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Recently I had a client ask about the credit impact of a short sale. We all know it won't look good on your credit...but how bad will it be?  It took a bit of research.  The mortgage guys were not really sure because those who have suffered short sale hits on their credit reports are not "back in the market" yet--so the mortgage guys have rarely seen a post-short sale credit run. 

I tracked down a credit repair company and their rough (and highly disclaimed) estimates were that a typical person's credit will take a 30 - 60 point hit.  There are no promises though.  Credit is impacted by many factors (debt ratios, late pays, if the short sale is reported as "settled" versus "as agreed").  This was their best, very rough, estimate.

Melinda