I have a single family home that I need to sale - only about $8k in equity. I'm not looking for any profit. I'm not behind on my mortgage payments. What are my options for selling this property without hurting my credit? What would a shortsale do to my credit?

Since you are not behind in your payments, it is very unlikely that the mortgage lender would consider accepting a Short Sale.

With $8k in equity and a understanding that your not out to make a killing on a sale... traditional real estate listing and sale are a good possibility. Be sure to have your agent provide a good faith estimate of your closing cost prior to doing a listing. Make sure you understand how much "wiggle" room you have based on your List price and the required price for you to at least "break even".

If you can locate an agent that has Loss Mitigation Consulting ability (LMC), you may be better off as they will be able to supply you with all the options, both traditional and creative that exist.

LMC's often have databases of investors and owner/occupant buyers that will jump at the chance of quickly picking up properties at or near mortgage.

While you stand a better chance getting some equity back with traditional listings, it typically will take longer depending on the area market.

Creative techniques often can close in just a few days but you do need to fully understand the offers and that is where the Realtor that is an LMC is of great use.

[This message has been edited by Realty Check (edited 07-14-2004).]