Short Sales are Opportunities to Double Your Income and Other Ways to Close your Deals.

Date: 11 SEPTEMBER posted by Mike Pfaff, Innovative Mortgageon , ,

There are Conditions Where You Can Immediately Be a Buyer

As we discussed, under the right conditions, it is possible for the short sale seller to be a buyer immediately. Please let me lay out how you can become home owners again. If you have extenuating circumstances, it is possible to immediately become eligible for a new home purchase. The list of extenuating circumstances includes:

1. Loss of home due to medical conditions such as: cancer, heart attack, illness of child...

2. Divorce with special circumstances, such as restraining order.

3. Forced transfer.

4. Innocent spouse. Non buying spouse had a short sale of a non primary home.

5. Death of a wage earning spouse.

In all circumstances, the client must have reestablished credit with a minimal of 3 trade lines and no lates after the short sale. They must demonstrate they can afford the new home. This loan can be done with 100% financing, but is restricted to USDA loan areas, and there are income restrictions. I have done these loans in the past and am closing one next month. They must be very carefully planned and executed. They also require iron clad proof of any claim of the extenuating circumstance.

Tags: RealtorsCircumstancesExceptions