Home Buying in 98444>Question Details

cheata_thea, Both Buyer and Seller in Tacoma, WA

How long do I have to wait to buy a house after a short sale?

Asked by cheata_thea, Tacoma, WA Mon Feb 25, 2013

Please help! I immigrated to the U.S. in 2006 and bought a house in 2008. Because I didn't have any credit scores, the loan was under my husband's name only. Last year (2012) we short sale the house and now we are considering buying a small house (paying off with cash). How long do I have to wait so that no one would come after me if I buy a house under my name? Oh, I live in Washington State, by the way.

Thanks in advance for your advice!

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3
Looks like you got your answers quckly below already. Good luck in buying your new house cash.


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0 votes Thank Flag Link Mon Feb 25, 2013
Cheata,
If you are planning to pay cash, you shouldn't have any wait at all. Just to be sure, have your short sale approval document reviewed by an attorney, but in all cases I'm aware of, if they released you from future obligations you are free. If they maintained the right to pursue a deficiency judgment, I'm not sure how owning a home versus having the cash to buy a home would make much difference.
To be safe, spend a brief time with an attorney and your paperwork from the short sale.
If you need a referral to reasonable one, let me know.
0 votes Thank Flag Link Mon Feb 25, 2013
Thank you. I'll talk to an attorney.
Flag Mon Feb 25, 2013
Hi,

The type of financing you are looking for will determine the lenghth of time between a short sale and new purchase. For a conventional loan. you are elgible to buy after 2 years with a loan to value ratio of 80% or less. You would need a 20% down payment to buy within 2 years. For FHA financing you are typically eligible after 2-3 years depending on your situation at the time of the short sale.

Hope this helps, good luck!
0 votes Thank Flag Link Mon Feb 25, 2013
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