Short Cash Sale

Hi Mollie,

Short sale will not affect credit report like foreclosure. The buyers can get finance within 18 months of the short sale, but it may vary with cases.

Thanks

Thanks!

Hi Mollie,

Short sell does not affect your credit report much like bankruptcy or foreclosure. so you can get finance early enough.

Jonny, thanks for the info.

Hello Molliehuber,

A short sale on your credit shows that you were unable to afford your previous mortgage and so qualifying for a new one becomes difficult but not impossible.

You may get lenders who willing to work with you but they might offer high interest rates.

It is better to wait for some time, build your credit properly and then go for a new mortgage. This will help you to qualify for a loan at a reasonable rate.

"How soon after you do a short cash sale can you buy a home?"

It depends on a case by case basis. Follow the normal guidelines for good credit... ie. pay bills on time, etc. And you could buy a new home within 12 months or it could take longer just depends on your other circumstances.

Best of luck

Hi Mollie,

Short sale has bad effect on your Credit Report. It will drop your credit score about 100 points. So if you go for the loan right after Short Sale then you may have to pay higher interest rate. Better if you improve your credit score and then go for home loan.

Thanks,
Larry