not appear on the credit history report. A person will still have the ability to maintain the minimum credit score to rent a home. This is extremely beneficial in helping you to move forward with your life and your next home.

The decision to sell your home as a short sale or foreclose on your home is a big decision. I am here to help and answer any questions that you may have. We can review your options together, so you can make the best decision for you and your home. You can contact me, Laura Austin, at (281)789-2911 or 936-321-2977 or email Laura@RealtyTx.net. To find out more information on short sales and avoiding foreclosures, visit my website.