Archive for Buying Foreclosures or Short Sales

Progress in the Short Sale Process The government will give $3000 toward moving expenses to the sellers in the short sale deal or to those who agree to a deed in lieu of foreclosure. This will certainly assist the distressed homeowners who don’t quite qualify for the mortgage modification program.

Options for Distressed Homeowners Each of these options may have potential issues and may carry eligibility restrictions. Your first steps are to take full stock of your situation and then contact both an experienced distressed property Realtor and your lender. The thing not to do is wait…if you are a homeowner in trouble; time is not going to cure what ails you.

Foreclosures in Tampa Bay and the Words that Define Them In the foreclosure sales market a lot has happened quickly. In the process, the meaning of “pre-foreclosure” and all the other associated terms have gotten a little skewed. We’ve put some definitions together that will help to clarify these very distinct foreclosure phases.

Shadow Inventory Investment Opportunities In addition, since the governmental modification programs and refinance programs didn’t avail themselves to homeowners who were either too wealthy or owned too much on their homes; a very large percentage of the shadow inventory homes are luxury class. Many of these homeowners have given up and have vacated their homes.

Those Who Wait Will Pay Thousands More This Spring Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority(more…)

Short Sale Eligibility The process needs to be initiated in the pre-foreclosure phase which begins with the first mortgage payment default. The foreclosure timeline in your state starts the clock against how long you have to list the home, find the buyer, and get the sale approved by the lender.

Good News about Short Sales New rules from the U.S. Treasury could figure prominently in Central Florida’s housing market, where about one in every five existing-home purchases involves a short sale. Key Points of the New Rules: Emerges between now and April; Only banks that(more…)

Closing Dates on Short Sales When making an offer on a short sale, your Realtor should establish a starting point and an ending point on a contract. You should never have a open ended contract EVER! If you only want to wait a certain amount(more…)

Foreclosure vs. Short Sale Always keep in mind that a Short Sale Attempt DOES NOT STOP THE FORECLOSURE PROCESS. The foreclosure process is handled by the attorneys hired by the bank and has a definitive starting point called the Lis Pendens and a definitive(more…)

Inspections of Bank Owned/REO Properties & Short Sales Bank Owned purchases are very similar to Commercial property purchases in which you have a certain amount of time to do your inspections and you may back out of the contract with in that timeframe. Usually, 10-15 days at most.(more…)