I get asked by my short sale clients very often how long it will take before they can buy a home again after the short sale on their current home is settled. I have known that it generally takes about 3 years to rebound back from a short sale. I just received this bit of information from a collegue which I found to be very interesting...
If the borrower was on-time with their mortgage and consumer debt for the 12 months prior to and including the date of the sale they would be eligible for a new purchase with no waiting time. No hardship needs to be shown, however the borrower becomes ineligible if they are seen to be “playing the market. “ IE…buying a like property as the short sale, at a lesser sales price, within the vicinity of the short sale property.
Valerie McNeal, Realtor®, Residential Specialist, International Real Estate Specialist