Updated about 15 years ago on . Most recent reply
Short Sale
I recently lost my job and in order to support my family I had to move to another state. I have my home up for sale as a short sale but not getting any hits on the home for what the bank wants. I was wondering if I could buy the home from the bank for the short sale price and put it up for rent? I could cut the mortgage almost in half if I do that which would open the option for me to rent it. That would allow me to move and buy another home in state that I am currently employeed in.
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You can opt out of HAFA, although it sounds to me like you were denied so it may not be necessary. I would need more information to give you good advice, but it looks to me that you would be good candidate for a short sale. The trick is to have a great negotiator who is working on your behalf. When we take a short sale, we make an offer on the property which allows us to begin the negotiations. That way we're not sitting around for months waiting for an offer, and as Sam said will be able to market it at a price that will sell.