Short Sale your home and Buy again right away!

Here in Ca we have a Short Sale and Buy Program for Homeowners with good credit & no missed payments!

RULES:

Homeowner must be current on their mortgage, no missed payments.

Homeowner must have good credit, at least 580 or above.

Homeowner must have bought the home they are short selling with a conventional loan, since the loan

they will be utilizing to buy the new home will be an FHA loan.

Homeowner's new home has to be less than the purchase price of the first home.

Example: If they bought the home they are short selling for $600,000 then the home they can buy now

must be less than the original purchase price. Cannot purchase a superior property.

That's ok because most home prices are less now than what they were when these homeowners bought

them in the bubble.

New purchase must be in a commutable distance. Like over 30 miles away or more. Cannot short sell a

home in Beverly Hills and buy another one in Beverly Hills without having a good reason due to

change in family size, or job related, medical reasons, etc.

The new loan is an FHA loan using the FHA 4155 program...homeowner can put down as little as

3.5% or as much as 20% or more on this FHA loan.

This is awesome and works for homeowners that want to walk away from their debt, have good credit, have not missed payments and want to buy again asap.

You can get into escrow with the 2nd home purchase simultaneously while in escrow with the home they are shortselling. You do not have to wait until you close escrow on the home you are shortselling.

This seems to be the wave of the future for homeowners who need to short sell but would like an incentive for keeping their good credit and not missing their current home payments but who are in a financial hardship with the first home.

It's a win-win situation for everyone!

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Comment by Michael Royce on July 1, 2010 at 9:35am
Very interesting! Thank you!
Comment by Antonette Solano CSSG, SFR on June 18, 2010 at 9:48pm
very interesting.. Is that ONLY CA
Comment by Southland Real Estate on June 18, 2010 at 1:34am
I have gotten a few of these offers over the past 3 months or so.
Have you closed any of them?
Comment by Sara Mehrpouyan Los Angeles CDPE on June 17, 2010 at 5:02pm
Sheyenne, have you done any like what you're describing? It would be difficult if you write an offer to purchase with a concurrent close of escrow.
Comment by Mike Linkenauger on June 17, 2010 at 1:41pm
Managed to close a couple like this. Its not as easy as it sounds, as the borrower has to basically qualify for a financial hardship and close the short sale of their current property without yet being late on their payments, yet still have the income and credit to afford to buy a new less expensive home.

Mike

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