I Want To Buy Another Home Right After A Florida Short Sale

FLorida– The biggest advantage a short sale has over a foreclosure is that you can buy your next home much sooner.

Here was our answer to Dan’s Question.

Under current lending guidelines, you can buy another home in 3 years after a short sale. After a foreclosure you have to wait 5-7 years in most cases.

(FHA’s current guidelines state that you can get an FHA loan immediately after a short sale, provided that you never missed a payment. If you were in default at the time of the short sale, then you have to wait 3 years before they will approve your loan.)

But, what if did miss a payment and you want to buy another home sooner than that?

There are loopholes in the Fair Credit Reporting Act. Remember, the law was written to protect consumers. It wasn’t written to protect the lenders!

You can use the law to your advantage to get a short sale removed from your credit history. Then, you can fix any other negatives on your credit report.

After that, your credit should be good enough to qualify to buy another home.

Here is why you can have the short sale removed from your credit report. The Fair Credit Report Act requires lenders do certain things before reporting negative credit.

If you lender misses any of these steps, then they are not allowed to post that item to your credit report. Don’t kid yourself; the lenders make mistakes like this all the time.

They are more concerned with getting paid than making sure every credit report is done perfectly. A good lawyer that specializes in this can help you.

They will know the intricacies of the law and help you get the short sale removed from your credit so you can buy another home.

Thinking about a buying a home? I can help you finding your property so you have all information to make a wise real estate decision. Send me an e-mail at info@FloridaConnectsInc.com . I will contact you for a free consultation.

When we talk, I will explain how the buying process works in detail and answer any questions you may have. Or, if you prefer, you can call us in Fort Lauderdale at (954) 586-3930 or in Tallahassee at (850) 364-3946.

Thanks for reading this, Annett T. Block.

Annett is a Real Estate Agent/ Real estate Broker at Florida Connects Incorporated.

Fort Lauderdale Phone: (954) 586-3930.

Tallahassee Phone: (850) 364-3946





View My homes for sale at www.floridaconnectsinc.com

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

The views expressed here are Annett T. Block’s personal views and do not reflect the views of Florida Connects Incorporated.