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Buying 3 Months After You Sell Your Home in a Short Sale

Reblogger
Real Estate Agent

Contrary to "popular" belief, it is possible to buy a home 3 months after your short sale your other home.  But there are Caveats that you need to know in order to do this.  It isn't done on conventional but FHA.  Read it and learn. 

If you qualify for this, then two things, reach out to me and let's talk and then let's bring Larry in from Cherry Creek Mortgage to make sure we have everything in order.

So, what do ya say?

Original content by Larry Bettag NMLS ID# 158606

It just happened.  I spent about 1.5 months getting this guy's ducks in a row.  Sounds almost too good to be true.  But it is true.  You can't do it on a conventional loan.  You can, however, do with an FHA mortgage with:

TWO CRITICAL CAVEATS!!!!!

  1. The bank can't be reporting a deficiency and;

  2. The borrower can't have any 30 day lates reporting either.

I feel almost guilty on this, but I've come to learn that we've done a myriad of them at our company this year. 

My buyer was denied by two other mortgage companies over the last two months.  The other mortgage banks didn't look at the 4155 (or the FHA guidelines).  Realtors, this is critical.  A buyer still needs to qualify, but if they sell their home in a short sale and meet both of the aforementioned criteria, then....you have another happy buyer! 

Loan officers need to have the support.  They need to know the guidelines.  Buyers do have options.

 

 

 

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Comments (4)

Robert Rauf
CMG Home Loans - Toms River, NJ

The problem is that so many sellers get bad advice that they have to be behind to negotiate the SS, and that tosses them out of the equation all together,

Also: FHA guides state that a buyer can not be taking advantage of the market, so basically they need to be scaling down in house, they can not buy a home that is similar to the one the just did the short sale on.

Jun 30, 2011 05:53 AM
Barb Van Stensel
Chicago, IL

Robert, thank you so very much for stopping by and expanding on this because I do of a situation where the woman lost her husband and had to scale down.  Just happened recently in Michigan.  She was totally lost and I shared with her that she had options.  It makes a huge difference when people begin to understand all about Short Sales but not taking advantage at the same time! 

Jun 30, 2011 06:09 AM
Robert Rauf
CMG Home Loans - Toms River, NJ

Our business should always be about the client, and what works for them... We have 2 ears and one mouth for a reason, we need to listen to them, and make sure we do the right thing for them, that is how we build a career, and not just do a job!

Jul 01, 2011 06:05 AM
Dave Halpern
Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

If more people knew about the program many people would hang on longer and make payments during the short sale.

Aug 06, 2011 05:22 PM