Where do we start?
Short Sale/Pre-Foreclosure - A home owner who is selling their house for less than what they owe the lender.
Foreclosure - Lender is taking steps to take full possession of the house, usually because of lack of payment.
REO/Bank Owned - The lender has taken possession of the home and is in the process of selling it to get it off their books.
The long and the short of it is if you are trying to buy or sell a distressed property it will require time & patience. Some of the pitfalls you may find in the purchase of distressed properties are a lack of disclosures and important information about the house. The lender is going to tell you it does not know anything about the house and will not be held liable for any problems the house may have.
On the selling side there is a mountain of paper work the lender is going to require you to submit for a short sale/pre-foreclosure. When you are going through this difficult time don't be afraid to ask for help, find someone who is knowledgeable in the short sale process that can help you avoid potential problems.
Live Joyfully!
Tuesday, April 6, 2010
Tuesday, March 16, 2010
Okay, so I guess I'll go ahead and begin this blogging thing! =) There really is so much to share when it comes to real estate, as well as just life in general. My holdup is finding the time and making it a routine to blog. So here it goes. The first of many, I'm sure...
I guess the most urgent information right now is the deadline for the tax credit! We only have 45 days to finalize any contracts for buyers in order to meet the deadline for the tax credit. First-time homebuyers can get up to an $8000 tax credit for contracts written before April 30, 2010, and which close by June 30, 2010. That is a pretty good incentive to go ahead and buy! Great interest rates, along with affordable housing, with a tax credit on top makes it hard to beat finding that perfect home in the next month and a half!
If you are interested in purchasing a home, be sure to be on top of the market for good buys! Many other buyers are looking now as well, and when you find a good buy, don't wait around! Make up your mind and go ahead and get the contract in, so you don't lose it to another savvy buyer!
Just a little advice for today! Hope you all are living joyfully!
I guess the most urgent information right now is the deadline for the tax credit! We only have 45 days to finalize any contracts for buyers in order to meet the deadline for the tax credit. First-time homebuyers can get up to an $8000 tax credit for contracts written before April 30, 2010, and which close by June 30, 2010. That is a pretty good incentive to go ahead and buy! Great interest rates, along with affordable housing, with a tax credit on top makes it hard to beat finding that perfect home in the next month and a half!
If you are interested in purchasing a home, be sure to be on top of the market for good buys! Many other buyers are looking now as well, and when you find a good buy, don't wait around! Make up your mind and go ahead and get the contract in, so you don't lose it to another savvy buyer!
Just a little advice for today! Hope you all are living joyfully!
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