We are here to answer some questions about short sales, how they work, the benefits they offer, and how long you have to wait to buy again.
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If you want to buy a home with conventional financing after going through a short sale, you will have to wait four years. After a foreclosure, you would have to wait seven years. This loan has a limit of $417,000. If you want to buy with an FHA loan, which has a limit of $271,050, you’ll only have to wait three years. This goes for both short sales and foreclosures.
The second question I’ve been getting is “How do I short sell my house?” Unfortunately, this question is becoming all too common. The market is still about 20% off from where it was at the peak in 2007, and if you’re underwater and can’t sell traditionally, a short sale can be a great option.
The Mortgage Forgiveness Debt Relief Act is still in play.
If you have any questions for me at all, don’t hesitate to reach out. I can answer all your real estate questions and point you in the direction of an experienced loan officer to answer any mortgage-related inquiries. I look forward to hearing from you soon!