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Short Sale & Credit – The Repercussions of a Short Sale & Credit
One of the first questions I get asked from short sale sellers is how a short sale will affect their credit report. While I understand their concern, it is important to help them understand that the short sale itself isn’t necessarily what may damage their credit score. When the dust settles, their credit score will be a culmination of many variables. Yes, the decision to short sale their house affects their credit score but so will any of the options available to them. In regard to mitigating the damage that a short sale will have on their credit report, you may want to convey the following key points to your seller.
It Is a Train Wreck Bound to Happen
I begin the analogy of a train wreck and let the seller know that the collision is going to happen and that their job now is to control the damage. Going forward, it is prudent for the seller to immediately find help in repairing the negative aspects of their credit report. Tell them to do their homework and use a respected company.
One key point that sellers often forget about is the negative reporting each month leading up to the transaction closing ... more

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