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I've done a short sale, when can I buy a new home?

By
Real Estate Agent with Treu Group Real Estate
Have you done short sale in Palm Beach County?  Are you wondering when you can buy again? 

Keep in mind that the clock starts ticking at the date of the short sale closing.

 

·         2 years on a conventional purchase with at least 20% down

·         Less than 3 years, but not less than 12 months for a FHA purchase IF there are acceptable extenuating circumstances such as….illness, death, etc…

 

So what now?  Pay your bills on time, get your debt paid down and you will rebuild your financial future before you know it.

 

When you are ready, our family of agents are here to help your family.

 

A short sale is not a long term consequence. 

You will get back on your feet before you know it!

 

Are you wondering if a short sale is right for you in Palm Beach County?  Call us to schedule a 15 minute meeting to get all of the information that you need to make a good decision. 

Posted by

Lisa and Steve Treu

Let our family of agents help "YOUR" family. 

 

Comments (5)

David Burrows
Classic Realty - Fairfax, VA
No Pressure, Just Seriously Devoted to Real Estate

Great advice Lisa. Thanks for sharing this important information.

Jan 21, 2012 10:32 AM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

You might want to check with some smart loan officers about the FHA loan after short sale.  If there were no arrears and the move was involuntary or with extenuating circumstances, there is no wait. 

Jan 21, 2012 10:35 AM
Lisa Treu
Treu Group Real Estate - Delray Beach, FL

At this point, we haven't been able to do a short sale without an arrears yet.  I guess it can be done but after all that we have done, non have been approved with current clients.  Have you done a short sale that is current?

Jan 21, 2012 10:39 AM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Lisa.  Yes.  I did have to shop for a lender who knew the regs. 

The buyer was transferred by HSA from CA to VA.  They shorted their house in CA and purchased here 5 months later 

No arrears was the key.   Of course, that includes trade accounts too.

I learned of this on ActiveRain on George Souto's blog.  I spoke with one of the smarter lenders in my network and he researched it and was surprised.  It's amazing but sometimes loan officers just don't have all the facts.

http://activerain.com/blogsview/2416512/fha-time-periods-for-an-fha-loan-after-a-short-sale-

George Souto is one of the best mortgage writers on ActiveRain.

Lenn

 

Jan 21, 2012 11:33 PM
Lisa Treu
Treu Group Real Estate - Delray Beach, FL
My question was more on not being late. That is the real issue.
Jan 22, 2012 01:16 AM