Waiting period to Purchase a Home after ForeclosureFHA: 3 Years from completion of foreclosure (when claim is paid and closed by HUD)VA: 2 Years from completion of foreclosureUSDA: 3 Years from completion of foreclosure Conventional: 7 Years from completion of foreclosure Waiting period to Purchase a Home after Short Sale FHA: 3 Years if in default at the time of the short sale.**No waiting period if they were current and had no late payments on their Mortgage or other installment debt at the time of the short sale. The proceeds from the short sale must serve as payment in … (2 comments)
foreclosure: 5 Tips For Using A Bidding Service To Purchase A Home at Trustee Sale in AZ
- 03/09/11 07:48 AM
The following tips are applicable to all bidding services. Purchasing a property at a trustee sale, or auction, represents one of the best ways for sophisticated investors to acquire equity in real estate. In this article we will discuss what to look for when using a bidding service to assist you in purchasing a trustee sale at auction.To begin, trustee sale auctions happen every weekday, and most are held at the steps of the County Courthouse; some are held at the offices of the Trustee.Many who choose to purchase a trustee sale opt to go with a bidding service. The reason … (0 comments)
foreclosure: When Can I Buy a Home Again if I do a Short Sale?
- 05/24/10 02:24 PM
This is probably the most important factor for most homeowners when considering a short sale. What will the impact be to my credit, and when can I buy again? So, here is the scoop.
FHA Financing Guidelines after a Short Sale, Bankruptcy, Deed In Lieu of Foreclosure or Foreclosure:Chapter 7 Bankruptcy:FHA requires that the minimum waiting time is typically no less than two years from the discharge date. In addition, the borrower must have re-established good credit or chosen to not incur new credit obligations.Chapter 13 Bankruptcy:FHA states that a Chapter 13 does not disqualify a borrower from obtaining FHA … (12 comments)
foreclosure: The Red Hot Real Estate Market Report for Queen Creek & Metro Phoenix AZ
- 05/24/10 11:37 AM
The Arizona Real Estate Market continues to be RED HOT with record sales for the second month in a row. Today's real estate market in Arizona is being driven primarily by three types of home sales. 37% of the sales were REO/Bank Owned Foreclosures, 21% of sales & 40% of closings were Short Sales/Pre-Foreclosures, and 42% of the closings were Regular Sales and/or Investor "flips" a/k/a 'equity sales'. The trend of homes foreclosing seems to be slightly down which is a good overall sign for our real estate market. We are definitely seeing a shift in the distressed sales market from bank … (0 comments)
foreclosure: How To Buy and Bail.....or Bail and Buy!
- 05/04/10 08:11 AM
Ok, not really, that was a joke. I can only imagine the extent of hate mail I would receive if I were truly offering actual "buy and bail" instructions or tips. I am simply providing the information regarding what terms you or your client will need to meet to qualify if you/they choose to retain their home and purchase a new one.....or bail on the old and eventually buy again. 'Buy and Bail' refers to the increasing number of home buyers providing misleading information about their intention to rent their current home which they, in fact, plan to vacate. In many cases, however, the true … (2 comments)
foreclosure: I need HELP because FANNIE MAE SUCKS....at least in Arizona!
- 04/16/10 11:40 AM
Ask any Short Sale agent in AZ regarding their recent success with postponing Trustee Sales where the investor is Fannie Mae, and you'll probably wish you didn't ask! Fannie Mae is on a roll, foreclosing like nobody's business.....on short sales and loan modifications in process! If they can come up with any possible reason to justify that the sale or mod might not go through, they are cutting their losses sooner rather than later. I have too many stories now regarding my sellers....and I'm getting tired of telling them and the fight is getting harder and harder. I thought the new … (6 comments)
foreclosure: Mortgage Insurance Companies SUCK: The Worst Short Sale Deal Killer
- 03/16/10 12:57 PM
Can someone please explain to me why a Mortgage Insurance company can kill a deal where MI was not needed when the original loan was taken out? Here are the specifics: My client who is also a Realtor and friend, originally took out an 80/10/10 SPECIFICALLY to avoid PMI. She leveraged her equity and obtained a second loan (a piggyback loan) to avoid PMI. They put 10% down, and have since paid off the other 10%. There is one loan remaining with BofA. All negotiations are through the Equator system. My client paid $187k, owes $149k, and the BPO came in at $90k. The buyer … (6 comments)
foreclosure: Fact or Myth; Bankruptcy guarantees a stop to foreclosure.
- 02/14/10 11:34 AM
In an effort to disclose, let me first tell you that I am not a Bankruptcy Attorney....or any other type of Attorney for that matter. This blog is not to be interpreted as legal advice because, it's not. For legal advice you need to speak to a law professional. This blog is just my opinion and should be consider as nothing more.In my opinion, the concept that Bankruptcy guarantees homeowners a stop to foreclosure is a myth! Let me explain why I have this opinion.First off a creditor, your bank, can petition the court to remove the stay you received … (1 comments)
foreclosure: Short Sale Door Hangers: To Door Hang or Not to Door Hang....that is the Question!
- 02/13/10 12:39 PM
I am totally bummed. We don't do much advertising. We rely on referrals, sign calls from our listings, and internet marketing to procure new buyers and sellers. We stay consistently busy. I thought I would try something different, because I want to make sure we ALWAYS stay consistently busy. I wanted to target potential short sale sellers in my immediate area. I have done some research, and it seemed that door hangers might be the way to go. Well, not so much. My first "print" advertising attempt went bust, and I just can't figure out what I did wrong. I contracted with … (21 comments)
foreclosure: Investors looking to buy Foreclosures at Trustee Sale in AZ....Check this Out!
- 02/10/10 03:52 AM
Investors, are you frustrated with short sales and bank owned properties listed on the MLS? Inventory levels of foreclosed properties are still relatively low, which means that most of these properties are selling near market value here in AZ. This means that if you are looking to buy and flip, you are going to have to explore other options. What about properties that never make it to the MLS? It amazes me some of the HUGE profits I am seeing investors turn these days. Banks are letting properties go for well below market value at Trustee Sale. It seems like such a daunting … (2 comments)
foreclosure: Tips for Making a More Competitive Offer on an REO/Bank Owned Property
- 02/04/10 03:11 AM
"How do I get the seller to accept my offer"? This question typically comes to us from our clients, out of frustration, after they have made many offers on multiple properties, getting beat out each time! We have experience listing REO's, Short Sales, ‘regular' sale properties, and builder specs. Here is a typical scenario on a bank owned home that is newly listed for $150k: Multiple offers are often received within the first 10 days on market. If there are 5 offers on the property, 4 of 5 will look like this: FHA loan, $150k offer, 1k earnest, 3% seller … (8 comments)
Waiting Periods for Foreclosure, Short Sale and Bankruptcy
;)
;)
;)
