How Short Sales get reported on your credit report

by sfishome on February 5, 2011

A frequent question among people thinking of short selling their home is how badly their credit will be damaged, and how the lender will report the short sale on their credit reports. 

Unfortunately this is no one single answer, and how much your credit is effected probably has millions of variables.  But Short Sale expert Melissa Zavala in Southern California just wrote an article about a difficult Wells Fargo short sale and included an image of the Short Sale approval letter.  On the image of the letter is says in part “…. we will notify the credit bureau to reflect ‘agreed settlement short of full payment’ which would appear on your credit report within….” and it becomes hard to read but it looks like 40 to 90 days. 

There’s more in her post which you can read here.   But there’s at least one possible answer.  If you are thinking of doing a Short Sale in San Francisco and want to speak with a Real Estate agent please fill out this Short Sale Request Form.

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