How Soon Can I Buy A Home After a Short Sale?

June 21, 2012 | Posted by Blair Warner | 1 Comment

Short SalesHow soon can I buy a home after a Short Sale? This is one of the many questions that buyers ask us before they decide to move forward with a short sale on their home. Many times it is one of the last obstacles to moving forward with a short sale. I heard of a family delaying their decision over a year which ultimately delayed resolving their problem and being ready to buy a new, more suitably priced home the same length of time. The sooner you can move beyond your fears and hesitations and get the information you need, the sooner you will be able and ready to buy again when your credit is repaired.

How soon can I buy a house after a short sale? As soon as 2 years! This will vary from borrower to borrower and from lender to lender but the avg recovery time to purchase again seems to be roughly 2 years after a short sale. Please consult with your mortgage expert to be sure.

How soon can I buy a house after a foreclosure? 3-7 years depending on circumstances and the original lender and loan. It is VERY IMPORTANT to speak with a specialist in the areas of real estate, mortgage lending and credit before making any decisions about a short sale or foreclosure. It might even be wise to consult your attorney if he is familiar with short sales.

In many cases (not all) buyer’s have worked with a credit repair organization to move the process along further and faster. This may or may not be the best option for you and your family. We would encourage you to get the information you need by taking advantage of our FREE consultation so you can make an informed decision. Additionally, after a short sale, take your time, save and prepare yourself for the right buying opportunity.

We would love the opportunity to chat with you about your unique situation and about your buying options after a short sale. Give us a call at 888-586-2261 or contact us through the form on this page of our website and we will be in touch.

I hope you found this helpful.

By Blair Warner

About

After years in the mortgage business, Blair has been one of the foremost credit experts and debt Counselors in the Dallas/Fort Worth area since 2006, with a passion for helping folks manage their credit and debt rather than letting it manage them. As a father of 4 and a love for teaching, Blair not only advises, but guides and educates toward a more fulfilling financial life.

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Category : credit, foreclosure, Mortgage, real estate, short sales, Uncategorized

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One Response to “How Soon Can I Buy A Home After a Short Sale?”

  1. Michael Evans says:

    Exciting News for Consumers and Real Estate Agents.
    I have the Solution for anyone who has had a Foreclosure, Short Sale or Deed in Lieu.
    See below are many options for every type of Consumer to Achieve the American Dream.

    In California I can assist anyone who has had a Short Sales or Foreclosure or Deed in Lieu, With NO waiting period at all. They can purchase the Next day with a mid FICo score of 660 and 20% down to a max of 1 Million Loan amount. 25% down to 2 Million and so on… Prior Mortgage late payments are acceptable and this is our own in-house Portfolio Products and is NOT hard money.

    Additionally, we have 7 other in-house Portfolio Products that are designed for all types of consumers that want to purchase and or refinance their existing home.
    Since we are a Direct Lender, we process, underwrite and fund the loans under one roof. We have NO investor overlays on Fannie, Freddie, VA, FHA and USDA.
    Here are some of our program highlights.

    We have the 2nd Chance Loan with No Seasoning Period, for those who have had a Foreclosure, Short Sale of Deed in Lieu. This product is for California residents that want to Purchase a home.

    We have the Portfolio 1-Year Tax Return Product.

    We have the Portfolio Depletion of Assets Product.

    We have the Portfolio Bank Statements Product.

    We have the Portfolio Full-Doc Product.

    We have the Portfolio Substantial Asset Product.

    We have the Portfolio Foreign National Product.

    We have the 49.9% No Ratio Program.

    Contact me today to get started on the right path.
    Michael Evans
    Sr. Loan Officer
    Pactrust Bank
    510-455-4109
    michael@michaelloans.com
    NMLS 251165

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