how soon can i sell my condo without hurting my credit?

Question

I bought my three bedroom, 2.5 baths condo in december 2005. I am planning to move to another state in the next few months due to a better job offer.

Answer 1

Selling a property does not hurt your credit. People make their living buying and selling properties, sometimes within days of each other and they dont have horrible credit. And when you pay off your mortgage with the sale, it actually improves your credit because you no longer have that debt. But if you are selling, just make sure that you get your money's worth and are able to pay off the entire mortgage(s) and in the current housing market, good luck selling it any time soon.

Answer 2

It won't hurt your credit, but you might have a hard time making up the comission on the sale. the comission to sell your house is usually 4-7% of the sales price, if your condo has not gone up in vaule more then 4-7% you migh tbe upside down on the condo.

Will your new job cover closing costs? If so, that would be a huge advantage for you.

-Angela
http://www.ratraceclub.com

Answer 3

Selling a property does not hurt your credit.

The only negative to doing it so soon, that I can think of off the top of my head, would be if you had a HARD Pre-Payment Penalty on your mortgage. In which case you'd have to pay a penalty fee for exiting the loan early, and that would cut into your profits or ability to strategically price your property.

Answer 4

it is not any longer properly worth it. the fee you pays to a realtor who knows the regulation, ethics, can get you on the mls, has customers is a techniques a lot less expensive than doing it your self and letting it sit down on the marketplace for 3 months without pastime and merely one incorrect word or be conscious in an ad in the paper can deliver about a lawsuit. even something like "on the threshold of church homes" is illegitimate because "church" denotes "christian", what about "jews" or "muslims". do you choose to spend your sundays at your position doing open homes each and every weekend until eventually it sells because you do not have a lockbox so if a realtor had a shopper they could educate them the apartment? promoting genuine sources with suggestions from your self is somewhat "penny-smart" and "pound stupid".

Answer 5

As long as you are making a profit on the sale and are current on the payments until then, I do not see how this would effect your credit at all.