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I came across this excellent article from one of the blogs I frequent - By Elizabeth Weintraub, on About.com.  It spells out how financial organizations see a short sale and gives some really good advice when you end up working with one of these homes.  Even after reading this article tread very carefully, this could be a potential mine field legally.  We are not seeing a huge amount of these but the number of foreclosures is rising slowly. 

Elizabeth's article http://homebuying.about.com/b/2008/06/02/will-a-short-sale-ruin-my-credit.htm

 

7 Comments on Will a Short Sale Ruin My Credit - in one word Yes

True a short sale will ruin your credit. I saw the sam article by Eliz Weintraub Hampton NH REal Estate

06/10/2008 11:18 AM by Patricia Aulson (PRUDENTIAL RUSH REALTY)


I agree a short sale will ruin your credit since the seller will most likeley go into default during the transaction.

06/10/2008 11:20 AM by Mike Jackson (Realty World Global)


Thanks for sharing, Georgia. I agree that you do need to be very careful. Have a great week, Jim

06/10/2008 11:22 AM by Jim & Maria Hart ~ Charleston, SC Real Estate (Agent Owned Realty)


Good afternoon Georgia - I went to the link you had and got to a page about Elizabeth, I wasn't sure which (there were lots) link to do next. Where is the article, I would like to read it, thanks.

06/10/2008 11:52 AM by Solaris Realty


Georgia

Great piece.  I really enjoy your take on the potential mindfield that is "short sales."  Here in AZ many sellers are attempting this as a last resort.  Unfortunately they are not aware that most of the time there is no easy way out.  Some agents are not aware of the potential danger in representing a client in such a transaction.

by the way, Do you have an outside blog that I can add to my Blogroll ?

Thanks and look forward to reading your thoughts on the world of real estate.

06/11/2008 02:26 AM by James Wexler, Associate Broker~Coldwell Banker (Coldwell Banker)


James,

Thanks for the comment, I have been doing some looking at the AZ realestate.  I think many areas would be good potential investments.  Like Lake Havasu area.  I do have an outside blog at http://wwwstormlakerealestate.blogspot.com/ , I do write more on my Active Rain blog though.

Have a great day, let me know what you think of the Lake Havasu area.

Georgia

06/11/2008 01:00 PM by Georgia A. Weaver Realtor Broker/Associate CRS, GRI (PROMISE Realty of Real Estate Specialists of Storm Lake, Inc)


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Real Estate Sales Person: Georgia A. Weaver Realtor Broker/Associate CRS, GRI (PROMISE Realty of Real Estate Specialists of Storm Lake, Inc)
Georgia A. Weaver Realtor Broker/Associate CRS, GRI
Storm Lake, IA
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PROMISE Realty of Real Estate Specialists of Storm Lake, Inc

Cell Phone: (712) 574-5426
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Storm Lake Iowa real estate, homes for sale, Buyers info, free reports, Broker Associate, Financing, articles, local pictures, humor, marketing tips, market report and more.


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