How Does A Short Sale Affect Your Credit

Short Sale: Steep maintains that the effect of a short sale (providing the sellers are more than 59 days late) on a seller’s credit report is identical to that of a foreclosure. The ding on credit will show up as a pre-foreclosure in redemption status, Steep says, which will result in a loss of 200 to 300 points.

"The sales pressure was relentless," she recalls. "The totality was horrible." She decided selling fast food would be better, but ironically, left the bank to do a doctorate in surveillance..

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How a Short Sale Can Impact Your Credit Score. By. In spite of the impact on your credit, a short sale may be the best option if you can’t stay in your home because you can move on from your.

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In fact, moving forward with a short sale can set your credit score back 85-160 points. There are many factors that determine how big of a hit you’ll take. The biggest factors are your credit prior to the short sale, how short you are and the longevity of your partnership with your lender.

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There isn’t a straight answer to tell you how a short sale can affect your credit. The reason is, the impact depends on what your credit standing was beforehand. In most instances, a short sale can decrease a person’s credit score by 160 points or so. But if your credit was already low, it could take a harder hit.

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Does selling your House in a short sale affect your credit. – A short sale will affect your credit, but not nearly as much as a foreclosure will. With a short sale, a person will be most likely able to buy a house in the near future, but if one has to go through a foreclosure, it would take a least 2 -3 years to be able to buy again.