FAQ - After I Buy this Property can we Short Sale my other Home?

FAQ -I'm looking for a new primary residence. I'm qualified to purchase up to $xxx,xxx. After we purchase this property can you list my current home as a short sale?

A - NO.

I say no for two main reasons:

First, I would like to keep my real estate license and stay out of jail. The above scenario is loan fraud and is not looked upon kindly. If another agent has told you that they can help you with it, by all means, go with that agent. But please do yourself a favor and ask your local association of Realtors to point you in the direction of some information on the future ramifications of such actions.

Secondly, if you qualify for an additional mortgage you do not have a hardship. You can list your home as a short sale, but your lender must approve it. Your lender will want to see that you have a financial hardship that is keeping you (or will keep you) from making your mortgage payment. Assuming that you do not falsify the information you are providing to your current lender for the short sale financial statement you may go through the experience of showing your home and receiving offers only to find out that your sale will not be approved.

Briefly, it is an ethics thing in addition to not wanting to do work that I will not be paid for. I apologize if this is a bit blunt, but it is what it is. I do not recommend trying to take advantage of a situation like this and hope that you will heed my advice.

All the best!

If you are looking for knowledgeable, ethical, hardworking real estate professionals in the Gilbert area look no further! Contact The Porter Team 480.202.2475 for buyers and 602.818.0473 for sellers. Or TeamAR@MyPorterHouse.com

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