What happens after a short sale?

Fri, Nov 18, 2011 at 4:45PM

So you short sold your home,now what? The headache is behind you now right?  No so fast if you are thinking about buying another home. After a short sale there is a three year mandatory waiting period. You have to re-establish credit right away. The worst is to have late payments for any kind after a short sale or foreclosure.  This shows a pattern of good credit and that the short sale was just getting caught in a bad economy or loss of employment.  if you have a hefty down payment you can use private financing or owner financing. Buy a good home,then refinance when the three year period is up. You will pay more in interest,but you can buy right now in this down market. For questions about foreclosures or short sale please call me Carlos Ring 386-682-8800. 

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