Posted on 27 January 2011.
What is the hottest topic in the Phoenix Real Estate market right now??? SHORT SALES! Should you do it? How will you and your credit recover? When can you purchase again? With this ever changing and conforming market, no one has all the answers… but here is a little glimmer of hope that some of you may be looking for…
The typical wait time for purchasing a home after a short sale or foreclosure is 3 years. However, FHA issued a mortgagee letter in December 2009 allowing financing immediately or in less then 3 years for certain situations… very specific situations. Although it would be hard to determine who is eligible without looking in to a buyer’s specific situation here are two things I know to be true…
1. Borrower must have been current on ALL prior mortgage payments for up to 12 months before short sale occurred.
2. The result of the borrowers short sale must have been due to extenuating circumstances such as transfer of job, death of primary wage earner, long term un-insured illness, ect. Short selling due to declining market conditions or because you are way to upside down in your loan is not a valid circumstance.
Please watch this video to learn more…
That was my friend and trusted mortgage professional, Gina Chavez and we both really think that this is important information to get out to the public because there is a small population that could benefit from FHA exception rule. If you are one of the MANY that have to wait out the 3 years, that is okay too. Three years is probably what you need to get your credit and life prepared for buying again.
If you have been through a short sale and have questions about how it affected your credit or what to do now, the best piece of advice I have for you is to contact a Real Estate Professional that is skilled in this arena. It is our job to counsel you on the short sale recovery process so that when your three year wait time is up, you will be ready to purchase again.
Gina and I are willing and happy to help you get on the right track to short sale recovery. Please contact either one of us right away!
Tiffany Pettit, eXp Realty
Gina Chavez, Cherry Creek Mortgage
Are you shopping for a new home? My name is Tiffany Pettit and I am the Peoria, Arizona Real Estate expert. My husband, Eric, and I live and raise our two boys in this beautiful west Phoenix suburb. We love everything about our little city and think you will too! Please contact me anytime at 602-614-6493, toll free at 888-897-7821 x.132 or at firstname.lastname@example.org. Please check out my website, www.CometoPeoriaAZ.com, where you can perform an MLS search just like an agent would do. I look forward to assisting you in finding your perfect Peoria, Arizona home!
More Phoenix Real Estate News