"maybe targeting properties that've been on the market longer could give you a bit more leverage?"
Agree with this. Sellers sitting on their property for months tend to soften up a bit...but careful with alternative lenders. Had a friend get burned badly by hidden fees. Double-check everything before signing.
Definitely agree about properties lingering on the market. Sellers do tend to get a bit more flexible when their house has been sitting there collecting dust. But just a heads-up—be extra cautious with lenders who promise "easy" approvals after bankruptcy. I've seen folks get nailed by hidden fees, weird terms, and sneaky fine print that ends up costing way more than they bargained for.
Also, you might want to think about focusing on improving your credit score during this waiting period. Even a small bump in your credit can make a significant difference in interest rates, saving you thousands down the road. A friend of mine spent about six months cleaning up his credit report and managed to land a much better mortgage deal afterward. So yeah, patience sucks—but sometimes it pays off big-time.
Good points raised here, especially about lenders promising "easy" approvals. I've seen clients burned by those deals too—often the fine print is a minefield. One thing I'd add is that while waiting and improving your credit score is usually the smartest move, sometimes putting down a larger down payment can offset some of the negatives from bankruptcy. It won't erase higher interest rates completely, but it can help you negotiate better terms overall.
Also, keep in mind that certain loan programs (like FHA) have specific waiting periods after bankruptcy, so even if your credit improves quickly, you might still be stuck waiting out their mandatory timelines. Had a client recently who thought he was good to go after boosting his score significantly, only to realize he still had another year left on FHA's required wait period. So yeah, patience definitely pays off—but it's also worth exploring all your options carefully before deciding to wait or jump in sooner with more cash upfront.
Definitely agree about the FHA waiting periods—caught me off guard too when I was helping my sister navigate her post-bankruptcy home purchase. She'd worked hard to rebuild her credit, thinking she'd be good to go, only to hit that mandatory FHA timeline wall. Ended up using the extra time to save more for a bigger down payment, which actually helped her snag better terms in the end. So yeah, patience and planning ahead really do make a difference...
Yeah, those FHA timelines can be brutal if you're not expecting them. But honestly, it sounds like the extra wait turned into a blessing in disguise for your sister—bigger down payment usually means better rates and lower payments long-term. Good on her for sticking it out.
