AboutDennis Herman Expertise I can answer questions on Real Estate such as question on writing an Offer to Purchase. What can go wrong after an offer is written? What is Buyer Agency and what will it do for me? What is a foreclosure? What is the difference between a foreclosure, a bank owned property and a short sale? What is the best way to locate a property? What steps can be taken to avoid foreclosure? How do Real Estate Agents get paid? How can I quickly build equity in a home? How do I view homes? What types of homes will have the best prices? How do I choose an agent? What types of financing are available?
Experience Residential and commercial real estate. New home purchases. Buyer Agency. First time home buyers. Foreclosures, bank owned properties, estate sales and short sales.
Organizations Greater Milwaukee Realtors Association
Wisconsin Realtors Association
National Association of Realtors
Publications http://activerain.com/bloghome
Education/Credentials State of Wisconsin Licensed Real Estate Sales Agent
Accredited Buyer Agency Training
Relocation Training
Certified Senior Citizen Representative
Wisconsin Real Estate Continuing Education
Thanks up front for taking the time to answer this question. Here's the scenario. My fiance and I each have homes that are on the market. After they sell, we plan to move, get married, and buy a new home together. My home will sell for a profit. Unfortunately, my fiancees home will not. In fact, it will likely fall short of the amount that she owes by $50,000.
I have a good job and can qualify to buy a new home on my credit and salary alone.
Here's the question: Is it better for her to do a short sale and lower credit score for a few years vs. attempting to cover the difference with money out of pocket?
By the way, even if we rented the house, we would be losing $1500 per month.
Thanks, Larry
Answer Wow Larry
Seems like the market has really put you in a bind.
My expertise is in marketing, you are asking a question better answered by an accountant. If you use an accountant I would run this past them. You will also have to work with a lender for the purchase of a new home. Start looking for a lender and run this past them. Testing them on this question may be a great way of finding a good lender.
Often times a lender can use the income and credit scores of one member and not the other. At least that used to be the case. Lending laws change quicker than the weather here in Wisconsin.
I hope this helps at least get you pointed in the right direction. I would also look for a lender who can help do credit repair. Your bank may be a good place to begin.
