is short sale buy back a good option?

You may be better off short selling your home and then buying a similar home in a few years. Here is a good resource to learn more about leasing or buyback after short sale: http://homebuying.about.com/od/shortsale/f/Can-I-Lease-Or-Buy-Back-My-Short-Sale.htm

Not the best option for you.. Some lenders have a problem with you doing a short sale and then purchasing the very home that caused a loss for another mortgage lender.. they view it as you "taking advantage of the market".. it might be a better option to short sell it now, rent something, save 20% for a down payment and then purchase something else.. your options would be endless.. if you do the buy back option, and your unable to purchase the home, you might be asked to move, since the lender will not allow you to live there indefinitely without paying them off.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

I do not work specifically with short sale buy backs but it may be a good option if you are interested in retaining your current home long term. Here is a link to an article the describes the short sale buy back program: http://www.pe.com/real-estate/company-news/20120305-new-program-allows-homeowners-to-short-sale-and-buy-back-home.ece. Please let me know if I can be of service to you in any way.Mike HengyW. J. Bradley Mortgage Capital LLC480.382.4661mike.hengy@wjbradley.com