Fort Collins Short Sales: Can I buy again right after a Short Sale?

[caption id="attachment_1149" align="alignright" width="283" caption="Yes, you can Short Sale and buy another home."][/caption]

Fort Collins state(acronym) – We get this question a lot from people. “I am upside down and need to move. I would like to buy another home. Can I do that?” they ask us.

Today they can. FHA (the Federal Housing Administration) has a new program that enables you to short sale your existing home and buy a new home at today’s reduced prices.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

The home you purchase would have to meet FHA’s standard lending guidelines. FHA is a great mortgage program.

In fact, more people buying a home in today’s market are getting an FHA loan.

Here is what you would need to do to participate in the program:

1. Determine if you qualify to participate in the program. We have been told that you will need the following.

(Guidelines can change at any time, so make sure you check them with a Mortgage Professional familiar with the program.)

A. A 640 FICO credit score or better.

B. You must be current on all installment payments and your mortgage.

C. No bankruptcy or foreclosure on your credit in the last 7 years.

D. The home you are purchasing must be inferior to the one you are selling. I don’t know the exact guidelines, but I think it means it is a smaller home, or it has less bedrooms or a lower price.

E. You will need the 3.5% down payment for the new purchase.

2. Continue making your mortgage payments each month.

3. Talk to a Mortgage Professional and fill out FHA’s Short Sale and Buy Application.

4. Get pre-approved for your next home loan.

5. Put your home on the market with a licensed short sale realtor.

6. Once the short sale is approved, then you can start looking at other homes.

7. Close on selling your home and on purchasing the new property.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at RobKittle@kw.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 970-690-4920

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Fort Collins loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Rob Kittle.

Rob is a Real Estate The Kittle Team at Keller Williams Realty. Fort Collins Short Sales Realtor:

Phone: 970-690-4920. <a href="mailto:RobKittle@kw.com.

We Specialize, You Benefit

View My homes for sale at <a href="http://
www.RobKittle.com.

Rob Kittle specializes in loan modification assistance and short sales in Fort Collins Colorado. Fort Collins Loan Modification Help, Fort Collins Short Sales. Fort Collins Short Sale Realtor
Short Sale Realtor. Fort Collins CO
Short Sales. Fort Collins Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is
not intended as legal, technical, or tax advice. Please speak with a
licensed professional before making any decision. Information is deemed
reliable but not guaranteed as of the date of writing. The views expressed
here are Rob Kittle's personal views and do not reflect the views of
Keller Williams Realty. This information on Fort Collins Short Sales: Can I buy again
right after a Short Sale? You Decide is provided as a courtesy to our
viewers to help them make informed decisions.

My Realtor hasn't talked to me about a Short Sale & I'm not even getting a showing. I think I might be upside down. What do I do?

Fort Collins CO - The Stop Foreclosure Institute recently received a question from Jennifer. She is having a hard time selling her home.

“I have had my house for sale for a little while, but it hasn’t sold. No buyers have come to look at it. At first I thought the price was fair. But, now that no one has come to see the home, I am beginning to realize that I am upside down.

My realtor hasn’t talked to me about a short sale. What should I do?” Jennifer asked.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is what I would recommend to her. First, talk to your current agent about a short sale. The might be uncomfortable with bringing it up.

Short sales are a sensitive issue. Some people get offended when you ask them about a short sale. It doesn’t look like that is the case with you.

Tell your agent that you think you might be upside down. Ask them what they think they can realistically sell the house for in today’s market.

Then, ask them for a “Net Sheet.” This is a sheet that details all of the costs and fees associated with selling a home.

The fees and costs are subtracted from the sales price to give you the net amount you will receive from the sale. Compare that number with your mortgage payoff.

If it is less than what you owe your lender, then you will need to consider a short sale. Ask your agent if they can handle your short sale.

If not, then you may need to hire someone else. Short sales are a lot more complex than a normal real estate transaction.

Make sure the person you interview has closed short sales in the past and knows what they are doing.

Ask them how the short sale process works. Have them explain it to you. This will help you determine if that person can do the job for you.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at RobKittle@kw.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 970-690-4920

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Fort Collins Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Rob Kittle

Rob is a Real Estate The Kittle Team at Keller Williams Realty.

Phone: 970-690-4920. RobKittle@kw.com.

We Specialize, You Benefit

View My homes for sale at www.RobKittle.com.

Rob Kittle specializes in loan modification assistance and short sales in Fort Collins Colorado. Fort Collins Loan Modification Help, Fort Collins Short Sales. Fort Collins Short Sale Realtor Short Sale Realtor. Fort Collins CO Short Sales. Fort Collins Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Rob Kittle's personal views and do not reflect the views of Keller Williams Realty. This information on My Realtor hasn't talked to me about a Short Sale & I'm not even getting a showing. I think I might be upside down. What do I do is provided as a courtesy to our viewers to help them make informed decisions.