If I Short Sell My Home, Can I Buy Another Home?
Video Summary
If I short-sell my home, can I buy another home?
The answer is: Yes. After you short sell a house, you will not be able to obtain financing from a federally insured lending institution for at least a period of two years. Some institutions may stretch it out as far as three or four years, but certainly there will be a period of two years.
However, you can pay cash to buy other property. Or if you can get owner financing, you can owner-finance it, or borrow money from investors or whomever – as long as they’re not a federally insured lending institution and finance other property.
Sometimes we find people are underwater. “Underwater” is a slang term for value being substantially less than what is owed. They have good credit and so they go about purchasing another house, moving into the house, and then they short sell the home that they’re is underwater. That’s called a “buy and dump” and that happens fairly frequently. And there are a lot of bargains out there to be had by buyers at this time.
So if you have any questions, give me a call at (727) 847-2288. Thank you.
- Published in Real Estate - Foreclosure, Videos
Thomas Mitchell — What Made You Want to Be a Lawyer?
Video Summary
I’m Tom Mitchell. I’m with the partners of Waller & Mitchell, and I’m here to talk to you today about why I wanted to become a lawyer.
I was born into a family of lawyers. My dad was a lawyer, and eventually became a judge, and so I was hanging around lawyers and courtrooms pretty much my entire life. And I like helping people, and that’s what I get to do as an attorney. I get to help people try and have positive outcomes from their problems.
Visit us at Waller & Mitchell. Thank you.
Thomas Mitchell — What Legal Training Do You Have?
Video Summary
Hi, I’m Tom Mitchell, one of the partners at Waller & Mitchell. I’m here today to tell you about my legal background, specifically where I got my education.
I went to undergraduate at the United States Naval Academy and after graduation I spent a couple of years in the fleet driving ships around. But during that time the Navy decided they wanted to send me back to law school, so I went back to law school at Ohio State. I graduated from there and became a Navy JAG for the next fifteen-odd years. And then just before I was ready to retire, I went back to law school at William & Mary in Williamsburg, Virginia. This time on the GI bill, where I got a Masters in Taxation.
So that’s how I came to be where I am today. Thank you.
Thomas Mitchell — What Areas of Law Do You Practice?
Video Summary
I’m Tom Mitchell, one of the partners at Waller & Mitchell, and I’m here to talk to you today about my areas of law practice. I do practice in the areas of wills and trusts. That is drafting the estate planning documents, wills and trusts, Power of Attorney, healthcare service and the like.
I also do a lot of guardianship work. I do elder law work, which is helping families plan for the incapacitation of a senior member. And I also have a background in tax, so I do all the tax work here in the office. So if you have a chance, stop by or give us a call at (727) 847-2288.
Thank you.
Thomas Mitchell — What Are Some Highlights of Your Career?
Video Summary
Hi, I’m Tom Mitchell, one of the partners at Waller & Mitchell, and I’m here today to talk to you about some of the highlights of my career.
I’ve had a pretty varied career. I was an attorney in the Navy for twenty years. I graduated from the Naval Academy. I have had the opportunity to do two or three landings and takeoffs on aircraft carriers, which was pretty interesting. I’ve had the opportunity to spend a year in Guantanamo Bay as the head of the legal office down there. I’ve had the opportunity to defend a fellow that murdered two people with a claw hammer, beating their heads in. That was pretty interesting.
So I’ve had a pretty varied career, but I’m now doing primarily probate and guardianship work, and sometimes that isn’t as exciting as the Navy career. (But they still don’t have JAGS that look like the ones on TV.)