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Yes, You Can Buy RIGHT AFTER A Short Sale - Update from a Prior Success Story

By
Mortgage and Lending with Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 NMLS ID# 158606

Last November I wrote a post entitled Buying 3 Months After You Sell Your Home in a Short Sale.  It was a real winner, at least in my eyes, but it also made it's way to the top of my blog scroll with the gold star.  The cliff note version of the post was that you can buy after a short sale.  However, there are......

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.

Well since then, this post has been seen umpteen bazillion times it seems.  I was just contacted by a superstar realtor who referred me another client whYou Can Still Buy After a Short Saleo had the same issue.  Short sale, but a new purchase.  Why?  Husband dies and a lot of income is out the window.  Widow hasn't missed a payment, but will sell the house short and buy a new, smaller home, that she can afford. 

Further, I've been contacted a number of other times by consumers who want the same result.  I'll say that I've only been able to help one.  Most don't meet the criteria that I've listed.  So what?  I've got the goods, Active Rain has been complicit with me disseminating knowledge and power out to Joe Q. Homebuyer.   Can I use a phrase by Tim McGraw?  Photo provided by http://www.dreamstime.com/free-stock-photo-house-on-the-hill-rimagefree1284525-resi2857788 

I like it, I love it, I want some more of it!

Thanks Active Rain!

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Comments (7)

Lora "Leah" Stern 914-772-4528
Coldwell Banker, 170 N Main Street, New City NY 10956 - New City, NY
Real Estate Salesperson

Larry, I'd call that post a winner too, if it garners all that attention and translates into sales.

Feb 28, 2011 03:15 PM
Paul Walker
Equity Fifty Five Realty, LLC - Scott AFB, IL
Scott AFB IL Area Realtor

Hi Larry,

Nice post. I missed your original post, but I find this very helpful and good knowledge to know to help many clients that may fit the criteria.

 

Feb 28, 2011 03:20 PM
Charles Gardner-Realtor/Investor
ZIP Realty, Inc-Houston District - Humble, TX

Hello Larry,

Great reminder about after effectives of a short sale.  Thanks

Feb 28, 2011 03:22 PM
Jeanne Kozak
RE/MAX In Action - Martinsburg, WV
REALTOR and Broker/Owner in WV and VA

This is good to know, some people should be able to buy depending on the circumstances. As long as it does not become a habit.

Feb 28, 2011 03:30 PM
Cameron Novak
The Homefinding Center - 1000 Palms, CA
Real Estate Broker since 2008

It's all in the proper procedure.   Two transactions are always better than one.

Feb 28, 2011 03:57 PM
Larry Bettag
Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL
Vice-President of National Production

Lora...thanks.  I appreciate your comments!

Paul....thanks man!

Charles....thanks....God Bless!

Jeanne....it's really for those of special circumstances.

Cameron....never really thought of it your way!

 

 

 

Feb 28, 2011 04:14 PM
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

Congrats.  Sounds like a real winning post.  Great content on a highly researched and confusing topic.  Way to go.

Feb 28, 2011 08:53 PM