how much damage does a short sale do to credit?
I am looking to buy a specific property but the guy is underwater. He's willing to take a loss but so far discussion is just paying off what he owes as the sales price. At first I didn't think there would be much difference in his loan payoff and the value but now it is proably $20,000.00 give or take. I was thinking of offering him a little cash incentive that he could walk away with some money if he was willing to do a short sale. I know this would damage his credit but not sure how much and for how long if he would consider it or not. He was not seeking to sell I approached him so not that motivated but he would like to move up north... anyone know about this or maybe have any other options for me to obtain this property?