Buying a property out of foreclosure can be a very smart move, financially. But it can also be complicated, expensive, and stressful. Here are 5 things to keep in mind before you take a first step in that direction: Cash Or Preapproval Required Buying a house that has been returned to the lender through foreclosure means dealing with bureaucracy rather than with a motivated seller. Large lenders are notorious for taking their time to approve a contract, even if the offer is for the exact amount specified. Then there's the paperwork, which can seem endless. Most lenders require that … [Read more...]
When Can You Buy Real Estate After Foreclosure?
If you lost your Phoenix home due to foreclosure, you probably haven't given up on the dream of owning a new home. The good news is that a number of guidelines have changed which may allow you an opportunity to buy that new home sooner than you think. There are a few guidelines that lenders follow to determine when you’ll qualify for financing after foreclosure. Arming yourself with this information may help you qualify again for a mortgage. Foreclosure With Extenuating Circumstances Generally, lenders will take into consideration any extenuating circumstances surrounding … [Read more...]
3 Ways To Purchase Foreclosed Properties
The process of buying a foreclosed home is slightly different from the process of buying a non-foreclosure home. If you want to invest in Phoenix foreclosures, therefore, it is important to understand the different ways by which to purchase a foreclosed home. There are three main ways to buy a foreclosed home. Buying before the auction Some delinquent homeowners may want to sell their homes before facing an actual foreclosure.In this instance, the homeowner, in agreement with the lender, agrees to sell the home for less than the amount owed on the mortgage.This is called a short sale. … [Read more...]
Short Sales Outnumber Foreclosure Sales For Third Straight Quarter
Foreclosure-tracker RealtyTrac reports falling foreclosure sales nationwide as banks get better at selling homes via short sale. In its Q3 2012 report, RealtyTrac says that 193,059 homes in some stage of foreclosure were sold, accounting for 19% of all residential home sales. In addition, pre-foreclosure sales -- also known as "short sales" -- climbed 22% on a year-over-year basis. For the first time since 2007, the number of short sales outnumbered the number of homes sold in foreclosure over three consecutive quarters. The average price of a short sale home fell by 5 percent as compared … [Read more...]