You would be able to sell the house in a world made perfect for the home buyer, but make the deal contingent on your finding a suitable replacement home. In a strong seller’s market where there are many more buyers than homes available for sale then you may get away with it – the current reality of most markets, however, is that they are buyer’s market. So, be sure to get the contingency clause into the sales contract before you sign your acceptance.

Ideally, on a buyer’s market, a better position is to sell first and buy second, which will give you some negotiating clout when purchasing the new home.

If you are in the situation where you need to buy before you sell your current home, you face a very real possibility of having to pay mortgages on both homes for a while… so make sure that you have room in your monthly budget that can can pull it off.

Courtsey of CT Homes

Delinquencies (30 – 180 days late) remain for 7 years from the date of the initial missed payment.

Collection Accounts remain on your credit report for 7 years from the date of the initial missed payment that led to the collection (the original delinquency date). When a collection account is paid in full, it will be marked “paid collection” on the credit report.

Charged Off remain for 7 years from the date of the initial missed payment that led to the charge off (the original delinquency date), even if payments are later made on the charged-off account.

Closed accounts are accounts that are no longer available for further use.Closed accounts may or may not have a zero balance. Closed accounts with delinquencies remain 7 years from the date they are reported closed, whether closed by the creditor or by the consumer. Positive closed accounts remain at least 10 years.

Lost credit card – If there are no delinquencies, credit cards that are reported lost will continue to be listed for 2 years from the date the card is reported lost. Delinquent payments that occurred before the card was lost are reported for seven years.

Bankruptcy- Chapters 7, 11, and 12 remain for 10 years from the filing date.

Chapter 13 remains 7 years from the filing date. Accounts included in bankruptcy remain 7 years from the date they were reported as included in the bankruptcy.

Judgments (child support, civil & small claims) remain on your report for 7 years from the date the judgment is filed.

Tax Liens – (city, county, state, and federal) Unpaid tax liens remain 15years from the filing date. Paid tax liens remain 7 years from the paid dateof the lien.

Inquiries remain on your credit report for 2 years, with those in the last 6 months usually given the most consideration.
Positive Accounts remain indefinitely and paid positive accounts remain 10 years.

The credit experts at Waterfield Credit know the credit laws and how to use the laws to your advantage. They know how to analyze your credit report toidentify inaccurate, misleading and unverifiable items. Waterfield Creditworks with you during the dispute process to achieve the best possibleoutcome for you to eliminate negative items that are impacting your credit life..

Check out this website for help Waterfield Credit Repair.

Short Sales are still a very viable means for avoiding foreclosure. Unfortunately not enough homeowners understand the process and too many ineffective Realtors are avoiding Short Sales.

Therein lies the enigma. In an economy that needs real solutions, those charged with energizing the housing industry are opting out. Many real estate agents simply choose to ignore either side of the table. They don’t know how to successfully represent homeowners and don’t know how to bring in real buyers either.

The homeowner who is entrusting their well being to the “professional” is unaware just how inexperienced and uncaring most real estate agents are. It takes a very well educated real estate agent with a team of professionals to realistically navigate the labyrinth of the short sale process.  If you real estate agent says he is going to be negotiating the deal by himself, stay away.  Instead try to find an ethical investor or real estate agent with a proven track record, ask for testimonials, and make sure they have experienced negotiators and or attorney’s  on their staff….these things cannot be over stated.