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The other thing to consider is if you can get a loan after you short sale. Everything I have read is its at least 2 years before some banks will talk to you and that is if you bring 20% to the table. I beleive FHA and VA are at 3 years before you qualify. Also missed payments will make that time frame longer, you need your credit scores to recover.
I like the "rent back" idea. I think no matter which house we end up buying, we'll probably have to do something like that (unless we can somehow close on the new house in 30-45 days).
One of the problems with a rent back is that most buyers are going to want to move in at the time of the closing either because they are anxious to get into their new home, or are selling a home themselves, so they'll have a timing issue also. In a buyers market you want to give the buyers a compelling reason to purchase YOUR home and not someone else's, and a rent back is not the way to do that.
The other thing to consider is if you can get a loan after you short sale. Everything I have read is its at least 2 years before some banks will talk to you and that is if you bring 20% to the table. I beleive FHA and VA are at 3 years before you qualify. Also missed payments will make that time frame longer, you need your credit scores to recover.
LoveBeingaMommy - We're in the same boat. Selling our house to buy another. Last time we sold and bought, we were able to work out the timing so we closed on both properties the same day. This was achieved by negotiating the closing the date on both properties. But I'm less optimistic that will happen this time. We won't make "rent-back" a condition of the sale of our house. If we have to get a short-term rental, we will. (But boy would that be tough with 2 youngsters and 2 cats.) We have ruled out homes being offered as short sales or foreclosures as buying options. I say be hopeful that things will workout but make backup plans.
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