So many people are under the impression that a homeowner who sells their home by short sale must wait years to purchase again. That statement is not always true. In fact on Friday, I assisted a purchaser settle on a gorgeous five year old townhouse with a two car garage, granite counters in the Belmont Bay Community in Woodbridge Virginia. The townhouse was totally remodeled and in perfect move-in condition.
Why is that unique?
Those purchasers had sold their single family home by short sale in Dumfries, Virginia less than six months ago!
Yes, you read that correctly!
So now you are asking "How?"
Simple...compromise According to the Lender, there are guidelines set up to help homeowners purchase again when using FHA Financing.
This purchaser fit those guidelines.
- Maintained good credit throughout the short sale process
- The purchase must be inferior in size ( you cannot go buy same size house at lower price)
- The purchaser needed to relocate to a different area ( different zip code is fine)
- The purchaser must qualify for a loan
- The purchaser must be able to come up with FHA Down payment requirements to purchase.
- Talk with a lender to see what your options are. Then call a local Realtor you trust to help you find another place to call home.
The seller went from this home to the townhouse photographed below.
The moral of the story. If you can see that you are not going to be able to make ends meet, act quickly. Call a local Realtor®, to assist you. Learn your options before it is too late. This example shows you that if you can maintain your credit, and act quickly your credit does not have to suffer. This customer had excellent credit to begin with. Their credit did take a hit after short sale, however the good news is, they still fit within the FHA Guidelines to buy another home! I love happy endings.
Have questions? Call me direct at 703-851-3085 or contact me by email
Contact Peggy James or Erick Blackwelder of Erick and Company of Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office).If you are a homeowner who has a home to sell, we have buyers ready and waiting for nice homes to come on the market. Give us a call and we can "GET YOUR HOME SOLD FAST" to list your property for sale we service Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Manassas Park, Haymarket,Montclair, Dumfries, Occoquan, Dale City, Gainesville, Aquia Harbor, Garrisonville and Triangle area's .
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Contact Peggy James or Erick Blackwelder of Erick and Company of Exit Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085(Peggy) 703-590-2252 (Office).Give us a call and we can "GET YOUR HOME SOLD FAST"to list your property for sale we service Woodbridge, Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas,Gainesville, Garrisonville and Triangle area's.Basically all of Prince William County Virginia. Manassas Park, Haymarket,Montclair, Dumfries, Quantico, Fort Belvior, Occoquan, Dale City.
