You Have To Leave Your Home With A Short Sale
I have been getting some shocking questions concerning short sales. I have had a few phone calls that went like this…
- “I want to short sale my Phoenix home now but don’t want to leave until next summer.”
- “I think I want a short sale but don’t want to leave my home”
- “I have a Scottsdale short sale…. Can I buy another home when its all said and done?”
A short sale involves the sale of your home. You have to understand this. The short sale process take roughly 2 months for approval and then another month for the deal to close. You have to be ok with this timeline to proceed. A short sale hits your credit. It obviously doesn’t hit your credit as much as a foreclosure but a short sale does hit your credit. I reccommend you look for a property to rent during the negotiation on your short sale. Most can’t purchase a home for 16 to 24 months after a short sale. But this a 16-24 months where your credit is still pretty solid. If you secure a rental before it closes you will be better off.
Thanks for reading and come back soon!
- Jeff Buettner
Real Estate Wiz Kid
Arizona Short Sale Realtor & Negotiator
I would like to talk to an Arizona Realtor or talk to someone about my Arizona Short Sale.
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Wow, those questions you’ve been getting are ridiculous Jeff.
I don’t understand why people can’t just be ok with renting? You just lost one home, why do you have to immediatly buy another one?
Ciao and greetings from Italy, I am Mario a Realtor from Rome, grazie for posting such interesting information, for me is appropriate as now the Real Estate thinking is the same similar situation in Europe and indeed very relevent to the Real Estate at this moment Market here in Italy.
That’s a pretty good recommendation “look for a property to rent during the negotiation” you still have your clean credit and you don’t look as risky to a potential landlord.
I was under the impression that short sales took a lot longer than 2-months, are banks usually “quick” to accept a short sale offer?
Those are some crazy question. We have to kick renters out all the time.
Real Estate business is really very hard. Searching new lands is really an exhausting timestaking work. It becomes really fruitful after the search has gained great results and even better when that property gets sold at a very good price. There are people that work on selling real estates as a part-time business.
Look forward to reading more from you in the future,keep up the good work.
I found your blog on google and read a few of your other posts. I just added you to my Google News Reader.
I found your blog on google and read a few of your other posts. I just added you to my Google News Reader. Keep up the good work. Look forward to reading more from you in the future.