Home Selling in Birmingham>Question Details

Kelley, Home Seller in Birmingham, AL

if we do a short sale or quick sale on our home will it show up as a foreclosure on our credit report?

Asked by Kelley, Birmingham, AL Mon Jan 26, 2009

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A short sale will not be recorded as a foreclosure but it will show that you were late on payments which will affect your credit score.

Naima
Web Reference: http://www.sumnerrealty.com
2 votes Thank Flag Link Mon Jan 26, 2009
Kelley,

You need to find a Realtor that will help you get your home sold fast! A short sale is an option but really it should be a last option. A short sale is very stressful!! You would do much better to ask enough to pay off your home, commissions and any other cost related to your sale. I know it is hard to think about selling and not making anything but your credit report will stay clean and you can easily move on.
I hope this is helpful. I do agree with what everyone below has said about a short sale but my opinion is to get it SOLD!! Do whatever your Realtor tells you to that will increase the potential for your home to get that fast sale! The market is definately picking up with the great interest rate that we have seen lately! Please let me know if i can help you in any way.
Web Reference: http://dedepuryear.com
0 votes Thank Flag Link Tue Jan 27, 2009
Youll need to work with a Realtor that knows about Short Sales. Remember, short sales are not, well, short, they can take upto six months once you have an offer. You need an agent that will be on the backs back everyday, once you have an offer.
Web Reference: http://www.pauld-kw.com
0 votes Thank Flag Link Mon Jan 26, 2009
Short sale will show as settled for less than agreed amount and it will effect you getting a loan for 4 years Fannie passed that rule about 3-6 months ago also you will get a tax form showing the difference to the IRS and you will have a tax penalty. PS Most lender will count any transaction that has been late for 90 days considers it a foreclosure whether it says it or not when it comes to a purchase of a new property later on down the road.
0 votes Thank Flag Link Mon Jan 26, 2009
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