Short Sales – What Kind Of Affect Will It Have On Me Now And In The Future

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November 23, 2011
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November 29, 2011

Short Sales – What Kind Of Affect Will It Have On Me Now And In The Future

Short SaleIf you are living in an area that has many “Short Sale” home sales occurring (and foreclosures) this is certainly affecting the value of your Real Estate. When there is a “Short Sale” the lien holders allow the owners to sell their home for less than what is owed and in many cases for less than current market value. As you can imagine this lowers the market value. During this process the market value will be driven lower. This will continue until the Foreclosure Sales  and Short Sales taper off.

If you own a home and have made a decision to go through with a “Short Sale” there are some important things you need to know.

  •  What is my future debt responsibility?
  •  What are my tax implications?
  •  How will this affect my credit now and in the future?

These are all questions that can be answered by me or I will direct you on.

Another issue is the credit that is affected during a “Short Sale”. If a “Short Sale” is negotiated but a delinquency is reported, the credit would be affected approximately 50-140 points. The score will also depend on the amount of late or non-payments made before the close of escrow. When a home is foreclosed on the credit would be affected approximately 150-300 points and this will stay on the public record for 7 years or more.  To find more information on Foreclosure vs. Short Sale in regards to future loan potential, credit history, credit score, current employment, security clearances and future employment visit the Certified Distressed Property Expert at www.cpde.com.

Susan Hilton

Susan Hilton College Station Real Estate

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