Can you buy your house back after a short sale?
Answer: No, unless you were granted prior approval from your lender or servicer. Absent such approval, repurchasing your own home, after you sold it through a short sale, is fraudulent and a criminal offense.
How long does short sale process take?
Be aware the short sale process could take much longer than a traditional home purchase. Even with a qualified agent, it’s not uncommon for short sale transactions to take six months or more to close.
Can you rent a house immediately after buying?
The Required Waiting Period You may be able to rent out your home, but you generally have to wait at least 12 months. That’s the amount of time lenders require. If you turn your home into an investment property sooner than that, the lender can hit you with fraud.
Can you buy a house with a short lease?
For those looking to buy a property, there can also be problems. Mortgage lenders are reluctant to lend when they consider the lease to be too short. Where the lease is less than 80 years, it is common for would-be purchasers to insist that the leaseholder extend the lease before they complete the purchase.
How does a short lease affect the value of a property?
The reduction of the value of the landlord’s interest is considered to be the loss of income arising from the loss of ground rent for the remainder of the original term, and the loss due to the additional 90 years wait to take legal possession of the property.
What’s the average length of a short lease?
There’s no hard and fast answer to what’s classed as a short lease, but in some cases, anything below 80 years may be considered short. Certainly anything below 50 years would be considered a short lease. Why are short leases a problem? Short leases are a problem for those seeking to sell their property, as it affects the value of the property.
Can you buy a property with a 60 year lease?
A lease of 60 years will reduce the value of a property by 10% compared to a property with a 99 year lease. For those looking to buy a property, there can also be problems. Mortgage lenders are reluctant to lend when they consider the lease to be too short.
