Posted on: 12th Mar, 2013 12:39 am
Can I purchase a house immediately after a short sale?
You won't be able to purchase a house immediately after a short sale. You will have to wait for 2-3 years after a short sale in order to get qualified for a mortgage to buy a new home.
In short sale, your credit score is hit by around 75 to 100 points. The negaive impact of short sale also remains in your credit report for a long time. It is not possible to get approved for a loan in the next 2-3 years after selling your house short.