Should I do a Short Sale in Western New York

Guest Author: David Podgursky

As a Mortgage Professional, I get calls and emails all the time from worried homeowners wondering if they should start Proceedings.

There are a few ways to decide whether it is worth it or not in Western New York. You see… a Short Sale is a method for reducing your debt. It is NOT Free though. It has its costs and they are not all short term. The most obvious negative effect is to your Credit. A Short Sale is a “derogatory”. That means that you will have significant damage done to your credit.

Even though a Short Sale is not nearly as bad for your credit as a Foreclosure, it will nevertheless stay on your file for years and will affect:

• The Interest Rate on your next house
• The Finance Price or Lease Payment on your next car
• Your ability to Rent an Apartment
• Your ability to get a credit card
• Your ability to get a Business Loan

This is why it is important to figure out whether you really, really, really need one… NEED ONE.

So how do you do that??

First, start by contacting your friendly neighborhood Mortgage Broker (that’s me!!) and Realtor (Colleen Kulikowski). Set up a coffee appointment and we three can go over your situation and lay out your options.

I can supply the financial advice and the Colleen Kulikowski can come with comps and market rental data and provide the real estate advice. Colleen can also help you figure out how long it will take to sell your property in this market!

From there, we can provide referrals to other professionals to help you along the way. For more information on Short Sales and to read the full text of this article, click on the links below:

Full Article Text – Short Sales – When you do NOT need one»

• Short Sales do not always mean that the Realtor does not get paid!
• Short Sales and Bank Owned Properties

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David A. Podgursky, MBA
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