Contact Us | 1-800-354-5664

myPropertyAlerts and more
myLongRealty - Login or  

Log into your myLongRealty account

featuring myPropertyAlerts and more

Don't have an account?



We value your privacy.

Setup myPropertyAlerts with a myLongRealty Account

Local. Accurate. Timely.

Already have an account? Log in here.


    • No spam. Complete privacy.

Home Search
Selling Your Home
Home Values
Market Conditions
Communities
Agents
Offices
Get a Mortgage
Careers

The Long Realty Short Sale Resource Center provides you helpful information on short sales, the short sale process and how to search for short sale properties. Articles are provided by the Long Realty Short Sale Resource Group, a collaboration of Long Realty agents and managers with an expansive knowledge of short sales.

Short Sale Tips

Helpful Short Sale Tips and FAQ

December 12, 2013

Q: How long do I have to wait to buy a new home after I have had to do a short sale on a previous home?
A: Maybe not as long as you think. It is totally dependent on your own personal situation. In general terms, for Federal Housing Administration loans, there's a three-year waiting period from the short sale closing date, and homebuyers can get a mortgage with as little as 3.5 percent down. Those who qualify for a Veterans Affairs loan have to wait two years and are not required to make a down payment. It is important to find out what your situation is currently. Talk to an expert in the mortgage industry to get your personal plan started so you can buy soon.

Q: What are the first steps to getting ready to purchase again?
A: Use your annualcreditreport.com, which is an annual credit report you can get for free. Check to make sure all your current debt is up to date and that all accounts are reporting correctly. If not, use this time to contact those old debts and correct any owed balances or incorrect reporting.

Q: Will a large down payment be required when I do want to enter the housing market again?
A: Not necessarily, it depends on the situation. If you qualify for an FHA mortgage, your down payment may be as low as 3.5%. Get with an expert mortgage consultant to talk about your specific situation and options for your future home purchase.

Q: Is there any difference in getting back into the market, if the short sale was an investment property or a primary residence?
A: When it comes to getting back into the market and qualifying for a mortgage loan, a short sale is a short sale. The qualification in regards to down payment, time you need to wait, and credit are the same no matter if the property you originally had a short sale on was an investment on a primary residence.



Before using this service, consider the following information.

IMPORTANT NOTICE:

Long Realty Company is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.