Hawaii Short Sales and Credit Effect

How will a short sale affect your credit?  Unfortunately, I have not been able to find an exact answer to that question and neither have my Sellers, until now.  I listed their home for sale and found many interested parties.  The home was in a great location and was in excellent condition.  Through hard work by both the Seller and myself, we closed the transaction and they were able to move on with their lives.

 

Their home was located in Mililani, Hawaii, just outside Schofield Barracks, home of the Tropic Lightning Division.  They purchased their home at the height of the real estate market using their VA loan eligibility.  

 

After their house was sold in Hawaii, they moved to the mainland.  The time in between the sale of their home in Hawaii and the purchase of the home in the mainland is about 6 months.  Before they got too excited about purchasing a new home in the mainland, they went to a bank to get preapproved and were happy to hear that their credit score was 709!  They dont know what it was prior to the short sale but estimate that it was around 780.  

These are the facts about their situation in regards to their Hawaii short sale:

 

·       The credit report that was generated by the bank in the mainland only showed one late payment for the home in Hawaii which was true.  He was told that he should be late on one payment which would qualify him for a “deed in lieu of foreclosure” if he was forced to go that route.  I was able to sell his home and so the deed in lieu never came to fruition.

·       Besides the one late payment, it said that his mortgage was setttled and mentioned nothing about a short sale or how much the property sold for.  What it showed was the mortgage amount and that it was 30 days late on one single payment.

 

This blog is not meant to be advice for you but rather to share information.  Each situation is unique in a short sale in Hawaii.

For further information on Hawaii short sales or if you are interested in purchasing Hawaii short sales, contact me anytime using the information below.

 

David Kucic, RA
First Sergeant, USA (Ret)

RE/MAX Honolulu
338 Kamokila Blvd. Suite 206

Kapolei, HI 96707

www.davidkucic.com

mailto: david@davidkucic.com

Similar Hawaii Posts

Related posts brought to you by Yet Another Related Posts Plugin.

Written on March 11, 2009 , by HawaiiHome
Submitted to Buying Hawaii Real Estate, Hawaii Military Homes, Selling Hawaii Home
Tagged: , , , , 

No Responses »

No comments yet.

RSS feed for comments on this post. TrackBack URI

Have Your Say

(required)

(required)


Hawaii Homes Military Real Estate