Fairfield County Homes for Sale: Can I Buy Again? After A Short Sale? When?

Can I Buy Again? After A Short Sale? When?

Thank you, Mike, for this handy guide to when you can buy a home after a short sale.  I haven't seen all this info in one place before.  I will share it with my clients.  Excellent!

Can I Buy Again? After A Short Sale? When?

Can I Buy Again? After A Short Sale? When?

When a homeowner sells their home as a short sale or for less than what's owed on the property, one of the first questions that we receive is can I buy again? If so, when can I buy again? The dream of homeownership truly is the American dream. For many homeowners lately, it has seemed like less than a dream. There are, millions of Americans every day who enjoy, relish and cherish homeownership. For those who've sold their homes by short sale, it is easier to buy again than you might imagine. If you or some one you know has sold their home as a short sale, you will want to keep reading.

 

FHA financing is a very large part of financing real estate today in America. FHA guidelines actually allow, as you'll see below, for a homeowner who does what's called a nondelinquent short sale to buy right away as soon as their sale closes. For those who have had delinquencies associated with their short sale, FHA requires that the former homeowner wait three years. There are guidelines available that allow for this three year period to be potentially reduced if there are extenuating circumstances, or those circumstances beyond one's control, that caused the homeowner to have to sell her home by short sale.

 

You will need to consult with your home loan professional because everyone's situation is different. If you do not have, or do not wish to call your home loan professional, we have contact information for home loan professionals in our area available to you.

 

The dream of homeownership in America is alive and well today. As our economy continues to improve our housing market should recover, in that, demand should eventually equal supply and when demand exceeds supply we should see appreciation in housing values.

 

As always, thanks for listening.

Sell your home!

Buy a home!

Finance your home puchase!

Refinance your home!

About Bankruptcy, Foreclosure and Short Sales

 

760 KFMB

 

 

 

Mike Litton FSP, CDPE, PSC, SFR

As seen on

The Real Estate Zone!

KFMB Real Estate Expert


Keller Williams Realty North County San Diego

760-802-9500

reomike@cox.net

www.littonrealtygroup.com

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Comment balloon 3 commentsGail Robinson • January 06 2012 06:14PM

Comments

I had a client who had a short sale in Hawaii and was never late prior to close she purchased the Home that has gone in short sale with a VA loan which was not the route to go but thanks to Obama's law my client was able to purchase a home with a FHA loan without a waiting period

Posted by Derya Martin (Meybohm Realtors) almost 7 years ago

Gail that is a good chart.  Right now Short Sales are being treated almost like a foreclosure which is not fair in my opinion.  I hope they ease up on the regs in the future.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) almost 7 years ago

Gail - Thanks for reblogging this - there are so many who are affected by this!   

Posted by Dagny Eason, Fairfield County CT, CDPE Homes For Sale and Condo (Dagny's Real Estate) almost 7 years ago

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