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If I Short Sell My Home, Can I Buy Another Home?
If I short-sell my home, can I buy another home?
The answer is: Yes. After you short sell a house, you will not be able to obtain financing from a federally insured lending institution for at least a period of two years. Some institutions may stretch it out as far as three or four years, but certainly there will be a period of two years.
However, you can pay cash to buy other property. Or if you can get owner financing, you can owner-finance it, or borrow money from investors or whomever – as long as they’re not a federally insured lending institution and finance other property.
Sometimes we find people are underwater. “Underwater” is a slang term for value being substantially less than what is owed. They have good credit and so they go about purchasing another house, moving into the house, and then they short sell the home that they’re is underwater. That’s called a “buy and dump” and that happens fairly frequently. And there are a lot of bargains out there to be had by buyers at this time.
So if you have any questions, give me a call at (727) 847-2288. Thank you.