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Victoria Dennis
  • Investor
  • Virginia Beach, VA
2
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17
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how much damage does a short sale do to credit?

Victoria Dennis
  • Investor
  • Virginia Beach, VA
Posted Jan 14 2017, 15:15

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?

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