Just built, but need/want to move. Advice please!

Asked by April, Whiteland, IN Wed Apr 9, 2008

My husband and I built a home 2 years ago and are wanting to get out of the home and buy a smaller, less expensive home. With only 2 years of payments, we could be looking a short sell, I'm thinking. What happens with those and will it prevent us from getting a different home? We're wanting to go from a $140K house (mortgage- not appraisal), to a $100K house.

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Richard Alber, , Medford, NJ
Fri Apr 11, 2008
Sorry to hear about your situation. Mortgage companies consider several factors before approving a short sale. One, your financial ability to pay the current loan? Two, is your home currently under contract? Three, did you lose your job or is there a medical reason for your current situation? Are you behind 2 to 3 months in your payments? If so you are more likely to get a short sale approved. If you have a buyer and are under contract you are more likely to get a short sale approve. If you have a medical disablity or some other reason your income has changed you are more likely to get a short sale approved. There are other factors Iinvolved in the short sale process. In the end the short sale should not hurt you in your next purchase. My advise, buy something that gives you plenty of brathing room in your monthly budget.

Richard Alber
Broker Salesperson/Manger
Century 21 Alliance - Medford, NJ
609-678-1600
Web Reference:  http://www.RichardAlber.com
0 votes
Brad Osborne, Agent, Greenwood, IN
Fri Apr 11, 2008
April I am a Realtor that specializes in the Johnson Co area please contact me ref your answer. There is a lot of factors that determine the answer to your question.

Brad Osborne

Office 317 883-3333
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