Buying a home through a short sale can be a long, complicated process. However, you might get a great deal on the property, making it worth the effort. Let’s look at the pros and cons of buying a short sale, and how to buy the home.
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Mortgage Loan Applicants who had a deed in lieu of foreclosure and/or short sale, the waiting period is as follows: 4 year waiting period after short sale. Waiting period start clock starts from the date of short sale reflected on the HUD Settlement Statement.
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There were 88,303 short sales in the fourth quarter, up 15% from one year prior, according to RealtyTrac. The short sales completed in the fourth quarter took an average 308 days since the.
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Short sales (Fannie describes as pre-foreclosure sale), deed in lieu of foreclosure, or mortgage charge-off are treated the same. Each requires a 4 year waiting period, unless the reason was an extenuating circumstance.
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How to Apply for a Short Sale. Short selling a house is selling a house for less than the value of the mortgage. In some circumstances, a lender will allow you to pursue a short sale, but it isn’t typical. The lender has to be convinced.