Peter Teatai Ariki

Hi Kristi I sympathize with your situation.
First of all, considering a short sale is a extremely bad idea from a credit stand point which will obviously affect your qualification for a loan. Ask any lender or do a search on the effect of a short sale on your credit and you wil find that it is almost as bad as a foreclosure and stays on your record for 4-7 years.
What you didn't mention was, the type of loan that you have...30 year fixed or others...
I would not advice getting a personal loan for a down payment....they are very expensive
From a home purchase stand point, consider your job security first before making the leap. It is very tempting to move up into a larger of better home in markets such as one we are currently in. My biggest concern would be that over leveraging yourself can lead you into more trouble. You should ride out your current situation, be patient...markets do change you know.... - Thu Jun 5 2008, 09:27

Hey Jonny,
Typically with these types of carry deals one needs to suck up to the seller basically. I don't know if you had done any numbers to figure out if or how the whole deal will pan out from a cost stand point for the buyer as well as a returns stand point (if any) for the seller. Run some cost scenrios and have the buyer decide as to which is would be more feasiable and then make the offer based on those numbers and scenerios. The seller will respond if he/she has something in front of them. They will look for "whats in there for them". Once you get their side of the deal, you re-run your numbers then check with your buyer to see if it still worth persuing, if so, go ahead and present it again. The key to these types of deals is accomodating the seller first and foremost then meshing the buyers needs in with theirs and you have a win, win situation.......hope this helps - Tue Jan 22 2008, 12:02

Hi Monica,

My recomendation to you is to rent for a while, this way you get to feel the pulse of the neighborhood that you would eventually want to be living in. Mistakes and frustrations are often a result of buying in haste....learn and feel the neighborhood.
What I would keep a watchful eye for however is the continuing tightening of the credit lending by banks. This might squeeze you out of qualifying if you dont have good credit (680 Ficco plus, great income plus adequate down payment. 100% financing is a rarerity and one I would not recomend anyway. the 80/15/5 or 80/10/10 are extremely difficult to get since the secondary loan market is literally gone. If you were to consider buying still, I would be more concerned about the loan amount than I would the price. Any loan amount of over $417,000 (the conforming loan limit) is considered a jumbo loan ..meaning your payments will be much,much, higher..... The perfect home ownership scenerio for you in a tight credit market as well as uncertainty is to "rent to own". Home ownership can be achieved through a rent to own situation if propertly structured. Feel free to call me if you have any questions on renting to own. 619 957 4663...Peter - Tue Jan 22 2008, 11:45