Washington Property Solutions is often asked about the benefits of a short sale versus foreclosure. In most cases, a short sale is considerably better. However, the issue is not about credit. Leave the credit conversation to a credit expert.
The pros/cons discussion should really be about how long someone will have to wait before buying again in the future.
We have combed through the latest information from Fannie Mae, Freddie Mac, FHA and VA to compare the financing waiting periods between short sales and foreclosures. You can see from the chart below, that in many, many instances a short sale is a better outcome in the long run compared to a foreclosure.
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