Look for the get a listingbook account and just fill in info and hit submit. You will be emailed your user name and password so you can set up your own search website just like Realtors have!!!!!
Since there are so many people in the unfortunate situation of having to either sell their home
via short sale, died in lieu or have had their home foreclosed on, I thought I would give an update
that it is possible to buy a home in Gilbert 2 years after having a Short sale.
Once again, the requirements and waiting periods for a Buyer to qualify for a new home loan after
a short sale have changed. Fannie Mae changed the waiting period for the ability to obtain a new
home loan after a short sale or deed in lieu of foreclosure from 4 years to 2 years.
I have included the change announcement from Fannie Mae is below:
"To support overall market stability and reinforce the importance of borrowers working with their
servicers when they have difficulty repaying their debt, Fannie Mae is updating several policies
regarding the future eligibility of borrowers to obtain a new mortgage loan after experiencing a
preforeclosure event (preforeclosure sale, short sale, or deed-in-lieu of foreclosure).
The "waiting period" - the amount of time that must elapse after the preforeclosure event - is changing
and may be dependent on the LTV ratio for the transaction and whether extenuating circumstances
contributed to the borrower's financial hardship (for example, loss of employment)."
As you can see, there are some restrictions and caveats after the loss of a home, but you can
buy a home in Gilbert 2 years after having a Short sale. Of course, in addition the borrower must have
re-built their credit after the short sale and shown a general good credit history.
We now sit a few years into the housing downturn and you or someone you know may already be 2 years
past a short sale or will be shortly. If you are wondering if you can buy a home in Gilbert 2 years after
having a Short sale please give me a call and I will get you in touch with a Lending professional that can
assess your individual situation to see if you can own a home at these cheap prices.
I recorded a brief video to show you who I am and how I work:
Look for the get a listingbook account and just fill in info and hit submit. You will be emailed your user name and password so you can set up your own search website just like Realtors have!!!!!
Is Purchasing a Bank Owned or Short Sale Home In Gilbert Better?
Well that is a loaded question and most of the time it will depend on your
timeframe as a Buyer as well as how patient you are with the short sale process.
Short Sale Disadvantages :
Did you know that just because the Listing price is a certain amount it doesnt mean that the Bank will accept the agreed to terms of the contract?
Bank approval of a Short sale can sometimes take up to 90-120 days where as Bank Owned Homes are much faster to get an answer.
The Loss Mitigation reps will typically have 100's of cases assigned to them and are typically overwhelmed by the volume of files that they are working.
It is not unusual for a Short Sale to take six to 9 months to actually close verses a Bank Owned Home of around 45 days.
The Lender will require a hardship letter from the Seller as well as numerous other financial documents including Bank Statements, W2's, Tax returns and other supporting documentation. Most of the time the Lender will not even look at any of this paperwork prior to an offer being sent to them. This is part of the problem with dealing with a non approved Short Sale.
The Lender will typically not do any required repairs and the seller may not be in the position to be able to afford them either, so if the Buyer wants to continue with the deal they may have to be the ones to pony up to meet their lenders repair requirements.
My advice for a quicker close would be to only seek after approved Short Sales where the Bank has already agreed to a purchase price or find a Bank Owned REO home which typically can close in 45 days or less depending on how long your loan takes.
Bank Owned Home Advantages:
Some Bank Owned Lenders will offer incentives to Buyers purchasing their homes such as HUD Homes which offer a $100.00 down program.
Fannie Mae and Freddie Mac will offer incentives off and on such as closing cost assistance and a extended home warranty. Sometimes they will even offer new appliances. You can go to their website to see what current offer is or just call me for details.
The close of escrow and approval time is way faster and Bank Owned REO homes sell at a reduced price as well.
In some cases with Bank Owned Homes, major issues have already been resolved if there were any major repair issues and Bank may be willing to remedy issues to make the transaction close.
You are dealing with the Bank as the Seller instead of with the Seller and their Mortgage company on Short Sales which gets more complicated.
There is such a huge inventory of Bank Owned homes in Gilbert and the Valley in general that most buyers opt for purchasing a Bank Owned home instead of a Short Sale because they do not want to wait to see if they may or may not get Lender approval on a Short Sale.
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BANK OWNED HOMES FOR SALE
3 - 5 Bedrooms
$1000'S BELOW MARKET VALUE
Look for the get a listingbook account and just fill in info and hit submit. You will be emailed your user name and password so you can set up your own search website just like Realtors have!!!!!
Look for the get a listingbook account and just fill in info and hit submit. You will be emailed your user name and password so you can set up your own search website just like Realtors have!!!!!
Look for the get a listingbook account and just fill in info and hit submit. You will be emailed your user name and password so you can set up your own search website just like Realtors have!!!!!
Here are some awesome benefits of buying a homewith USDAFinancing:
Affordable USDA Financing Housing Program Zero Down
USDA FinancingMakes the Dream of Home Ownership come true!
USDA Financing offers some Special Features
Zero Down USDA Financing
No Monthly Mortgage Insurance keeps payment low
No First Time Homebuyer restrictions
Great Interest Rates
Up to 6% sell concessions
100% gifting permitted for all closing cost
No reserve requirements
No 90 Day Flip rule
USDA has a very unique feature: It allows you to finance the full purchase and closing cost to 103.5% of the appraised value. Example if you purchase a home for $100.000.00 and the appraisal is $105,000.00. Calculate the loan based on the $105,000.00 + the 3.5% Guarantee Fee and use the $5,000.00 to pay closing cost or cover repairs.
Important Information:
Property Eligibility: The home must be located in an eligible rural area as defined by USDA. Many areas in Arizona qualify Queen Creek, San Tan Valley, Buckeye, Town of Maricopa, Florence, Gold Canyon, and Southeast corner of Gilbert.
Primary Residence Only: there is no first time home buyer restrictions the only restriction is that you cannot own another home (exceptions are relocation)
Guarantee Fee: USDA has an upfront guarantee fee of 3.5% that is financed in the loan. 103.5% LTV. There is no monthly mortgage insurance so payments stay low.
Income Limit: 1 to 4 Person Household $70,750 and 5-8 Person Household $ 93,400 all household income must be included.
No Pools: USDA does grant exceptions to the no pool rule. The house has to appraise for the purchase price without the value of the pool. This exception process can take up to 45 days after you receive the appraisal.
Look for the get a listingbook account and just fill in info and hit submit. You will be emailed your user name and password so you can set up your own search website just like Realtors have!!!!!
ASHLEY HEIGHTS HOMES FOR SALE – HOMES FOR SALE IN ASHLEY HEIGHTS GILBERT AZ
Ashley Heights in Gilbert AZ is an awesome place to call home. When you visit it is clear to see that this beautiful community provides a great place for everyone of all of all ages to live and play.
Ashley Heights in Gilbert AZ has tons of walking paths and parks are scattered throughout this luxurious neighborhood.Tot lots and sport courts give homeowners places to enjoy our great Arizona weather.
Ashley Heights in Gilbert AZis located on Recker Road south of Ray in Gilbert, Arizona.Enjoy the close proximity to some of the Valley's best amenities.
Homes in Ashley Heights in Gilbert AZ range from 1,300 square foot ranch homes to over 3,000 square foot 2 story homes. Conveniently located near the 202, shopping, restaurants and a wide variety of entertainment.
Look for the get a listingbook account and just fill in info and hit submit. You will be emailed your user name and password so you can set up your own search website just like Realtors have!!!!!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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