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While short sales can take some time to complete, the average foreclosure time frame is much longer.

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In a recent post by KCMblog.com, we found out that Idaho has an average of 302 days from completion of a foreclosure.  (See chart below) Meanwhile, the average time frame for short sales runs 3 to 6 months for approval. (of course this depends on the mortgagor you are dealing with). 

Because it takes so much longer, your credit score also suffers by the continuous hits to it each month you skip a payment. 

There are several other advantages of a short sale over a foreclosure.  First, the foreclosure stays on your credit for 7 years, while the short sale is usually reported as "paid as negotiated" or "paid in full, settled."   Secondly,  if you can complete the short sale without missing payments, there is a loan that you may be eligible for right after, as long as you have not been late on any payments on your credit report for the last 12 months.

For more information on this, click here to read more or contact your Core Group Realty agent today.

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For more information on this, click here to read more or contact your Core Group Realty agent today.

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