Helping Homeowners Avoid Foreclosure in Roseville and Sacramento

How Long Will I Have to Wait to Purchase Another Home After I Complete a Short Sale?

Posted on May 14, 2012 in Roseville and Sacramento Short Sale FAQs

Hi everyone, this is Mark Peek at Keller Williams Real Estate, your Roseville and Sacramento short sale specialist. Today’s topic is one of the most frequently asked questions I get and that’s how long will it take before I’m able to purchase another home again after I complete a short sale? Well, the time frame for that can actually vary widely. It can vary from a week after I close your short sale to three years. The reason being is if you complete a short sale and you’re current and you have a very valid reason such as divorce or huge loss of income and another is relocation. Especially if you’re relocating a fairly long distance around 100 miles or so, then you might qualify for a short sale and purchase again with an FHA loan. This is something we would want to pre approve before we start the process just to make sure that it is an option for you.

Otherwise, you can actually obtain a new VA loan; if you had an exception on that one within a year. You can also obtain an FHA loan in around 3 years after a short sale. At the end of the day what you really need to look at is your financial situation. How much is your home underwater? If it’s going to take you five or six years to recover, then you might want to think about a short sale as a way of getting yourself back on the financial track.

Again, I’m Mark Peek with Keller Williams Real Estate, your Roseville and Sacramento short sale specialist and I’m here to help. If you have any specific questions about your situation, you can hit the start here button at the top of our website. You can also give me a call directly and I’d be happy to follow up with you. Thank you and have a wonderful day.

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