Short sales can offer really great deals on homes, but the process of buying a short sale property can be difficult and drawn out. If you’re willing to be patient and put in a little extra work, you could get a lot more house for your budget. Be Prepared To Be Patient Buying a short sale property isn’t as quick as a standard sale. Because the owners are attempting to sell the property for less than they owe, the sale must be approved by the bank—and in many cases there is more than one bank involved. Waiting for the full approval to come in can take months, and can fall through if one bank’s approval expires while you wait on the other. If you want to buy quickly and are looking to move as soon as possible, short sales may not be the right choice for you. Look Past The Cosmetic Many homes that are being offered as short sales have been neglected for a long time. In some cases, this is because the owner knows that there will be no profit made from the sale and has stopped caring; in others it is because the reason for the short […]
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A short sale or foreclosure on your credit history can make it difficult to purchase a home again, but that doesn’t mean it won’t happen. In most cases, a little time and careful attention to rebuilding your credit can make you a homeowner once again. Repairing Your Credit The first step to getting approved for a home loan after a short sale or foreclosure is to work on repairing your credit. There will be a waiting period before you can apply for a loan again, but the best thing to do during that time is get your credit score back up. Work on making smart financial decisions, paying off debts in a timely fashion, and ensuring you don’t miss payments on credit cards or other loans. Make sure to monitor your credit so that inaccuracies don’t damage it further. Waiting Periods For Loans After a short sale, you will be obliged to wait a certain period of time before you can apply for a home loan. This wait is usually three years for an FHA loan or four years for a conventional loan. Recent changes, however, have allowed buyers to purchase through FHA in as little as one year or […]
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