Jan
08
what does it mean when someone does a quick sale on their house? How does it affect the bank/buyer?
By
ie. credit, future properties.
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1 Comments
December 30th, 2009 at 12:14 am
A “short” sale is when the mortgage is $150,000 and the value of the house is $100,000. If you sold the house for what it is worth, you would be “short” $50,000 of the amount needed to pay off the loan. If the bank approves a short-sale, the seller’s credit drops to 600 FICO score.
A sale by “Quit Claim” Deed means that one (or more) persons are giving up their interest in the house. In a divorce a husband might sign a Quit Claim deed to his ex-wife. Now the wife is the only owner. No effect on anyone’s credit.