buying after short sale

Asked by twixx, Redwood City, CA Fri Oct 26, 2012

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Patti Kane, Home Buyer, Boulder, CO
Mon May 6, 2013
I had a short sale last year and my Realtor recommend for a home loan. I a very happy to be able to purchase again.
0 votes
John Juarez, Agent, Fremont, CA
Fri Oct 26, 2012
Your question may be in regard to how long you will have to wait to buy a new home after you go through a short sale. That is a common and reasonable question for anyone who has had the unfortunate experience of losing their home through a short sale.

I suggest that you talk to your mortgage professional for an answer to that question that suits your own personal circumstances. I suggest that because the waiting period can vary between 0-7 years depending on your personal circumstances.

Was your loan conventional, FHA or VA? Were you current on your mortgage up to the time of your short sale? Were there extenuating circumstances surrounding your short sale? How is your credit other than the short sale? In other words, do you have other blemishes on your credit record – bankruptcy, credit card default, collections, retail credit account delinquencies, automobile loan delinquencies or repossessions, mortgage delinquencies? What amount (percentage of purchase price) will you be able to put down on your next purchase?

Of course, the passage of time will not automatically mean that you can buy another home. You will still need to qualify for a new mortgage base on your income, credit, down payment and whatever other criteria exist at that time.

A local mortgage professional will be able to review your personal circumstances now and help you to prepare for the purchase of your next home and provide with the loan to do so when you are ready.
0 votes
Terry McCarl…, Agent, Cape Coral, FL
Fri Oct 26, 2012
What is your specific question. You can buy whenever you want if you happen to win the lottery and have the cash. Other than that, if you need a loan plan on waiting at least 2 years and perhaps as long as 4 years depending on the lender.
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Marcy Moyer, Agent, San Ramon, CA
Fri Oct 26, 2012
What is your question? You usually have to wait about 2 years but it varies, and with some banks the wait is shorter.
Marcy Moyer
DRE 01191194
Keller Williams Realty Palo Alto
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