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Old 02-11-2008, 12:32 PM
 
42 posts, read 160,063 times
Reputation: 23

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I am wondering if anyone who has come from another state, have gone through a short sale of their home there, and then bought a new home here in texas?

If so, did you have a problem with buying your new home there in texas? I mean with your credit history now?

I know many Californians and new yorkers have had to do short sales and are now relocating to texas. With so many people forced to do short sales because of the market, is it hard to buy a new home now?

We are one of these short salers who are moving to the dfw area. We are going to rent for awhile but would like to buy a home within the year. Will we be able to?

Do you know anyone who has done a short sale and then bought a new home quickly?
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Old 02-12-2008, 08:55 AM
 
37,370 posts, read 60,161,613 times
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have you checked your credit history--that short sale should be taking effect fairly soon if it has not already--
mortgage lenders still use that info in setting guidelines
maybe you can find someone strapped to sell a home that will carry the note themselves and take a risk on you
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Old 07-30-2008, 10:34 AM
 
1 posts, read 2,570 times
Reputation: 10
have you already done the short sale? Can you tell me what happened with that? We live in Texas and we just bought a second home through a different lender than the first. We are facing a short sale on the first b/c of the market and neighborhood situation...we thought we would be able to keep both and the first would lease out, but we have tried selling and leasing and nothing has happened. We need to know if we can loose our new home if we have to short sale on the first?
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Old 07-31-2008, 07:10 AM
 
22 posts, read 133,417 times
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Quote:
Originally Posted by ladym02 View Post
have you already done the short sale? Can you tell me what happened with that? We live in Texas and we just bought a second home through a different lender than the first. We are facing a short sale on the first b/c of the market and neighborhood situation...we thought we would be able to keep both and the first would lease out, but we have tried selling and leasing and nothing has happened. We need to know if we can loose our new home if we have to short sale on the first?
Your two mortage notes don't sound like they are with the same lender by what you're saying and one has no bearing on the other. It would be like me buying a second property as a vacation home. If I don't pay on the vacation home, but only on the property I'm living in, nothing happens to my primary residence, I just lose my vacation home.

A short sale on your property is a work-out tool used by lenders to protect you and them from having to foreclose on your property which is costly to both parties. What you and your bank have agreed to do is to sell the home at a price less than what you owe and the bank writes-off the remainder. Banks will agree to do this if they think the amount of the write-off will be less than the amount of legal fees, property upkeep, etc...it usually is.

If you have already signed a contract for purchase on the home you're in now (the second home) and there is no contingency regarding the 1st property, then you're fine. You won't lose the home you're in now...you have to pay the mortgage of course;-)
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Old 08-02-2008, 11:59 AM
 
Location: Plano,Allen, Texas
11 posts, read 27,711 times
Reputation: 10
After a short sale, you can typically buy a home after two years, instead of the 7 to 10 years you'd be looking at after a full foreclosure. Because it's a buyer's market right now, there are many sellers that are willing to owner finance or least to own. Let me know if I can help more.
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Old 08-03-2008, 07:19 PM
 
Location: Fort Worth, TX
48 posts, read 183,512 times
Reputation: 22
Quote:
Originally Posted by andiamodfw View Post
I am wondering if anyone who has come from another state, have gone through a short sale of their home there, and then bought a new home here in texas?

If so, did you have a problem with buying your new home there in texas? I mean with your credit history now?

I know many Californians and new yorkers have had to do short sales and are now relocating to texas. With so many people forced to do short sales because of the market, is it hard to buy a new home now?

We are one of these short salers who are moving to the dfw area. We are going to rent for awhile but would like to buy a home within the year. Will we be able to?

Do you know anyone who has done a short sale and then bought a new home quickly?
Even though you move from one state to another, the short sale will still show up on your credit. There are tons of people that the same thing happened to here in Texas. It will most likely take at least 2 years...possible 3 until you will be able to purchase another house. That's the way the lending guidelines are right now, and I doubt they will lighten up...they are tending to get tighter and tighter so another mortgage crisis doesn't happen in the future. Also, if you rent a house, make sure it's through a property management company. Later when you need to buy a house, you want to make sure that lender can verify your rental history and many lenders won't use individuals to verify rentals history.

Sorry to be the bearer of bad news.
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