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Buying a home in Bucks County after Foreclosure or Short Sale

Tuesday, February 5, 2013   /   by Martin Millner

Buying a home in Bucks County after Foreclosure or Short Sale

Buying a home in Bucks County after Foreclosure or Short Sale


The past 5-7 years have displaced a lot of homeowners.  When the Real Estate market crashed, many people were left way underwater on their homes, and were forced to Short Sell them.  Additionally, when the economy tanked right alongside the Real Estate market, another large group of people lost their homes to foreclosure.


Both of these circumstances put black marks on credit reports, leaving these people unable to buy a new home. 


foreclosure


 


So, the big question out there right now is – when can people buy homes and get mortgages after a short sale or foreclosure appears on their credit report?


In looking at foreclosures and time to buy, it can differ if there are extenuating circumstances that led to the foreclosure – such as a death in the family, illness, or an accident resulting in serious injury.  In these cases the waiting period can be less.


 - Normally to buy after a foreclosure – 5-7 years


 -  With extenuating circumstances – 3-7 years


 - Buying after a short sale – generally 2 years


Short Sale


 


All of this is becoming relevant right now because a large percentage of people who lost homes, have worked their way through the waiting period and are ready and able to buy again.


It is important for those who go through a Short Sale or Foreclosure to maintain pristine credit while they wait to be able to buy again.  Lending guidelines have tightened – the lenders will require a strong credit score with the borrowers having paid all their bills on time.


As these potential homebuyers are moving back into the Bucks County Real Estate market, housing prices are getting ready to rise, and mortgage rates are still low.  It’s a great time to buy Real Estate in Bucks County.


Feel free to contact me if you are looking for a new home in 2013.


There are a lot of great homes in Yardley, Newtown and all of Bucks County.

Keller Williams Real Estate - Newtown
Martin Millner
12 Terry Drive, Suite 204
Newtown, PA 18940
215-519-1399
215-519-1399

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“The data relating to real estate for sale on this website appears in part through the TREND Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which Platinum Realty Team participates, and is provided by TREND through a licensing agreement.”

“The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.”

Data last updated:July 23, 2024 “Some properties which appear for sale on this website may no longer be available because they are under contract, have sold or are no longer being offered for sale.” “Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller.” Data Last Updated: July 23, 2024

The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which Martin Millner - Coldwell Banker Hearthside Realtors participates, and is provided by BRIGHT through a licensing agreement. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on this website may no longer be available because they are under contract, have Closed or are no longer being offered for sale. © 2024 BRIGHT, All Rights Reserved Information Deemed Reliable But Not Guaranteed. Data last updated: July 23, 2024 11 AM.
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