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Good Morning. I’m Mark Alan Adams owner of the Mark Alan Adams Team, Orlando’s leading short sale team. In today’s episode we sought to speak with you on the subject of FICO or credit scores. We take notice of lots of agents chatting about this and we get a lot of questions from Orlando homeowners regarding FICO and Credit scores.
There are a lot of numbers thrown around concerning how a short sale will change your credit score and it irritates me. There is certainly no way that someone, including Fair Isaac himself, can look at you and inform you how a Orlando short sale will affect your credit score.
Every person has a credit score that is determined on an individual case. How many loans do you have? How many credit cards do you own? Have you ever missed a payment? What zip code do you live in? All of these things decide your credit score.
If you are talking with a short sale realtor in the Orlando area and they advise you that your credit score will be impacted by a particular number of points, they do not know what they are speaking about.
It is also significant to note that there is a credit score and a credit record. Your credit record will indicate that you have completed a Orlando short sale by stating that you have a liability that was settled for less than owed. If you complete a foreclosure, it is different. You will not be able to get financing for a different house for the first five to seven years after you foreclose. With a short sale, you can buy a residence in a few years.
In summary, nobody can inform you exactly how much a short sale or foreclosure will change your credit score. However, if you complete a short sale, you will be able to buy a new house in a much shorter amount of time.
Get more help from short sale expert, Mark Alan Adams, at Orlando Short Sale Expert presented by the Short Sale Specialists of Orlando