I completed a short sale of our condo back on May 20th, 2011 and we would like to buy again.

Asked by Dpd2434, Farmington, MI Sun Feb 24, 2013

My credit is around 750 and I have 20 % for down payment do I need to wait til 2 year anniversary (5-20-13) to date before I attempt pre-approval process? Or can I get pre-approval now?

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4
Margo Borkin, Agent, West Bloomfield, MI
Tue Apr 2, 2013
Here is an article about buying again after short sale with time frames and such;
http://blog.mymetromargo.com/2012/06/07/when-can-i-buy-again…

Hope this help


Margo Borkin
Real Estate One
(248)318-4776
margo@movewithmargo.com
Web Reference:  http://www.movewithmargo.com
1 vote
Karen Paytas, Agent, Clinton Twp, MI
Sun Feb 24, 2013
Good Evening!

From previous information I've received to apply for a conventional loan you would need 2 years from completion of the short sale and 3 years for an FHA loan unless you were current on your payments. I would recommend waiting until after the 2 year anniversary. You can however, talk to a loan officer and get their advice on how and when to proceed.

If you need a referral for a loan officer I would be happy to assist.

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes
The Rodgers…, Agent, Novi, MI
Sun Feb 24, 2013
Hello,

Please contact me. I have a lender that could talk to you about your situation.

Hope to hear from you soon!

Jamie L. Rodgers
My Realty Select
The "Mr. Rodgers" Team
The Bros Who Are Real Estate Pros
248-730-0887
0 votes
Thank you, I will give you a call tomorrow afternoon.
Flag Sun Feb 24, 2013
Jerry Thomas, Agent, Ann Arbor, MI
Sun Feb 24, 2013
I can even begin to tell you what a bad idea that could be.

Are you ready to explain to your previous lender how you could be in a position to put down 20% on a condo that you short sold just 2 years ago? You must have claimed a hardship to get them to agree to the short sale. Did they agree, in writing, not to pursue you for the deficiency?

I'd suggest you stay clear of this unit or any other unit in the complex. It just not worth running the risk of your previous lender taking a second look at your short sale file.

And yes, you most likely do need to wait for at least 2 years before you could get an FHA loan. I'm assuming you were 90+ late on the previous mortgage. Make sure the development has been approved by HUD.
0 votes
Yes Mr. Thomas I can explain why I was able to save thousands living with family. My wife was laided off (automotive industry) so it was not hard to qualify for short sale. Got back on our feet credit is excellent and funds are available for a down payment thanks to no bills and yes I do have in writing from previous lender that they can not pursue the deficiency or I wouldn't have completed the transaction. Also if I wasn't clear not looking to buy in, near or close to my previous house. When I said buy again I meant in the market for housing again totally different area and County closer to work. Thanks for the comments.
Flag Sun Feb 24, 2013
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