Seller trying to become a buyer

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


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!


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