The money you pulled out, is 20% of your next purchase? That will surely help. You need to show the new lender you have all your liabilities covered.
I am not an attorney, just the King of Craigslist.
This is my last shot to own a house. I only want a small house to retire to, cheaper and I can call my own. Right now there are a lot of cheaper houses on the market rather than renting.Can I still buy a house (if I can come up with cash)in this situation? What will happen to me considering I am on a short sale?
King of Craigslist
I can imagine there are some circumstances that can bring about a substantial financial change in a short time period. Did the bank approve a short sale, but you paid back the lender after the title transfer? Some short sales are approved for title transfer with the seller agreeing to a post closing note to repay some or all of a shortage.
A lender who forgave debt in a short sale may become interested in your financial details....if they learned of a property purchase in cash shortly after a closed short sale.
But, yes, you can make a purchase in cash. If your circumstances have taken a positve change, congrats.
I am confused. If you have enough cash to buy a new home, why would you be selling your home on a short sale? Where is the hardship?
However, in answer to your question, cash is king. As long as you don't have to use credit for the purchase, no one would even know what your credit scores are?