Posted on: 27th Feb, 2009 06:59 am
I've read on most short sale websites that the average time to buy another house is 1-3 years or more after short saling a previous property. I'm trying to figure out why, if we sell our house as a short sale and buy a new house (closing dates on the same day), this would be a problem. If we close on the same day, our credit report won't show the short sale (doesn't hit credit for months after). Can someone help? Thanks!
Hi cj22gsr,
I don't think you will be able to buy a new property just after short selling your property. Lenders will not be ready to offer you finance immediately. If you buy a property immediately after short selling the property and do not inform the new lender about the short sale, then he may consider it as a fraud when he comes to know about it. The lender can even call the loan due immediately.
Thanks
I don't think you will be able to buy a new property just after short selling your property. Lenders will not be ready to offer you finance immediately. If you buy a property immediately after short selling the property and do not inform the new lender about the short sale, then he may consider it as a fraud when he comes to know about it. The lender can even call the loan due immediately.
Thanks