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The standard wait time to buy a house after a short sale with a minimum of 5% down payment using a conventional loan is 4 years after a short sale (or 7 years after foreclosure).
If the sale is delayed, you can stay until the sale (auction) is held. You own it until that day. If you stay after the foreclosure date, it will take the bank 30 days to evict you. Do not do this. If you have a foreclosure AND an eviction on your record, you won't be able to rent an apartment in the future.