Information

Short Sale Information

The short sale process is highly specialized.
It’s important to have experienced agents negotiating on your behalf…

The Ulnicks have a 100% success rate with short sale approval.

If you are considering a short sale, please feel free to contact
The Ulnicks for a confidential consultation.

Benefits of a Short Sale vs. Foreclosure

Credit Score Will minimally affect your credit score, usually around 50 points. Late payments usually have the largest negative impact on your credit score from a short sale and can average 30 points or more each. Your credit score could be lowered 300 points and will stay on your record for 10 years!
Credit History There is not a credit reporting item for a short sale. Your mortgage company will report the short sale as ‘Paid’, ‘Settled in full’, or ‘Paid as Negotiated’ Foreclosure will remain on your credit for 10 years and is permanent in the public records of your county.
Current Employment A short sale is not an actual item on your credit report and typically will NOT affect your employment. Your employer has the right and many times will actively check your credit if you are in sensitive positions. A foreclosure may be grounds for immediate re-assignment or termination.
Future Employment A short sale is not an actual item on your credit report and typically will NOT affect future employment. Employers do check your credit history for many job applicants. A foreclosure one of the most negative items you can have on your credit and may affect future employment.
Future Loan with a Mortgage Company You typically do not have to declare to future mortgage companies that you previously performed a short sale. On federally mandated standard loan app. Form 1003 you will be required to answer ‘YES’ to the question ‘Have you had property foreclosed upon in the past 7 years?’ Answering ‘yes’ affects the interest rate you will receive.
Future Fannie Mae Loan – Primary Residence After a successful short sale you can be eligible for a Fannie Mae backed loan after only 2 years After a foreclosure you will be ineligible for a Fannie Mae backed loan for a minimum of 5 years
Future Fannie Mar Loan – Non-Primary After a successful short sale you can be eligible for a Fannie Mae backed loan after only 2 years on non-primary residences You will be ineligible for Fannie Mae backed investment loan for minimum of 7 years