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How Long Do I Have to Wait to Buy a House After a Short Sale, Foreclosure, or Bankruptcy?

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Have you previously lost a home to foreclosure? Have you sold a home using a short sale? If you’ve been through a financial hardship like a short sale, foreclosure, bankruptcy, deed in lieu of foreclosure, this article will help you determine how long you must wait to re-enter the home buying mortgage markets.

The graph below is provided by Cory Dressel of AmeriFirst Financial, and the time-frames and regulations listed may be specific to AmeriFirst Financial. But this graph can be a useful tool for you if you’ve already previously lost a home to foreclosure or short sold a home, and you’re wondering what type of time-frames mortgage lenders require before you can be considered for another mortgage.

This could also be useful if you are considering a short sale but want to know how long it will affect your home buying abilities. This graph is also downloadable and printable for your convenience (see clickable link below):

Provided By:

Garrigus Real Estate

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Waiting Periods to Buy Home After Short Sale, Foreclosure, Bankruptcy

Or View Full Table Below:

"LOAN TYPE"FORECLOSURESHORT SALE / DEED IN LIEUCHAPTER 7 BANKRUPTCYCHAPTER 13 BANKRUPTCY
CONVENTIONAL7 years from completion date / 3 years with extenuating circumstances
(90% Max LTV, purchase of primary or rate and term all occupancy types)		4 years from completion date / 2 years with extenuating circumstances4 years from discharge date / 2 years with extenuating circumstances4 years from dismissal date / 2 years from discharge date / 2 years from dismissal date with extenuating circumstances
FHA3 years from completion date / 1 year with extenuating circumstances3 years from completion date / Can re-enter market if short sale is sold with NO mortgage delinquencies 1 year with extenuating circumstances2 years from discharge date / 1 year with extenuating circumstances1 year of the payout must elapse & payment performance must be satisfactory / Buyer must receive permission from the court to enter into mortgage
VA2 years from completion daate / 1 year with extenuating circumstances2 years from completion date / Can immediately re-enter market if short sale is sold with NO mortgage delinquencies / 1 year with extenuating circumstances2 years from discharge date / 1 year with extenuating circumstances1 year of the payout must elapse & payment performance must be satisfactory / Buyer must receive permission from the court to enter into mortgage
USDA3 years from completion date / 1 year with extenuating circumstances3 years from completion date / 1 year with extenuating circumstances3 years from discharge date / 1 year with extenuating circumstances1 year payout has elapsed & payment performance is satisfactory. Written permission from Trustee or automated underwriting approval

Are you wondering:

  • How long do I have to wait to buy a house after a short sale?
  • How long do I have to wait to buy a house after foreclosure?
  • How long do I have to wait to buy a house after filing bankruptcy?
  • Can I buy a house after chapter 7 and foreclosure?
  • How long do I have to wait to buy a house after filing chapter 13?
  • About buying a house after chapter 7 discharge?
  • How to buy a house after bankruptcy, short sale or foreclosure.

If you’re wondering how long you need to wait to buy a home after a short sale, foreclosure or bankruptcy, this one-sheet resource that you can download and/or print can help you determine where you are at in your process. And feel free to call or contact us if you have any questions about your particular situation. We also can help you short sell your home if you are facing foreclosure or a short sale:

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Let’s Celebrate Earth Day with Trash!

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Hey Southern California, I love ya! But you already knew that, didn’t you? You are my small slice of paradise on a beautiful planet that is unique in all the vastness of the Universe, at least based on humanity’s limited knowledge. You are a part of the only known planet in all the cosmos with oceans of Dihydrogen Monoxide, also known as life-sustaining water!

But our planet is wonderful even beyond H2O, which I’ve been known to enjoy a glass of every once in a while. Your planet also has vast forests, trees and plants of all colors, shapes and sizes. Your planet’s animals vary so much that it boggles my mind with billions of insects that are truly wonderful, although somewhat annoying at times! It also harbors birds that soar through the air with ease, creatures that burrow underground, killer animals like sharks and tigers, and even wonderful loving animals like dogs, cats, and other domesticated pets. And this is only a small list of the wonderful things Planet Earth has provided!

So, Southern California, I dedicate myself and ask others to join me in celebrating Earth Day today, April 22nd, 2017. I will commemorate the day and recognize the awesomeness of our Third Rock from the Sun by picking up trash whenever I can, where ever I can. I have a pretty busy day today, but keeping an eye out and simply bending over and picking up a piece of trash when I see it seems like a small sacrifice for our little Space Blueberry. I actually started yesterday when I walked to pick my kids up from school. I ended up with three pieces of trash that everyone else just walked passed!

But there are other things I can do to help clean up just a bit. Here’s my quick list. I encourage you to do a few of these suggestions too, or create your own if you like. As long as it helps clean up our home, even if it’s on a small scale, it matters:

  • Pick up trash from around my neighborhood
  • Strike up a conversation with my kids about not littering
  • Plant a tree, bush, or something else green
  • Make sure my lawn mower runs efficiently to lower it’s emissions
  • Fix any leaky faucets in or around my home
  • Walk when I can instead of driving
  • Pull the weeds around our house by hand instead of using herbicides
  • Find more things to include in the recycle bin instead of the trash can
  • Try to re-home unwanted items instead of throwing them away
  • Stop pouring oil down the storm drain (Just kidding! I’ve never done that! 🙂 )

So that’s my list, and that’s my pitch. We don’t have to do things that change the world on a global scale, but it would be nice to clean up where we live, even just a little. After all, it’s our home!

-Todd J Garrigus Broker, Garrigus Real Estate

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Is Now (Beginning of 2017) a Good Time to Buy Or Sell a Home?

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2017 is here. Hopefully, the new year will be more optimistic than 2016 was. As for real estate and the housing market, people in the industry, home buyers and sellers, and economic experts will all weigh in on what real estate will do.

And this article here will do the same. But we brought some proof along to prove our forecast. Below is a couple of graphs of Active Listings, Pending Sales, and Closed Sales in Southern California’s largest MLS, the CRMLS.

Active Home Listings Compared to Pending & Closed Sales in Southern California’s MLS

  • As Of January 2, 2017

The first graph below documents all Active Listings in the MLS from January 2015 through January 2, 2017. The first thing that pops out when examining the graph is the difference of listings and the seasonal rise and drop over the past two years. January 2015 saw approximately 55,000 active listings MLS-wide. The active listing count rose from the beginning of that year to around 63,000 or so, then drops below 49,000 before the start of 2016. The active listing count then follows the same pattern of climbing until the middle of the year. But as the inventory sold off at the end of 2016 the active listing levels fell well below the previous year’s low of below 49,000 all the way to 40,000. More time and data is needed to know how far the listing count could fall, but what the graphic highlights is the lack of inventory buyers have to choose from right now.

ACTIVE LISTINGS – AS OF 1/2/2017

The next graph follows the same pattern but documents the fluctuations of Pending Sales instead of active listings. Comparing the graphs the two could almost be layered and follow the each other.

PENDING SALES – AS OF 1/2/2017

The last graph shows the Closed Sales throughout the MLS. The pattern on that graph again follows the same pattern starting low in early 2015 and rising through the middle of the year, dropping at the end of the year and rising again until mid-2016 and dropping once again. Many will point out that these three graphs only highlight the seasonal ebb and flow of each year’s listings and sales. But as you compare the end of the Close Sales graph to the Active Listings and Pending Sales graphs, you may notice that Closed Sales didn’t fall as much as active and pending listings.

CLOSED SALES – AS OF 1/2/2017

So what does this mean? We feel there is a void of available homes for buyers to purchase. Many are scrambling to buy before interest rates get out of hand. We believe sellers that list now will have an advantage over sellers that choose to wait through or past 2017 to list their homes for sale. We believe 2017 will be a hot year in real estate sales and buyers and sellers that realize this and don’t screw around will benefit from getting off the fence.

Bottom line: If you are considering selling, NOW is our advice for when to list. If you’re buying, again NOW is our answer to beat possible rising interest rates.

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Could Trump Bump Real Estate Sales in 2017?

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It’s the first day of 2017. The final games of the NFL regular season are playing out, Mariah Carey is probably chasing the hair of the dog with some Bloody Marys, and many are nervous about what Donald Trump’s Presidency will look like.

Trump has already named Ben Carson as the HUD Secretary, and the Fed raised the baseline interest rates another quarter percent. The housing market can be volatile and has the potential to swing either way at this point, but well-known economist Robert Shiller believes Trump could have a positive effect on housing and real estate, according to this article on Bloomberg News.

In our local real estate markets here in Southern California, we’ve seen buyers race to lock in interest rates for their purchase, and more sellers realizing that now is a good time to list before the market gets flooded with inventory.

What about you? If you’ve considered selling, getting your home on the market now will help you beat other sellers before the flood of the springtime list-a-thon. If you’re a buyer, locking into that historically low interest rate may save you hundreds on your future monthly payments!

Check out some of our local markets:

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New listings this week in the Inland Empire

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So today is Christmas Eve-Eve! Also known as December 23rd. I hope you’re ready for fun and special times with your family and friends. Here at Garrigus Real Estate we wish you a very Merry Christmas and a happy New Year!

We are excited about what 2017 will bring and understand if you are planning on buying or selling a home even the Christmas Spirit doesn’t stop the shopping! 🙂 Below are all homes put on the market this week and for sale in Riverside and San Bernardino County! And if you have any questions or would like assistance please call or contact us anytime!

Search Riverside & San Bernardino County Homes

Zestimate® or Guesstimate – Is Zillow’s Zestimate® Accurate?

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Expensive Homes in Beaumont and Banning CAI could argue for days about the accuracy of Zillow’s Zestimate®. And now that Zillow is buying Trulia for $3.5 billion dollars (Did they use the Zestimate® for this bloated price too?), I’m sure the Zestimate® conversation is going to heat up more than ever.

I am a real estate agent and pricing homes and real estate is at the core of what my partner and I do! Without proper pricing a gold-laden mansion could sit on the market for years, or a boarded up shack could sell in hours. PRICING A HOME IS EVERYTHING!

So yes, I do take it personally when Zillow values a home (automatically with a computer program, mind you) too low or too high and sellers or buyers believe that that automated valuation is more accurate than I am! But, I’m not writing this to defend myself. I’m writing this to give you the reader, cold hard facts!

Let’s play a game called Zestimate® or Guesstimate. The rules are simple, we will pull a recent sale of  a home, give you Zillow’s current Zestimate®, then reveal the actual selling price! If the percentage spread is good (meaning not too far from what the actual sales price is), I will give credit to Zillow for a successful valuation, if not, I will condemn the website for its inaccuracy. That doesn’t sound too harsh, right? 🙂 So let’s get started:

First Property:

1770 Ash Court, in Beaumont CA:

Zestimate®: $181,000

Actual Sale Price on 7/28/14: $193,000!

That’s over a 6% difference! More accurately: 6.22%

Survey Says! GUESSTIMATE – No, no Zillow. Bad Zillow!

Sorry, but a $12,000 difference is a big deal for a home that sold under 200k!

By the way, the agent originally priced the property at $196,000. I think they were more accurate.

Second property:

38220 High Ridge Road, in Beaumont CA:

Zestimate®: $269,000

Actual Sale Price on 7/29/14: $295,000

That’s almost a nine percent difference! Or more accurately 8.81%!

Survey Says! GUESSTIMATE – Nope, I’m sorry Zillow. You are inncorrect!

Nine percent is A BIG SPREAD. Too big.

Third Property:

This time let’s move to a different city, like Yucaipa, California.

13561 Canyon View Drive, in Yucaipa CA:

Zestimate®: $383,000

Actual Sale Price on 7/28/14: $402,500

Survey Says! ZESTIMATE® – Congratulations, Zillow! You’re right! Let’s move to the bonus round!

I have to be fair here. That’s only a 4.72% difference, but think about this: had the seller sold their property for the $383,000 Zestimate®, they would have lost $19,000! Oh, and the listing price did start at $383,000, but I’m sure a bidding war ensued with buyers that knew the true value of the property and drove that price up!

OK, one more property:

This one will be fun, and I will explain why below:

414 E. Stuart Ave in Redlands, California

Zestimate®: $175,000

Actual Sale Price on 7/28/14: $120,000!!!!

Survey Says! GUESSTIMATE!!! – Nooo, I’m sorry Zillow. That is incorrect, but thanks for playing! (I wish I could put that “Wa Wa Waaaaaa” game show sound effect here!)

Wow. Over a 31.4% difference?! Are you kidding me? $55,000 difference on a low 100k house? But here’s the reason why the house sold for 120k – The house is a completely dilapidated, run-down property. In fact, in the description the agent even says, and I quote “What you see is what you get!”

This one made me smile 🙂

But how did Zillow get it so wrong?

Simple.

How the hell is a computer program in Seattle, Washington (where Zillow is headquartered) supposed to know the condition of this house in Redlands, California? How is it supposed to know the condition of ANY house, ANYWHERE? Or a comparable house for that matter? It can’t. And until Zillow employs drones to peek into windows of houses across America, it won’t ever.

And I leave you with a quote from Zillow’s CEO Spencer Rascoff about the accuracy of Zillow’s Zestimate®:

Zillow’s Zestimate® has a 6.9 percent median error rate, and should be used as a starting point in determining a home’s value.

Well, I agree, Spencer Rascoff, the Zestimate® should be used as a STARTING POINT in determining a home’s value, but NOT as the ONLY determining factor, especially with a 7% median error rate. Do you think I believe that home sellers and buyers should avoid Zillow and the Zestimate®? No, of course I don’t! I believe the website can be used as a great tool in a real estate process, just as long as it’s not your only tool. But please remember when your professional real estate agent, REALTOR®, or real estate broker takes time and care to access your property, the comparables sales and other listings activity, conditions and local market trends, and comes to a valuation different from a computer calculation, it may be the computer program that is off, not your agent.

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