Home Buying in New Jersey>Question Details

m dal, Renter in New Jersey

We live in NJ & closed on our short sale in Dec. What is the waiting period to re -purchase another home? What are the updated guidelines?

Asked by m dal, New Jersey Fri Feb 8, 2013

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7
Hello,

I have written extensively on the subject. The short answer is it depends on your scenario. Please click on the link below and read my blog. I hope it will shed some light and maybe give you hope.


Best of Luck!
1 vote Thank Flag Link Fri Feb 8, 2013
How can I find rentals w/ options to buy in old Bridge, Marlboro, Manalapan, Monroe & freehold area? 3 bedrooms. Short sale on my home last Dec. I am also trying to find out if we qualify for the new FHA back to work program.
0 votes Thank Flag Link Thu Sep 5, 2013
I have had clients that were able to purchase i 1 year. It would be best to speak with a mortgage consultant. I have a 3 bed 2 bath condo that in Nutley NJ that you can rent to purchase.

Craig Andriulli
Vice President
NMLS #212830
Bond Street Mortgage, LLC
NMLS #191351
Cell: 201-647-4180
Office: 201-918-4980
Fax: 201-918-4981
Email: Craig@BondStreetLoans.com
0 votes Thank Flag Link Sun Feb 10, 2013
Unless you have decent credit scores you may have a difficult time renting let alone rent with option. There are basically two ways it works. You give the owner a bunch of money up front that you lose if you don't purchase and then pay them extra rent each month that will go towards the purchase and you lose if you don't purchase. The other was is you might find an owner who is not represented by a good broker who will let you sign an option to purchase without the above. In the first scenario you can do ok if prices rise and you purchase the house. It can work out for the owner as they have sold there house and if you don't purchase, they have made a lot of extra income. In the second scenario the homeowner who is not represented can get taken to the cleaners either way. If the house goes down in value, then you don't buy and he loses because he didn't sell when prices were higher. If prices jump up, you buy the house or sell your contract, pocket all the profit and have risked nothing. In either event, have everything in writing and have a lawyer review it. Real worthwhile rent w/option places are extremely rare. Beware of scammers as they are not rare. They rent a house (or occupy it some way) and then rent w/option to you. You give them a chunk of change for the option to purchase a house they don't own. You start making your payments and they go in the scammers pocket. Rent w/option can work, but there are many caveats. In 20+ years I've handled 2 that resulted in a purchase. Please excuse typos as I didn't check.
Don
0 votes Thank Flag Link Sat Feb 9, 2013
Thank you all for answering.How can I find rentals w/ option to buy?
0 votes Thank Flag Link Sat Feb 9, 2013
You will need to wait at least two years depending on your circumstances. However if you did not fall delinquent on your mortgage prior to the short sale, you could possibly re-purchase a home even sooner. A mortgage professional can give you more insight. Feel free to check out my blog on this as well, right here on Trulia. You can go into my blogs by just clicking my picture.


Best,
0 votes Thank Flag Link Sat Feb 9, 2013
George, nice to see someone who knows what they are talking about. Nice blog and for those that take the time to read it all you might get a different perspective. There are a lot of rules and regs that many people, including mortgage brokers, are not aware of where you can qualify for a mortgage with a short sale. Important thing is that you paid your previous mortgage up until the time you closed the short sale.

Donald A Mituzas
Licensed Associate Broker
2008 Realtor of the Year
Douglas Elliman Real Estate

http://www.nyhomeseller.com
0 votes Thank Flag Link Fri Feb 8, 2013
Hello M Dal,
A Short sale is considered a foreclosure which in turn means you cannot qualify to re-purchase until 3 years from the sale date of the home that was shorted.

Hope this helps and you locate another home to rent, save up some money and re-purchase when the time is right again. Good Luck!

I am a licensed Mortgage Banker in NJ and NY
Mike DeChristofano
NMLS# 214287
cell: 201.403.6587
Flag Thu Sep 5, 2013
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