Home Selling in 94591>Question Details

Jwill, Home Seller in 94591

If I was relocated by my job out of state, does that qualify as a hard ship for a short sale? What if I bought another home in the new state?

Asked by Jwill, 94591 Sun Apr 10, 2011

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6
Kamal Randhawa’s answer
Hello Jwill,

You may qualify for a short sale but buying another home while you are short selling your home may not be a good idea.

One other thing comes to mind is that it takes about 2 years for you to qualify to purchase a new home after a short sale so this may be a somewhat of a sticky situation..

I would be happy to discuss your options with you at your convenience. Please feel free to call or email me if you need further assistance.
0 votes Thank Flag Link Wed Apr 13, 2011
I suggest that you rent in your new area while you are attempting to sell your current home as a short sale. If you can afford to buy a home in the new area while you are trying to do a short sale of your current home, you lower your chances for convincing your current lender that you have a hardship.
0 votes Thank Flag Link Mon Apr 11, 2011
Jwill,

Hardship status is generally associated with a loss of earning power. This can occur through a variety of events that may include a deminished capacity through health issues, loss of employment, additional debt, etc.

Many people in your situation seek the support of both a good real estate professional and an attorney that specializes in short sale transactions.

Good luck,

Bill
0 votes Thank Flag Link Mon Apr 11, 2011
Yes, you can relocate and buy another house. That would make you a strong candidate for a short sale. We are a professional short sale service and would be happy to explain the process to you. Please call us directly to discuss your specific situation. Our services are FREE to homeowners. We look forward to hearing from you.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states

MARS Disclosure for General Commercial Communications
IMPORTANT NOTICE:
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
0 votes Thank Flag Link Mon Apr 11, 2011
The banks have different standards of hardships and they vary greatly. If you had no equity in your CA home your and had moved and could not make the payment, they would probably be pleased that you found them a short sale buyer and they did not have to foreclose. Things vary greatly and banks have different standards. There is no way I could predict their behavior , but with more information I could give you a better ideas of what to expect.
0 votes Thank Flag Link Sun Apr 10, 2011
I had a seller who bought a home in New Jersey due to job relocation. I was able to successfully close his home as a short sale here in California. Choose an experienced agent, it makes a difference.
0 votes Thank Flag Link Sun Apr 10, 2011
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