Justinlv, Home Buyer in Long Beach, CA

I had to put my condo in Vegas up for a short sale 10/2011, it was finally sold 2/2013. I want to buy another condo, how long do I have to wait ?

Asked by Justinlv, Long Beach, CA Thu Aug 1, 2013

job closed down, had to move to California for work, now retired and want to move back to Vegas and buy another condo.

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Answers

21
Justinlv,

Give Nathan Kessler a call at City1st Mortgage. 702-683-3126. He can get you financed 1 day after a short sale. You do not need to wait 3 years, 2 years, 1 year, or even 6 months. Purchase money is available immediately after a short sale.

Thank you,


Jeffrey L. Sklar, RRG, AHWD, BPOR
Broker/Owner/Realtor
Desert Valley Realty
10161 Park Run Drive #150
Las Vegas, NV 89145
(702) 408-6470 mobile
(702) 763-SELL (7355) office
(888) 203-2779 fax
Be sure to tune in to 720AM every Saturday at 6pm to listen to "The Real Estate Show." Call in with your questions about real estate and real estate related matters.
1 vote Thank Flag Link Fri Aug 30, 2013
A short sale, foreclosure or bankruptcy do not by themselves disqualify you from purchasing a new property now. With stable monthly income and a reasonable down payment there are options that allow you to purchase with poor or no credit. Seller financing is available on some properties. More sellers are understanding the value in holding a well secured mortgage on their property at an interest rate not available at the bank. Investors are always willing to put up the funds (usually 50-70 of purchase price) if you can come up with the difference Others are willing to sell on contract. And then there is the lease/purchase, under one of our plans an investor buys the home for you and leases it at fixed payment and predetermined option (purchase price). And at the same time you build equity in property and credit/payment history.

David DiMarco
daviddimarco@ymail.com
Keller Williams of Southern Nv
702-588-1190 cell/text
1 vote Thank Flag Link Thu Aug 1, 2013
Justin
You will probably ned to wait 2 years. I have a geat lender that can look at your situation and give you and give you a better answer. I have worked with Dorothy for many years and she knows all the in and outs of new financing after a short sale . Contact me and I will get her information to you. It may be possible to get financing with a large downpayment the catch is the interest rate. The best suggestion would be to talk to several knowledgeable lenders so you know exactly what is available for you. I am always availble to answer your questions.
ThanknYou
Suzie Marquardt
1 vote Thank Flag Link Thu Aug 1, 2013
1. 20% down payment there is ZERO wait, you can buy right now with a portfolio loan product
2. FHA 1 year if the short sale was due to a job loss or decline of income
3. VA 1 year
4. Conventional 2 years
0 votes Thank Flag Link Tue Sep 3, 2013
Tony Grech, Mortgage Broker or Lender, Michigan is exactly right with his answer below.

Thanks,

Fritz Walter
0 votes Thank Flag Link Tue Sep 3, 2013
Have you spoken to a lender?

I look forward to hearing from you!

Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com

CONNECT with me on LinkedIn: http://www.linkedin.com/pub/robert-adams/2a/971/a93/

LIKE me on FaceBook: https://www.facebook.com/pages/The-Adams-Team-at-Rothwell-Go…

FOLLOW me on Twitter: https://twitter.com/ShortSalePros
0 votes Thank Flag Link Tue Sep 3, 2013
Can you give us a little more info about your scenario so we can better assist you?

OR

Have you had a chance to run your entire scenario by a loan officer so they can tell you your financing options (assuming this is not a cash deal)?

If you want to see what condos are available in Vegas start your free property search here: http://lvrealestatehelp.weebly.com/buying-real-estate.html

I look forward to hearing from you!

Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com



CONNECT with me on LinkedIn: http://www.linkedin.com/pub/robert-adams/2a/971/a93/



LIKE me on FaceBook: https://www.facebook.com/pages/The-Adams-Team-at-Rothwell-Go…



FOLLOW me on Twitter: https://twitter.com/ShortSalePros
0 votes Thank Flag Link Tue Aug 27, 2013
Hi Justinlv

There are many different programs available, contact
me and I will discuss them with you



If I can be of further assistance and answer
Any of your other questions please contact me

Thanks
Jimmy Balsano
Realty One Group
702-281-2225
Fax 1-866-371-8421
Email: jimbalsano@gmail.com
CERTIFIED FOORECLOSURE ALTERNATIVES CONSULTANT (CFAC)
REO-BPO CERTIFIED

I KNOW LAS VEGAS AND HAVE FOR OVER 40 YEARS
http://www.jimmybalsano.com
http://www.salestraq.com/las_vegas/newhomesearch/index.cfm?id=4780(New Homes
0 votes Thank Flag Link Tue Aug 27, 2013
Dear Justin,

There are a number of variables. The previous comments hold true in a general way. I have a good lender I work with who can give you some guidance with all sorts of loan products. Call or e-mail and I will be happy to forward his name and contact information to you. Actually it is a good idea to talk with more than one lender to get the lowest overall cost to you.

I would be happy to send you both the lender contact information and condominiums for sale. Our office does a lot of property management and sometimes has access to properties which might be coming up for sale in the future which might be helpful for you.

Blessings.

Betty Gammon
Las Vegas Investments and Realty
702-493-8680
BettyGammon@cox.net
0 votes Thank Flag Link Mon Aug 26, 2013
Hi Betty I would like very much the lender's contact information and condo's for sale.
Thank you.
Flag Sun Sep 8, 2013
If financing is needed, most lenders will require that you wait 3 years before getting an FHA loan with 3.5% down, or 2 years for conventional financing with 20% down.

Regards,
Chad Roberts
Broker/Salesperson
Realty One Group
0 votes Thank Flag Link Mon Aug 26, 2013
With Fannie Mae, 2 years plus 20% down payment. Check if you qualify for a mortgage. Try http://www.whywaitbuytoday.com
0 votes Thank Flag Link Sun Aug 18, 2013
If you have cash you can buy now. If you are looking for financing it will depend on what type of financing you are trying to qualify for. FHA is 2 years from the short sale date on your credit report.

Your best bet is to discuss you entire scenario with a reputable lender. Do you have a lender? If you do not please email me and I will reply with the contact info to the lenders we use here in Vegas.

I look forward to hearing from you.



Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
0 votes Thank Flag Link Mon Aug 5, 2013
I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. I introduced a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure, short sale, or bankruptcy. There is only a six month waiting period. This is perfect for individuals looking to become homeowners again.
0 votes Thank Flag Link Sat Aug 3, 2013
Good Morning Justin,

As you have heard in order to finance a new property it takes at least 2 years in most instances, however if you can qualify for a VA loan or hard money loan or FHA under certain conditions, you may be able to purchase now, and of course of you have the cash then you can purchase at any time.

We have a couple of great lenders that we can refer you to who can help guide you in the right direction and put you in a new hope as soon as possible.

Give me a call and lets see if you can find a solution to your needs.
0 votes Thank Flag Link Fri Aug 2, 2013
Hi Justin

It usually takes 2 to 3 years to buy after a short sale, there
couple of different programs contact me so I can assist you

If I can be of further assistance and answer
Any of your other questions please contact me

Thanks
Jimmy Balsano
Realty One Group
702-281-2225
Fax 1-866-371-8421
Email: jimbalsano@gmail.com
CERTIFIED FOORECLOSURE ALTERNATIVES CONSULTANT (CFAC)
REO-BPO CERTIFIED

I KNOW LAS VEGAS AND HAVE FOR OVER 40 YEARS
http://www.jimmybalsano.com
http://www.salestraq.com/las_vegas/newhomesearch/index.cfm?id=4780(New Homes
0 votes Thank Flag Link Fri Aug 2, 2013
Typically its a 2 year wait for financing and you'll need 20% down. Other non standard products are available but they have larger down payment requirements and a higher interest rate. Good luck to you!
0 votes Thank Flag Link Thu Aug 1, 2013
I have done many short sales as a listing agent as well as representing buyers. In this market which is a sellers market you will need to have a agent that knows how to navigate and be aggressive. I am the agent you require to get another property.

Dawn Houlf
The Force Realty
702-236-6266
0 votes Thank Flag Link Thu Aug 1, 2013
I can help if you can put down 20% and pay up to 6 to 7% for a time period till you can get a traditional loan? There are sellers who own free and clear and will carry the note for an agreed amount of time. Let me know if interested. Otherwise you'll have to wait. I can help you find a rental if need be.
Matt 702.501.0973
0 votes Thank Flag Link Thu Aug 1, 2013
You will have to wait a minimum of 2 years as stated below. Or look for an owner carry. This would require a higher down payment, and a higher interest rate.

Work on restoring your credit now.

2 bd 2 bath condos are now $75-$100k.

There are also hard money lenders that will finance you. This is very expensive as far as rate and points. Most are 7-8% and at least 3 points up front sometimes more.
0 votes Thank Flag Link Thu Aug 1, 2013
You can apply for a conventional loan in as soon as 2 years provided you have at least a 20% down payment. If you won't have that much money to put down then you will have to wait longer.

FHA allows you to put only 3.5% down, however you need to wait 3 years past the date of the short sale.

The only exceptions to this rule is if you didn't have ANY late mortgage or installment payments in the 12 months prior to the short sale and you weren't in default at the time of the short sale.

In order to approve most short sales, lenders will usually require that you fall behind on mortgage payments to demonstrate hardship. So this exception is hardly ever feasible.

No matter how long you have to wait, it's important that you maintain perfect credit in between now and then. You want to be able to explain that the short sale was a small blip on your credit radar caused by temporary unforeseen circumstances rather than mismanagement of your finances.


Hope this helps!
0 votes Thank Flag Link Thu Aug 1, 2013
Justin,

You might have to wait a couple of years. There are variables to that so each situation can be different. Hereafter, it is important that you keep all other payments current to increase your likelihood of future financing.

I would be happy to discuss with you. In addition to representing buyers and sellers, I do property management and can assist you with rentals.

Betty Gammon
702-493-8680
BettyGammon@cox.net
0 votes Thank Flag Link Thu Aug 1, 2013
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