You credit will be affected. It is a little different from case to case, but most likely you will loose 50 points, give or take. That is not bad when you compare it to a foreclosure. (Up to 200 points) Also, sellers that have done a short sale can qualify for a Fanny or Freddy loan after 2 years where it is about 5 to 7 years if you have to go into foreclosure. So (and I know you are tired of hearing it) but I will say it over and over again TIME is of the essence. Call you Short Sale Realtor right now and get all the information you need. Only when you know and understand the short sale process you can make a good decision. You might think that it is intimidating and embarrassing to make the phone call to your Saint Pete Tampabay short sale professional, but trust me, a lot of people are making these calls right now and sticking our head in the sand will not help. The earlier you get this done and over with the sooner you can start over and get your life back to normal.
Anne Hensel, Realtor, CSP, Short Sale Professional, working with homeowners and buyers to successfully close a short sale transaction in Pinellas County Florida.
A lot of people here in the Saint Petersburg, Seminole area are facing a short sale situation, Waterfront properties on Saint Pete Beach or Treasure Island as well as little homes in Seminole or Gulfport. Give me a call today and find out what your options are. Your short sale consultation is free of charge and confidential.