short sale: Atlanta Home Buyers need to know...Part 5 - 07/06/12 02:42 PM
Atlanta home buyers need to know that there is hope for making a purchase after a short sale or a foreclosure.  If you were one of the many Georgians lost their homes through foreclosure in 2008 and 2009, now may be the time to start thinking about purchasing a home again.
For an FHA mortgage, you can qualify for a new mortgage 3 years after a short sale or foreclosure.   For a conventional mortgage you can qualify for a new mortgage after 2 years with a 20% down payment. 

Now, you will need to show that you have a satisfactory … (24 comments)

short sale: FAQ#10 Can I buy a home after bankruptcy, foreclosure or short sale? - 06/09/12 10:35 AM
 FAQ # 10  Can I buy a home after a bankruptcy, foreclosure or short sale?
 
This really isn’t a yes or no question.  It depends on the type of bankruptcy and the type of financing you are applying for in the purchase. 
 
Here is a quick overview that gives you the length of time you must wait before making that next purchase.
 
FHA financing requires 2 year after discharge on Chapter 7 bankruptcy,  12 months of payment and trustee approval on a Chapter 13, 3 years on a foreclosure, short sale or deed in lieu of foreclosure.
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short sale: A Hugely Successful Day - 04/28/12 10:50 PM
Everyone has their own definition of success.  This past week, for me it was two closings for two first time home buyers.  
Each transaction was slightly different.  The first was a short sale where we waiting for 8 weeks for the bank to approve the short sale.  Once we had approval, it was 19 days to closing!  The compliments at the closing table were overwhelming.  The second was an FHA purchase with some repair issues that included potential lead base paint and consequently we encountered a few delays.  Even with the delays, everyone had smiles on their face as they … (9 comments)

short sale: The Perfect Home Purchase Transaction - 07/09/11 05:58 AM
Yes, the perfect home purchase transaction does exist.  In fact, the last contract I received has been exactly that.  It should be understood that it takes teamwork to make this happen.  Real estate agents that respond to request for documentation or signatures. This also includes the attorney office, the insurance agent.
 

The buyer had made an offer on a short sale home in January.  We had waited for 5 months for the lender approval, which was continually promised, but never delivered.  The buyer asked me for my advice.  It was simple, terminate the contract and find a home that can … (0 comments)

short sale: My Spouse Wants To Buy A New Home . . . - 04/13/11 02:03 PM
"My spouse wants to buy a new home.  Can they do that legally?"  This is a question that has been asked twice today so I thought it would make a good topic for a blog. 
While there is nothing illegal about a home purchase in only one spouse's name, the underwriters will be looking at other information before approving a new loan.  These are some of the questions that must be answered and documented:
Will the borrowers current residence be sold or rented? Is there a purchase agreement or rental agreement already in place? Is the mortgage on the borrowers primary … (4 comments)