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Completed short sale and sellers able to repurchase immediately?

Posted by Travis Davies on September 14, 2011 at 8:09am in Short Sale Discussions

I have a client who needs to short sale their home due to a divorce and I have heard of some lenders allowing a seller to short sale their home and purchase another property at the same time or shortly thereafter as long as they are current on their payments.

 

Anyone know anything about this or completed a transaction like this?

 

Thanks!

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Replies

  • Eric Mieles September 14, 2011 at 2:34pm
    Working one now. Not late and currently with investor for reveiw. negotiator asked for cash contribution/prom note. We countered offering $500 cash contribution and it was submitted. I'll let you guys know if we get final approval.
  • Deidre St. Romain September 14, 2011 at 10:32am
    I did one last year where the lien holder was a local credit union.  3 months later I got him a loan with a LOCAL lender - big lenders have problems, or at least Wells Fargo did, with someone doing a short sale afterwards even though it is a FHA guideline.  The local credit union allowed him to be current and do the sale.  I have not run into any big time lien holders who will allow someone to do a short sale without being late first.  If any of you out there know of lien holders who WILL let me know.  Thanks.
    • Jeff Payne > Deidre St. Romain September 14, 2011 at 11:21am
      Deidre, I have done plenty with BofA and Wells and a few with US Bank that the seller was current but had an immenint hardship
  • Jeff Payne September 14, 2011 at 8:46am
    I have seen it done a few times.  The credit score impact is very little when the short sale was done with seller not in default, only thing I could imagine would screw it up is the way it is reported to a credit bureau. 
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