Typically there is a 2-year period before you can purchase again. It depends on your credit scores and how your loan was reported by the lender. Check with a local mortgage representative and they should be able to guide you in the right direction. Glad you didn;t give up on home ownership!... more
Did you and/or your realtor submit the complete short sale package to the lender or lenders?
The definition of "binding" contract may be open to interpretation because the final disposition of your contract is dependent on tthe short sale approval.
If you google "binding contract to buy a house" you will see a lot of opinions on this. You may want to consult a real estate attorney for the answer that you can present to the IRS if it's challenged when you file for your tax credits.
Regardless of your inspections, and regardless of whether or not you deposited your initial deposit into an escrow account, if you don't have a formal approval and acceptance from the short sale lender, there are no guarantees about this short sale.... more