853 Days average time for a Foreclosure in Florida!

That is correct, not a typo.  I've been using an old statistic from back in 2011 that had us above 600 days on average.  I now stand corrected.  

853 Days!!!

Interesting note:  That's average.  That means some are shorter and potentially much shorter and some are longer and much longer.  For the non-math incline, 853 = about 2 years and 4 months!

How fast can I buy a new house after a Foreclosure?

That is a hot topic right now.  The most lenient of opportunities currently resides with using an FHA loan.  They will allow a purchase 3 years from the anniversary date after a Short Sale or a Foreclosure.  Of course, that's takes into account that you have rebuilt your credit and have the ability to document your income and the ability to make the payments.  

BIG Problem with the Foreclosure:  You can buy another house in 3 years from your anniversary date.  BUT if it takes over 2 years before you can start that 3 year clock ticking, that's 5+ years as it stands right now!  

Why not Short Sale instead? 

The BIG benefits in a short sale vs. foreclosure:

1.  That clock to repurchase starts ticking much much sooner.  You control that timing as opposed to the court system and your bank.

2.  Banks have become much more likely to completely relieve you of the deficiency debt in a Short Sale.  They actually put it in writing that they waive their right to collect on the deficiency.  Not the same in a foreclosure, they still have up to 1 year to come after you for the difference.  Do they actually go after people?  You bet they do!

3.  I don't care how many times I've heard that a homeowner isn't buying a house again, it's simply not true.  I'm getting calls daily from past clients who swore off real estate for good.  They now want back in.  

4.  It's the right thing to do.  Abandonment without attempting a positive resolution with the bank, is just not right.  At least try to fix your problem via a short sale.  Ultimately, you'll be happier that you did attempt or completed a short sale.  (It's the whole sleep easy thing).     

Avoid Foreclosure by doing a Short Sale

Posted by Brad Officer on
Email Send a link to post via Email

Leave A Comment

e.g. yourwebsitename.com
Please note that your email address is kept private upon posting.