What are the Overall Financial Implications of a Real Estate Short Sale?
Will a Short Sale affect my employment?
NO! An employer does not have the right to know about your housing situation other than what is reported on your credit report. Since you have successfully negotiated the short sale and not received a foreclosure – the derogatory item on your credit will be minimal.
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Will a Short Sale affect my ability to purchase another home?
You can repurchase another home immediately given the following:
- You did not miss more than 1 payment in the last 2 years on your mortgage.
- Your Short Sale was negotiated with the credit reporting term “Paid in full for less than full amount”.
- You have a down payment for the new home purchase.
- Your credit before the short sale was above 580.