Fernando, after a short sale, how long do I have to wait before buying my next house?
If you're a seller trying to decide whether to let a home go through foreclosure vs attempting a short sale, salvaging your credit may be one of the advantages for doing a short sale.
There is probably a better chance that you will be a homeowner again. . faster with a short sale vs a foreclosure." It could be as early as two years . . Your credit will probably take a hit with a short sale. . but a foreclosure will put an exclamation point to your name.
Even finding a job can be jeopardized with a foreclosure on your name, try applying for a goverment job or get a security clearence just to be a security guard at the mall.
A short sale option does make more sense than a foreclosure at the long run.
You should always consult with an attorney and/or an accountant when your finances are at risk. This advise is based on a general question. . . there are many variables before making a decision to do a short sale.
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Fernando,
Did you hear about the new Fannie Mae guidelines? They now require a borrower to be 2 years out of a pre-foreclosure sale, and 5-7 years out of a foreclosure. After a 5 years, the borrower will need 10% down and cannot buy a second home or investment property or get cash-out. It's a good thing to know when you hear a potential short-sale client say, "I'd rather just give the bank the keys than deal with this."