Posted on Dec 16, 2011 in Roseville and Sacramento Short Sale FAQs

Hi, I’m Mark Peek here with Keller Williams Real Estate, Roseville and Sacramento’s short sale specialist. A lot of folks are asking me if they complete a short sale, how long it will take them to be able to buy a house again. Well, if you go by standard guidelines, and you complete a short sale, you can purchase another home in as little as 2 to 3 years. It’s 2 years if you’re eligible for a VA or 3 years if you are eligible for an FHA. This is assuming you don’t have a foreclosure on your record, just a completed short sale.

Now there are some ways to shorten that timeline. There is a possibility of credit repair. I have a few clients right now that are using a service that is removing foreclosures and short sales from their credit report. If you remove a foreclosure and you apply for a loan, they’re still going to ask you if you’ve ever had a foreclosure on your record.

This credit repair system is actually removing these delinquent items off the credit report and increasing credit scores substantially. This is allowing people to purchase a home in as little as 12 months and it could possibly be less.

I’d say about half the people in this area are underwater. The Sacramento region in general is off 50% from the top. So, you could complete a short sale on your underwater home, rent for a year and then you could come back and buy it at half off. Now that seems to make complete sense. If you want to shed unwanted debt, what better way to do it than to take a year off from your current underwater mortgage, rent for a year and then come back and re-enter the market at a time when rates are at historic lows and prices are absolutely insane. In fact, it’s cheaper to purchase today than it is to rent in many locations.

Give me a call and I’d be happy to put you in touch with the right people that will get you credit repair after a short sale. Again, Mark Peek with Keller Williams, Roseville and Sacramento’s real estate specialist and I look forward to talking with you soon. Have a great day.

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