Short Sale or Foreclosure? Find Out Which is Best for You!

There are many great Scottsdale area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (480) 596-2900 for a FREE home buying or selling consultation to answer any of your real estate questions.

There is a common misconception that there is no difference between a short sale and foreclosure. If that is the case, why go through the headache of a short sale when you could just hand your keys to the bank and let them take the property back? I always advise my clients that a foreclosure will limit your ability to purchase a home in the future, especially with the recent changes to the FHA guidelines. FHA’s previous maximum lending amount was $346,000 but has since been lowered to $271,050. If you are looking to purchase a home that costs more than $271,050, you are basically forced into a conventional mortgage.

A conventional mortgage does have a big difference between when you can purchase a home after a short sale versus a foreclosure. After a short sale, you can purchase a conventional mortgage after two years with a 20% down payment, three years with 10% down or seven years with little to no money down. With a foreclosure, you are not allowed to purchase a conventional loan for seven years.

If you have a foreclosure, your only option is an FHA loan for a home under $271,050. With that being said, a short sale is much better compared to a foreclosure. Also, a foreclosure has a much more severe hit to your credit score as opposed to a short sale. If you or someone you know is considering a short sale or foreclosure, I would be more than happy to discuss it and also speak with the attorney I use to answer any legal questions about short sales and foreclosures.

My phone number is (480) 596-2900 and I look forward to hearing from you soon. Make it a great day!

See what our raving fans are saying about The Penrose Team!

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testimonials from happy clients

Dave - "Jason’s entire team was very professional in how they treated their clients and they responded very well."

Bonnie - "Jason has a lot of tools he uses and he has good people that work hard for him."

Mike - "Jason furnishes a lot of statistics which real help, I’ve never gotten those kinds of numbers from anyone else and I really appreciated that."

Sue - "The Penrose Team did a good job for me. I got a lot of money for the first house they sold for me. It was much more than all the other Realtors had said I could get for it, which we were very happy about. They just advertise better and have a wide advertising area. They are good team and would do a good job for you, hire them!"

Tracy - "Jason really follows through with his work. He brought me the results I needed and he was definitely a go-getter. He gets the job done faster because of his sales ability and marketing strategy. I would highly recommend working with him!"

Douglas - "Real estate is Jason’s career. He is driven and very professional. He is honest, has integrity, and won’t steer you wrong. When you hire Jason, you’re using a great resource to get the job done."

Brad - "Jason’s method of doing business is incredibly efficient. He follows through on what he says he’s going to do and he always kept in touch. Jason is good at what he does and you’ll be happy working with him."

Brenda - "The Penrose Team was just always there for us and kept us up to date with the whole process. We weren’t actually the ones that purchased the home, my in-laws did but they included us in everything which was awesome. They were just absolutely wonderful and if we ever needed anything, they were there to answer."

Amanda - "We had very positive results when we worked with the Penrose team especially when it came to the negotiations for the contract. We had some things to go over about the roof and Christin really took that at hand and worked with the sellers to make sure that we were getting the best possible outcome. They really took care of us!"

Bill - "They were able to sell our home in pretty difficult circumstances. We had some terrible construction in front of our house, there were a lot of pigeons and their droppings, and the HOA wasn’t keeping up the property as well as they should have. When people were complaining about the droppings, they dispatched someone out to the house to tidy it up and they just kept going until they found a buyer for us. The whole experience was just great all the way around."

John - "They are absolutely phenomenal. I have nothing but positive things to say about the service I received. Nicole, Christin, and Jason were just really exceptional to work with and they all went above and beyond to help us."

Keith - "They always kept me abreast of everything that was transpiring with the transaction, especially once the contract came about. They did a very nice job of representing my position to the seller’s agent."

Brittany - "I was not kept in the loop with my previous real estate transaction so I really appreciated Jason touching base with me when anything changed and making weekly calls to ensure I was kept up to date. My house sold quickly and it was just a really good experience."

Linda -"We had a previous real estate person who had the house for five months. There were no offers or anything. Jason and his team came in, took pictures, put it up on the MLS, and sold the house within a week for the full asking price. The girls in the office were very helpful. The buyer had neglected to mention that he was married, so they had to overnight a form for his wife to sign. They kept me updated throughout, and they were right on top of it the whole time!"

Cathi -"I want to thank Jason and his team for getting us through this transaction and selling our house! The last several months have been crazy, and we finally got the deal done. It would not have happened without Jason and his entire team, particularly Nicole. She has been my partner every step of the way. She's awesome. She was right on top of things and put up with my constant questions, which we really appreciated. At times it didn't feel like this transaction would be successful, and thanks to them it was!"

Greater Phoenix Real Estate Video Blog with Jason Penrose

Short Sale or Foreclosure? Find Out Which is Best for You!

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