typically how long does a short sale take, can I get pre-approved if I am waiting for a foreclosure to finish out,

Asked by Tiyon Taylor, University Park, IL Sat Dec 1, 2012

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Chere`se L.…, Agent, Chicago, IL
Sat Sep 28, 2013
There is normally a waiting period that you must wait for prior to buying a new home. I hear there is a new program that allows you after one year to purchase again. However, I haven't run across a client that has taken advantage of it as of yet. I do know that after three years you should be fine.
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Suzanne MacD…, Agent, Morristown, NJ
Sat Dec 1, 2012
I am not sure what you mean by 'waiting for a foreclosure to finish out'. if you mean that your home is being foreclosed on, you would have to wait 3 years to qualify for a mortgage under the current rules. A short sale can take 3-4 months at best and possibly even longer.
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I am almost done waiting out the foreclosure's 3 year requirement before I could qualify for a loan, sorry for the confusion.
Flag Thu Dec 6, 2012
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