My wife and I are currently renting a house in the Anthem CC. Our credit has taken a hit, as relocating to

Asked by Carl Barkow, Saint Charles, IL Sun Mar 29, 2009

Phoenix has caused some financial stresses. Our current house in Wisconsin may go to a short sale of deed in lieu of foreclosure. What are my options for purchasing a new residence here in Phoenix? What about seller financing? I have very stable income with the federal government, and earn a salary of over 100,000 per year. No dependents. Should I buy, or stay renting. I would like to get in on the current buyers market here to make up for what I may lose on the other end. Thanks, Carl.

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Hannah Flieg…, Agent, Larkspur, CA
Sun Mar 29, 2009
Hi Carl,

Good question. I just finished my book. Homeownership 18 months after a foreclosure, short sale or Deed in Lieu. If you would like, I would be happy to email you my book, no charge. Let me know.

Hannah Fliegel
1 vote
James Wehner, Agent, Scottsdale, AZ
Sun Mar 29, 2009
An option for you may a lease/ purchase. Consult with a competent REALTOR, lender and credit repair agency prior to considering a lease/ purchase. It is another possible way for you to take advantage of this great buyer's market.
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Lucinda Tkach, , Phoenix, AZ
Mon Mar 30, 2009
Carl, I would suggest contacting the lender on you home in Wisconsin to see what options you have there. There are some home owners that have been able to work out a payment play with lenders.

Also for purchasing feel free to contact this lender in Phoenix at State Mortgage. He is also on my site.
Bryan Sheets

Lucinda Tkach
Windermere Central
0 votes
Stew Keene, Agent, Scottsdale, AZ
Mon Mar 30, 2009

If you are still current on your home in Wisconsin, your credit score is above 620, and you have savings in the bank, you may be able to obtain financing.

We are not supposed to solicit business from people who post on Trulia but nothing keeps them from contacting us for help if they need it.

Stew Keene
Inspire Realty Group
0 votes
Todd Lee, Agent, Phoenix, AZ
Sun Mar 29, 2009
If your credit has already taken the hit I'm afraid that your only option may be seller financing if you wish to purchase. Gone are the days of sub-prime lending for higher credit risks. If your house goes into foreclosure you are not going to be able to buy for 3-4 years, at best.

Your best bet is to talk to a reputable lender ASAP to see if there is anything they can do for you before your WI home shows up (if it doesn't already) on your credit. If you would like the name of a good lender I would be happy to recommend one.
0 votes
Dallas Texas, Agent, Dallas, TN
Sun Mar 29, 2009
Purchasing a home is all based on your credit scores, ability for a downpayment.

You would need work with a local mortgage broker determine your best interest.

~ National Featured Realtor and Consultant, Lecturer regarding Credit Repair, Mortgage Loan Officer
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