All Forum Posts by: Jackie Patterson

Seems to me you need to take into account who the two individuals were "trying to work their short sale magic." If it was an experienced negotiator I would put more credence in the result they got. We all know that some negotiators are much better than others.

I think you always should tell the truth. Do your homework, and have the facts to back up your estimate of the value of the house or repairs. If you get caught in a lie, or exaggeration it can do far more damage to your credibility than telling them it's your first deal.

Glad I could help, Dale. You'll find there are several lenders that will be receptive when you explain it to them. The first answer is often "no", but much of the time that is just because they don't understand. Be persistent!

David - I'd look for a good buyer's agent. Tell them exactly what you're looking for. They will be able to check the MLS daily for you.

I have to disagree with some of the posters here who recommend to........."keep your mouth shut, and never tell the listing agent what you are doing." I think that is a BIG mistake, and can come back to bite you. I find that if you fully explain to the agents, title company and the end buyer's lender you will save yourself problems down the line. It's all about disclosure! I also agree with Ted.........always make sure they understand you are doing two separate distinct closings with a fully funded A-B.

David, I would look for a discounted property (such as a short sale). Take your time and buy smart. Look for a decent neighborhood with good schools. Don't buy the most expensive home in the neighborhood, or a neighborhood saturated with foreclosures. Don't buy a home that has a street pointing to it (bad feng shui!.....don't laugh, there are many who wouldn't live there). Look for a home that can benefit from cosmetic repairs and landscaping. Most of all, I would suggest you buy something that you can be happy in. Then a few years from now, you can move up and rent the home. There are always people looking for homes in nice neighborhoods with good school to rent.

Dale, I just ran into this today with an FHA offer. The title company can be a help. They can send a statement with the title commitment stating that you will be taking title when the short sale is completed. Give them that along with a copy of the B-C contract which should state it is contingent on short sale approval and you getting clear title to the property. That should make them feel more comfortable.

It's important that you thoroughly understand the process and can explain exactly what you are doing. You may have to approach a couple lenders, but should be able to find one that is receptive. I'm finding most lenders are aware of the FHA seasoning guidelines, and are open to it. The most important thing is to disclose, disclose, disclose.

Short Sales that have not been listed yet are the best.

Good Luck, Keith. There's lots of good information and help available here. "Birddogging" is a good way to get started.