Success Story About A Short Sale Seller Who Purchased Another Home In Six Months

Reblogger Susan Milner
Real Estate Agent with Florida Future Realty, Inc. BK3071625

 

Could you buy again in 6 short months from completing a Cape Coral short sale? Maybe. Read below how one family did just that. The guidelines are fairly strict but if you make the decision to do a short sale before you go into default and if you maintain your other good credit this could be possible. We specialize in short sales and can help you out of your situation fast. Learn more about us and Cape Coral short sales. The moral of the story is to NOT WAIT. You need to make the decision before you get too far behind.

 

 

Original content by Peggy James 0225018862

So many people are under the impression that a homeowner who sells their home by short sale must wait years to purchase again. That statement is not always true. In fact on Friday, I assisted a purchaser settle on a gorgeous five year old townhouse with a two car garage, granite counters in the Belmont Bay Community in Woodbridge Virginia. The townhouse was totally remodeled and in perfect move-in condition.

Why is that unique?

Those purchasers had sold their single family home by short sale in Dumfries, Virginia less than six months ago!

Yes, you read that correctly!

So now you are asking "How?"

Simple...compromise According to the Lender, there are guidelines set up to help homeowners purchase again when using FHA Financing.

This purchaser fit those guidelines.

  • Maintained good credit throughout the short sale process
  • The purchase must be inferior in size ( you cannot go buy same size house at lower price)
  • The purchaser needed to relocate to a different area ( different zip code is fine) 
  • The purchaser must qualify for a loan
  • The purchaser must be able to come up with FHA Down payment requirements to purchase.
  •  Talk with a lender to see what your options are. Then call a local Realtor you trust to help you find  another place to call home.

 The seller went from this home to the townhouse photographed below.

                 

Single Family Home Woodbridge VA

                                                                                                                   

life after short sale

 

The moral of the story.  If you can see that you are not going to be able to make ends meet, act quickly. Call a local Realtor®, to assist you. Learn your options before it is too late. This example shows you that if you can maintain your credit, and act quickly your credit does not have to suffer. This customer had excellent credit to begin with. Their credit did take a hit after short sale, however the good news is, they still fit within the FHA Guidelines to buy another home! I love happy endings.

                     Have questions? Call me direct at  703-851-3085 or contact me by email  

Contact Peggy James or Erick Blackwelder  of Erick and Company of Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office).If you are a homeowner who has a home to sell, we have  buyers ready and waiting for nice homes to come on the market. Give us a call and we can "GET YOUR HOME SOLD FAST" to list your property for sale we service  Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Manassas Park, Haymarket,Montclair, Dumfries, Occoquan, Dale City, Gainesville, Aquia Harbor, Garrisonville and Triangle area's . 
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Search the MLS right now for Immediate Delivery Homes, Foreclosure Deals, Approved Short Sales, Vacant Homes, Just Listed Homes, Just Reduced Homes, New Homes even For Sale By Owner Homes listed on the MLS Begin Here

 

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Rainmaker
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Tom Priester
Paradise Sharks - Jupiter, FL
Paradise Sharks

Susan, that is great and I applaud both Peggy and the lender for a job well done. The client must be a happy camper. Cheers!

Dec 20, 2010 02:57 AM #1
Rainmaker
190,428
Susan Milner
Florida Future Realty, Inc. - Cape Coral, FL
Cape Coral Real Estate Broker, FloridaFutureAgents

I can only imagine. Will be great news if we can see more of this. It makese sense though. The homeowner was being responsible and downgrading when they had to.

Dec 20, 2010 03:00 AM #2
Rainmaker
765,912
Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

It is true!  of course you need to be "good" through out the process, and you can not be seen as making a lateral move, or move up to take advantage of the market.... But it can be done, unfortunately it is rare that it happens since so many SS's are behind on their payments, often after getting bad advice from some one that doesnt understand the consequences.

Dec 20, 2010 03:03 AM #3
Rainmaker
190,428
Susan Milner
Florida Future Realty, Inc. - Cape Coral, FL
Cape Coral Real Estate Broker, FloridaFutureAgents

Robert, I've been saying for a very long time that when people are being responsible and working to get into a house that they can actually afford and they keep their good credit it should be possible. Only problem is that most of the lenders tell them right up front that they won't work with them on a short sale until they default. We've only had a handful of short sales completed where the borrower hadn't missed any payments. And in most of those cases they had to come with considerable cash at closing.

Dec 20, 2010 03:08 AM #4
Anonymous
Thomas Johnson

I can't believe that the Short Sale negotiator at the bank didn't go after the downpayment funds.

Dec 20, 2010 03:13 AM #5
Rainmaker
190,428
Susan Milner
Florida Future Realty, Inc. - Cape Coral, FL
Cape Coral Real Estate Broker, FloridaFutureAgents

Thomas, in this story it sounds like they didn't have it then. The author, Peggy, comments later in the post that they moved into a tiny apartment for 6 months in order to save up the down payment money for the new place.

Dec 20, 2010 03:15 AM #6
Rainmaker
765,912
Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

it still bothers me that somewhere some how in our country it became OK to walk away from obligations.

Dec 21, 2010 04:58 AM #7
Rainmaker
190,428
Susan Milner
Florida Future Realty, Inc. - Cape Coral, FL
Cape Coral Real Estate Broker, FloridaFutureAgents

Robert, what do you think people who lose an income or are too ill to work or lose a spouse are supposed to do in these circumstances? And why is it ok for businesses and individuals to file BK but not ok to do a short sale?

Dec 21, 2010 02:41 PM #8
Rainmaker
765,912
Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

Yes, Bad things happen to good people... But I do think that all to often people just take advantage when they can.

Dec 22, 2010 02:56 AM #9
Rainmaker
190,428
Susan Milner
Florida Future Realty, Inc. - Cape Coral, FL
Cape Coral Real Estate Broker, FloridaFutureAgents

Some do that is for sure Robert.

Dec 30, 2010 03:14 AM #10
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Rainmaker
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Susan Milner

Cape Coral Real Estate Broker, FloridaFutureAgents
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