Looking to buy before short selling home? What am I missing?

Hi all,
I was contacted by an out of state buyer today looking to move into our area.

Yay, right?

But then she tells me she's just listed her home as a short sale.

Her timeline for buying something here? Now.

Okay, what am I missing here?

She says she has plenty of money to close a deal here - which I am thinking the lender she is claiming a hardship with is going to find beyond interesting.

I just don't get it. Have the rules changed or something?

How can you claim a hardship in one state on one house while attempting to buy a house in another state?

I'm completely baffled.

Views: 2451

Reply to This

Replies to This Discussion

Thom,

 

Although there are many scenarios out there and I would think most agents generally would want to help the consumer and public.  As a buyer, I wouldn't and should never ask anyone to take a chance on their career.  There are however, people who could care less.  My agent's rule-of-thumb, if it looks suspicious according to the law, pass on it.   Thom, your advice in being cautious and CYA are great words of wisdom.........

Please see my blog post Waiting Periods to Buy a Home After Foreclosure, Deed-in-Lieu, Shor... about obtaining a mortgage loan after a short sale, foreclosure or bankruptcy. As you will see, it will probably not be possible.

I just started taking these kind of clients but I make sure I bring them first to the Real State Attorney and accountant.  Then, I feel a lot better that they received an advice from the professionals.  What they do from there is up to them. They were warned.  I make sure I have them sign a letter releasing me from liablity because I advised them to seek counsel and were given advise.  I find a home for the homeowner and make sure I have the advise of the lawyer at all times when I short sale the house.  The lawyer is also hired to help get approval on the short sale.  I will NOT do this without the help of a lawyer. One month missed mortgage of the homeowners to pay a lawyer is all worth it!  That releases me from laibility.

I just picked up a listing where the seller knew he would be downsized so decided to move to the Midwest for lower cost of living.  He purchased a property in the Chicago area.  His house was listed as a regular sale, however, after a few months it is not selling at the current price and any price reduction would be a short sale.  He has owned the property in the Midwest for about 6 months.  We will be bringing his current home with one Citimortgage loan to market.  Is there going to be a problem in that he recently purchased something?

RSS

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************