One thing that makes many homeowners hesitant to short sell their homes is because they don’t truly know how long they will have to wait until they can purchase a new home. We always recommend contacting a local short sale expert for all of your short sale questions, however, this is a concern that many distressed homeowners have and is one of the most frequently asked questions of Denver short sale experts.

The answer to this question relies heavily on a number of things, such as how much debt you have after the short sale and your debt to income ratio when you are ready to purchase a home again. Typically, the wait to purchase a home after short selling is two to three years. With a foreclosure, many homeowners have to wait five to seven years because of the damage to their credit, however, when you short sale your home, your credit isn’t impacted quite as much, allowing you to be able to purchase a home again that much sooner. The missed payments from doing a short sale could possibly hurt your credit by thirty to forty points, however with careful planning and help from a short sale expert your score can be turned around in a matter of months. The biggest obstacle that many people face when trying to purchase a home again after a short sale is obtaining a mortgage from their lender and meeting the criteria.

For more specific details on what you can do to be able to purchase a home again after a short sale contact a Denver short sale expert today. They can help you with the guidelines that your specific lender has in place and help you to meet those criteria so you can buy a new home again as soon as possible.