We furnish both buyers and sellers of our short sale listings with information...in the case of Sellers...a whole folder that has everything from the forms that they will need to complete to the steps involved in the process of a short sale.
People see and hear what they want to see and hear...and the reality of what can mean down sizing...a different neighborhood....a different lifestyle dictated by the hardship of a short sale comes at different times for different people.
We explain to Sellers at our first meeting, that while we understand that buying another house when you are doing a short sale...may be akin to getting a marriage license immediately following a divorce (in Wisconsin the ink has to dry on the divorce decree for 6 months to remarry.) BUT ....there will come a time when they become the Boomerang buyer and will bounce back to becoming a homeowner again some time in the future....just as marriage may well be better the next time around. The bittersweetness of an accepted offer on their short sale means that the reality of moving can now be measured in days not months...and the hunt for a new home begins. One they envisioned would include a yard for Rover and a fireplace for Ms Kitty ...so that everyone would feel at home. Sometimes that "new home" does not mirror those "start over" dreams immediately.
There is no "one answer" for how long you have to wait to buy a home after a short sale because there are lenders that keep their loans in house and do not have to play by the federal rule book when it comes to mortgages. We have made it our business to seek out those lenders...there is a not a "one size fits all" situation in rebuilding your life after a short sale. Some require larger down payments, higher interest rates...But shorter waiting periods.
Know that we have a wealth of resources for boomerang buyers or buyers who are now Buyers after a divorce and have not ever purchased a home on their own. We are here to help you ....not just with the sale of your home, but with starting over and becoming a homeowner again.
If you or anyone you know is looking to "start over" OR for reasons of hardship, needs to do a short sale, Sally & David Hanson, Broker Associates at Keller Williams in Southeastern Wisconsin would be honored to be "at your service."