Home Buying in 07463>Question Details

Paula, Home Buyer in 07463

Can a previous homeowner make an offer on a property that is up for sale but, it was sold a year ago as a short sale & arms length?

Asked by Paula, 07463 Tue Apr 10, 2012

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I'm not sure of the exact answer but if you were the homeowner last year that sold it in a short sale and now you want to buy it back, your biggest problem may be getting financing. A short sale impacts your credit score and your ability to borrow money to buy a home for a few years. I recommend speaking with a loan officer to see if you qualify for a mortgage at this time.
0 votes Thank Flag Link Wed Apr 11, 2012
If you sold it to someone else, you can by it back if you wish (and can get the money). If the short sale was your own, then it might be viewed differently. In that case, I couldn't be sure, but I would go with a different lender to hedge my bets some.
0 votes Thank Flag Link Wed Apr 11, 2012
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