Home Buying in Chandler>Question Details

Raerae, Home Buyer in Chandler, AZ

I had a short sell in around April 2010. When can I try to purchase a home again?

Asked by Raerae, Chandler, AZ Fri Feb 3, 2012

Help the community by answering this question:

Answers

12
Cara:

Are you saying that someone gets a clean credit report 90 days after a HAFA short sale? I would love to see where this has happened. Please provide more details to everyone, as this is an amazing development in the short sale world...
1 vote Thank Flag Link Fri Feb 3, 2012
You should be looking at buying now. There are so many seller options available that you can purchase with equity, there is hard money lending, credit counseling to help you refinance down the road. With all of the great deals on homes out there, do not hesitate to start seriously considering buying again. Just be certain that your debt to income ratio is one that you can live with long term, so that you do not get into a difficult situation. Also you may not be able to just pick what ever home you want, but there are many out there offering seller finance. Call me if you would like more information.
AJ Stewart
Veracity Realty Group
480-217-2167
0 votes Thank Flag Link Thu Feb 9, 2012
Sorry, Cara:

I just saw this about the person's credit report showing a release of debt after such a short time frame and wondered how it was possible..."Was it a HAFA short sale - if it was, the bank rights off the debt and your credit report will show usually after 90 days that you were released from the debt."

It is not at all about forcing anyone to use me. In my mind it is more about giving out good information and getting the same in return. I just was amazed at the idea it was this easy to get around a short sale.

I will try not to comment on your next post... :)
0 votes Thank Flag Link Sat Feb 4, 2012
To Bill Parker

For some strange reason everytime I respond to a question you seem to have a problem with my answers.

I did not give the buyer a time frame I was just asking what type of short sale they went through with the bank.

If they would like to give me the answer, with no obligation to them, I would be more than happy to point them in the right direction. I don't see why we can help people that are in this circumstance without trying to force them to use you.

Thank you,

Cara J. Simmons, REALTOR
ABR, CRS, CSSPE, EPRO, SRES
RRC Referral & Relocation
Sun Canyon Realty
602-399-0663
Cara@CallCara.com
hppt://www.CallCara.com
Web Reference: http://www.CallCara.com
0 votes Thank Flag Link Sat Feb 4, 2012
Waiting period to Purchase a Home after Short Sale
FHA: 3 Years if in default at the time of the short sale.
No waiting period if they were current and no late payments on their Mortgage and other installments dept at the time of the short Sale. The proceeds from the short sale served as payment in full.
VA: 2 Years
USDA: 3 Years
Conventional: 2 Years - 20% Down Payment
4 Years - 10% Down Payment
7 Years - No Restrictions

If you have 20% down you can buy today with Arizona Seller Financing's 20% U-pick seller financing program. U-pick the home, they buy the home, mark up the price slightly and sell to you with seller financing. Details at http://www.ArizonaSellerFinancing.com
0 votes Thank Flag Link Fri Feb 3, 2012
That is a depends question and unfortunately not a straight ...here is the date. I would recommend you contact a lender and talk about your circumstances. Sometimes if there are special circumstances that would allow you to purchase almost immediately and other times you may need to wait a year or two. Your credit rating would also play a factor in when and for what amount.

If you need assistance with getting in touch with a qualified lender, I can certainly assist you with that.

Take care

Debbie
Web Reference: http://diverdebi.com
0 votes Thank Flag Link Fri Feb 3, 2012
Raerae

Now is the time to prepare for the purchase event. A number of factors will ultimately determine the date but now is the time to start the process. I have a buyer that filed Bankruptcy and had a foreclosure that we now have Pre-Qualified and under contract. They are getting keys to the new house on February 28th, 2012.

Lets get you prepared so as soon as possible you own your own home again as well.
Web Reference: http://www.McVinua.com
0 votes Thank Flag Link Fri Feb 3, 2012
Hi Raerae,

What type of short sale did you do? Was it a HAFA short sale - if it was, the bank rights off the debt and your credit report will show usually after 90 days that you were released from the debt. You would also receive the $3,000 in relocation refunds. You have a better chance of being able to purchase a home sooner with this type of short sale. If you would like additional information with no obligation to you please contact me.

Thank you,

Cara J. Simmons, REALTOR
ABR, CRS, CSSPE, EPRO, SRES
Referral & Relocation Certified
Sun Canyon Realty
602-399-0663
Cara@CallCara.com
http://www.CallCara.com
Web Reference: http://www.CallCara.com
0 votes Thank Flag Link Fri Feb 3, 2012
The 2-5 year answer is one I have been experiencing for years, but recently met with a lender that has programs that shorten that time frame significantly. Feel free to contact me and I can put you in touch with him. Good luck !
0 votes Thank Flag Link Fri Feb 3, 2012
April 2012 you should be able to start again.
Seasoning Requirements for:
Conventional Loans 2 years / FHA Loans 3 years.
Jane
0 votes Thank Flag Link Fri Feb 3, 2012
Hi Raerae:

Fannie Mae says you should be able to purchase after two (2) years. The challenge is (as with many things these days), not all of the Big Banks or other lenders are following this guideline--some require four (4) years, etc.

Your best bet is to get in touch with a Mortgage Banker or Broker and ask if they have lenders who will do as you want. The last time I checked, we had two sources which would allow for Purchase transactions, so please feel free to give me a call and we can discuss your particular situation.

Bill.
0 votes Thank Flag Link Fri Feb 3, 2012
2-5 years after the short sale, depending on the type of loan. Your best bet is to check with a local, reputable lender. Let me know if you want or need a referral.
0 votes Thank Flag Link Fri Feb 3, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer