Seller trying to become a buyer

By
Real Estate Agent with Gustave White Sotheby's International Realty

I have a client who owns a two family he lives in and wants to buy a single family residence to move into. He cannot sell his multi family without a loss so retaining it as an investment property. Will have a hard time getting a mortgage because banks are now leary of pyramid schemes where the first property went to foreclosure because the value was less than the mortgage.

Comments (4)

Ron Brown NMLS #270845
NMLS ID: 40831 - Federal Way, WA

Michelle,

Welcome to Active Rain! Congratulations on your first blog.  There have been a number of recent changes for this type of scenario, but it can still be done if he has a decent track record as a landlord.  Check out my daily update for a quick summary of what's moving Markets, and Interest Rates.  You'll find this is a great site for sharing ideas, networking, and growing your business.  If you ever have a question about VA loans, or FHA loans I'd be happy to help!

Ron Brown

VA Loan & FHA Loan Specialist

First Mortgage Company of Washington

Puyallup, WA

Oct 09, 2008 12:23 PM
Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hello Michelle,

Welcome to Active Rain and congrats on your first post! The opportunities to learn and network are incredible here. Best of luck to you!

-Keith

Oct 09, 2008 03:29 PM
Ron Martin
Keller Williams Realty - Spartanburg, SC
Ron Martin Team

Good morning & welcome to Active Rain, You have joined an excellent site to receive free marketing, absorb more information from others, share ideas.  Be a blogger and have fun. If you have any clients moving to the Greenville, Spartanburg, & Anderson South Carolina area we are your team. We are on all three MLS. Great blog!  Keep it up. Again Welcome!!

Oct 09, 2008 09:04 PM
Jean Terry
Keller Williams Realty Spartanburg, S.C. - Spartanburg, SC

Hi and welcome to Active Rain, a great site to network, share, learn, and have fun. Good Luck.

Oct 10, 2008 02:55 PM