Updated almost 10 years ago on . Most recent reply
Financing new home after short sale
I completed my short sale May 9th 2013. I missed the final 3 payments on the old loan in order for the bank to approve the sale. Fast forward to today, I currently own a townhouse with owner financing in place (since March 9 2013). My credit score is 760, I have a pile of cash and I am ready to buy a new house and use the current townhouse as a rental. I am unable to get any sort of financing from a bank/credit union for the new house.
I owe 47,000 on the current townhouse and I believe it is worth 70-75k. The house I am looking at, I would offer 120k. I have about 80k in cash in the bank, so paying cash isn't an option on this one.
I guess my question is, what other options would I have in order to buy this property?