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Can You Have A Successful Short Sale Without Any Late Payments

By
Real Estate Agent with RE/MAX Professionals 253.225.8322

I have clients who are going to be transferred across the country and their home has depreciated so much they will have to do a short sale. They are wondering if they can continue to make their payments and still complete the short sale. I looked up some Q & A on my CDPE site and one of the answers was this...

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Under new FHA Guidelines your seller should be able to sell his home as a short sale and able to purchase a new home elsewhere. I have had two clients who have done this already. The trick is:

 


1) Get the short sale approved

2) Have your client maintain an excellent credit score so that he can qualify for a purchase after the short sale. The short sale should affect his credit about a 40 -80 point drop. 

I suggest you find a lender / mortgage professional who is up to date with these new HUD and FHA guidelines that were just released in December of 2009.

 

 

 

 

Short Sales in Tacoma, Washington...

 

If you or someone you know in Pierce County, Washington is facing the possibility of foreclosure, you need to understand that you are not alone.

Today, 1 out of every 10 homeowners in America is behind on mortgage payments. These are tough and frustrating times. Now more than ever, it's important to identify your options. Foreclosure can be avoided, your credit can be saved, and your financial future can be salvaged.

Through my experience handling distressed properties, I've found that homeowners today have more questions than answers about their circumstances. I have created a site to help you understand the possible solutions to foreclosure, as well as provide a detailed explanation of short sales, which may be the best course of action for some homeowners.

 

http://hosted.cdpe.com/sandywagnerhomes/

 

 

 

 

 

 

Comments (2)

Edward & Celia Maddox
The Celtic Connection Realty - Queen Creek, AZ
EXPERIENCE & INTEGRITY - WE TAKE THE HIGH ROAD

Thanks for the article. We always learn a lot of good information from Active Rain blogs. Best Regards,

Jan 23, 2010 02:16 AM
Ralph Gorgoglione
Metro Life Homes - Palm Springs, CA
California and Hawaii Real Estate (310) 497-9407

I have one right now that seems to be headed in that direction, and actually moving very quickly.

We'll see what the bank's final written approval says....

Jan 23, 2010 02:19 AM