‘Short Sellers’: want to buy again after a short sale?

May - 03 | | No comments. | Blog

Most sellers expect to wait 2-3 years after they short sell to be eligable to purchase again! What if you could buy sooner than that?

Few realize there is a way to buy in less than 2 years, if you find the correct lender and they are aware and willing to lend per the FHA guideline in the linked document below. Its a HUD generated document from 2009 regarding their guidelines and short sales.

Basically if you short sell but remain current on your mortgage and all other payments reporting to your credit, you may be eligable for a new mortgage wthin hours of your short sale!

Most sellers I know are waiting a little bit before buying again but thats a personal preference not a requirement if they are buying again using FHA financing.

In a nutshell the program allows you to get another mortgage after short sale, if:

-You are current on your mortgage throughout the short sale process and all other debts for 12 months preceding application

-You are not upgrading houses

-You moved due to a job transfer, should be at least a zip code away, underwriters may vary on this

-You must obviouslt qualify for the new payment with tax returns/other lender required documentation

If you are a seller who may have to sell because you are changing your job, getting divorced or being relocated due to a job transfer call me to discuss how this may affect your individual scenario.

The common question I always get is, Can I buy again after I do a short sale? The answer is you can buy a lot sooner than you think if you plan ahead and consider your decision with the guidance of someone who knows the pitfalls and roadblocks.

Download HERE: FHA Guidlines for Short Sellers who want to buy again

(I recently sold my short sale negotiation company where I personally negotiated over 1,500 short sales. Now I help California homeowners buy and sell real estate in my hometown of San Diego California.)

Sean Chapman

Chapman Real Estate Group



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