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Short Sales Realtor for Maryland DC and Virginia. In a Short Sale, how long do I wait before I can buy again?

By
Managing Real Estate Broker with Maxus Realty Group of Samson Properties Broker - Realtor - CEO

Fernando, after a short sale, how long do I have to wait before buying my next house?  

If you're a seller trying to decide whether to let a home go through foreclosure vs attempting a short sale, salvaging your credit may be one of the  advantages for doing a short sale.

There is probably a better chance that you will be a homeowner again. . faster with a short sale vs a foreclosure." It could be as early as two years . . Your credit will probably take a hit with a short sale. . but a foreclosure will put an exclamation point to your name.

Even finding a job can be jeopardized with a foreclosure on your name, try applying  for a goverment job or get a security clearence just to be a security guard at the mall.

A short sale option does make more sense than a foreclosure at the long run.

You should always consult with an attorney and/or an accountant when your finances are at risk. This advise is based on a general question. . . there are many variables before making a decision to do a short sale.

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Juan Boldizsar
Belleville, IL

Fernando,

Did you hear about the new Fannie Mae guidelines?  They now require a borrower to be 2 years out of a pre-foreclosure sale, and 5-7 years out of a foreclosure.  After a 5 years, the borrower will need 10% down and cannot buy a second home or investment property or get cash-out.  It's a good thing to know when you hear a potential short-sale client say, "I'd rather just give the bank the keys than deal with this."

Jul 10, 2008 03:08 PM