If you do a short sale you really cannot buy again – true or not?

[trying2balance]

Hi guys – some of you read my post about the nightmare that is our Tempe rental condo… got some good advice that we should consider just doing a short sale on it which would only be about a 50 point hit to our credit scores (which are just over 800). Sounded to us like a 750 or even 700 pt score would still be ok to buy a home in the next year or two since we have no other debt and strong income.

But I called the realtor that sold the last house we were renting as a short sale (real sharp guy, he pushed it through and did a very nice job for the owners) and he told me NO WAY NO HOW will you get a loan on a new home if a bank sees a short sale on there. Does not matter if your score is above 700, your income is over $200,000 and you have no debt — they see short sale, you are done for a long time.

So which is correct? Short sale is not as bad as foreclosure and you can still buy in a year or so, or short sale really precludes you from buying for 5, 7 or more years?

THANKS – I tried to find another forum addressing this on the site, let me know if this question has already been discussed / answered.

[AK]

This sounds like a job for HLS 🙂

I’m no expert but I’ve read that a short sale doesn’t keep you out of the mortgage game for nearly as long as a foreclosure … some sources say a minimum of two years. I doubt that’s been tested in practice, i.e. we’re not at the point where a substantial number of short sellers have reapplied for mortgages.

[AK]

This sounds like a job for HLS 🙂

I’m no expert but I’ve read that a short sale doesn’t keep you out of the mortgage game for nearly as long as a foreclosure … some sources say a minimum of two years. I doubt that’s been tested in practice, i.e. we’re not at the point where a substantial number of short sellers have reapplied for mortgages.

[AK]

This sounds like a job for HLS 🙂

I’m no expert but I’ve read that a short sale doesn’t keep you out of the mortgage game for nearly as long as a foreclosure … some sources say a minimum of two years. I doubt that’s been tested in practice, i.e. we’re not at the point where a substantial number of short sellers have reapplied for mortgages.

[AK]

This sounds like a job for HLS 🙂

I’m no expert but I’ve read that a short sale doesn’t keep you out of the mortgage game for nearly as long as a foreclosure … some sources say a minimum of two years. I doubt that’s been tested in practice, i.e. we’re not at the point where a substantial number of short sellers have reapplied for mortgages.

[AK]

This sounds like a job for HLS 🙂

I’m no expert but I’ve read that a short sale doesn’t keep you out of the mortgage game for nearly as long as a foreclosure … some sources say a minimum of two years. I doubt that’s been tested in practice, i.e. we’re not at the point where a substantial number of short sellers have reapplied for mortgages.

[sdrealtor]

Whose name is on the loans. I had a client short sell a house that only had his name on them. I later found out he turned around and bought one 2 months after it closed in his wife’s name.

[sdrealtor]

Whose name is on the loans. I had a client short sell a house that only had his name on them. I later found out he turned around and bought one 2 months after it closed in his wife’s name.

[sdrealtor]

Whose name is on the loans. I had a client short sell a house that only had his name on them. I later found out he turned around and bought one 2 months after it closed in his wife’s name.

[sdrealtor]

Whose name is on the loans. I had a client short sell a house that only had his name on them. I later found out he turned around and bought one 2 months after it closed in his wife’s name.

[sdrealtor]

Whose name is on the loans. I had a client short sell a house that only had his name on them. I later found out he turned around and bought one 2 months after it closed in his wife’s name.

[trying2balance]

both names are on the loan… we had no idea, never imagined we would not just follow the plan of slowly paing off or selling as it increased – right

[trying2balance]

both names are on the loan… we had no idea, never imagined we would not just follow the plan of slowly paing off or selling as it increased – right

[trying2balance]

both names are on the loan… we had no idea, never imagined we would not just follow the plan of slowly paing off or selling as it increased – right

[trying2balance]

both names are on the loan… we had no idea, never imagined we would not just follow the plan of slowly paing off or selling as it increased – right

[Author]

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