Question Details

Vmkramer710, Renter in Saint Clair Shores, MI

Short sale...3 years on credit report after process starts or after sale goes through??

Asked by Vmkramer710, Saint Clair Shores, MI Sun Sep 16, 2012

Does a short sale affect your credit 3 years from when you start the process or is it 3 years from when the sale final happens?? We live in a very small town and have been trying to sell our house, but have had no offers. We are thinking of going w a short sale, but why if we still get no offers??

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My husband got a new job so we had to relocate quite far from where are house is. Because it is such a small town with not many jobs in the area, no one is really buying in that area. We can not purchase a home in our new city until we get our old house sold. With three very young children, renting until with no idea of when our house will sell is hard to wrap our heads around.
0 votes Thank Flag Link Sun Sep 16, 2012
You are thinking about this backwards. Short selling your home hurts your credit. Foreclosure would hurt your credit even worse. Just because you list your home for short sale doesn't mean it's going to sell. A large portion of the homes that are sold on the courthouse steps each month have previously been listed as short sales. I see more and more people thinking of short sale being an easy way out of a financial commitment.

Also, do you even know if your lender would allow you to do a short sale? Are you currently behind on your payments and are you on the verge of being foreclosed on? Why do you need to sale?

Short sale should be one of a person's last resorts before the property going into foreclosure. It shouldn't just be an routine decision made when you decide that you're tired of living at your currently location and you're upside-down with the mortgage. In my opinion, this is part of what's so wrong with this country right now.
0 votes Thank Flag Link Sun Sep 16, 2012
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