foreclosure: Can I Buy a House after a Short Sale or Foreclosure? - 10/23/11 03:48 AM
This is a common question among distressed homeowners we work with. It’s an easy question to ask, but the answer is complicated and constantly changing.
There are many variables involved when trying to figure out when someone will be able to purchase a home after a foreclosure or a short sale; however, the general guidelines that FHA, Fannie Mae and Freddie Mac follow when considering a loan after a short sale or foreclosure are:
Short Sale with FHA loan • Can purchase right away with no mortgage default/late payments • 3 year wait if in default or late payments at the … (2 comments)

foreclosure: My Property Taxes Are Delinquent - 04/07/11 05:41 AM

I was in the office speaking to one of our agents yesterday. He was relating how a client who he had helped to purchase a new home about five years ago had lost the home to foreclosure.
It all started when the home was purchased. The taxes were based on a vacant lot so the lender set up the escrow account to collect the taxes. Typically by the end of the first year, the taxing authority has added an assessment for the dwelling and the homeowners’ escrow account has a shortfall.
This one was worse. Apparently the taxing authority never … (7 comments)

foreclosure: I Saw A Foreclosure Listing on RealtyTrac... - 02/05/11 01:08 PM
I was out showing one of my Short Sale listings today. The showing went well, but the house did not really work for them. Before I could ask them if I could help them find something else, they asked me about a property they had seen on RealtyTrac.

RealtyTrac bills itself as a ”Foreclosure Real Estate Listings” site. According to their website, “Save up to 50% off market value! RealtyTrac lets you search the most foreclosure properties in your neighborhood.” It’s a pay site after a free trial period.
In Texas, it appears RealtyTrac gets some of their data from … (12 comments)

foreclosure: February Foreclosures Take Action Now - 01/16/11 04:29 AM
According to the Distressed Property Institute, more than 80 percent of distressed homeowners who go into foreclosure have never contacted their lender or a real estate professional for help. That’s a staggering number when help and relief are available. Without fail, our phone rings off the hook near the end of every month from desperate homeowners looking for help. After checking the local foreclosure lists, we often find that the house is already scheduled for foreclosure the following week. At that point, it’s nearly impossible to get a Short Sale in place to stop it.An important thing to understand about Short … (0 comments)

foreclosure: Housing Recovery on Hold? - 08/27/10 03:28 AM

Today was not a great day for news on the economy and its impact on the housing recovery.  
The Commerce Department downgraded the economic growth rate to an anemic 1.6 percent, down from an initial estimate of 2.4 percent last month, confirming the economy has lost significant momentum in recent months.  This is a sign that doesn't bode well for employment and raises fears that the nation's jobless rate could climb higher.
I maintain that housing will not lead the way out of this crisis.  Putting people back to work is critical to the recovery. Higher unemployment rates will lead to a … (3 comments)

foreclosure: Avoiding Foreclosure - The Field Guide to Short Sales - Now On Kindle - 07/11/10 04:22 AM

We're pleased to announce that, "Avoiding Foreclosure - The Field Guide to Short Sales" is now available in Kindle format at Amazon.com. The book is also available in paperback and PDF formats at www.fieldguidetoshortsales.com.
Regardless of the reasons used to explain the current housing crisis in the United States, the cold reality is that more homeowners are in financial distress than at any other time in the history of residential real estate, according to the Distressed Property Institute.Hence, real estate Short Sales. If you're not familiar with them, you soon will be. In this book, you'll travel the journey with … (2 comments)

foreclosure: Short Sales - Through the Lender’s Eyes - 06/11/10 11:02 AM

It may seem counterintuitive for a lender to go along with a Short Sale since they are legally entitled to pursue the full balance of the loan. Yet, more and more lenders are approving Short Sales.
Lenders are painfully aware of just how bad the current mortgage crisis and resulting foreclosures are. They know the disturbing reality is that a large number of distressed borrowers will helps the lender look good on paper since the house never gets listed as an actual foreclosure. Second, while the lender is taking a loss, the loss is far less than it would be … (2 comments)

foreclosure: Short Sale Versus Foreclosure - A Tale of Two Neighborhoods - 05/09/10 09:20 AM

While many people see foreclosure as a problem faced by homeowners and their lenders, the truth is that foreclosures have a dramatic impact on the entire neighborhood.   According to the Distressed Property Institute, just one foreclosure in a neighborhood can decrease overall property values up to nine percent.  Just think what numerous foreclosures in the same neighborhood could do!
With most foreclosed homes, the owner has moved out and the real estate sign in the front yard has a great big rider on top that shouts "FORECLOSURE".  For potential buyers, this can be a big turnoff if it leads them … (1 comments)

foreclosure: Are Short Sales Good for the Housing Market? - 12/29/09 05:48 AM
I'm often asked if short sales are good for the housing market.   Of course "good" is a relative term.  The best market environment would include no distressed sales of any kind-no foreclosures, no short sales, and no deeds in lieu-just regular sales with mortgages paid in full.  Conversely, a housing market riddled with distressed sales is a nightmare on Main Street. 
While distressed sales were not a large part of the landscape in previous years, we're seeing more and more of them these days.  Some blame this on sub-prime or other risky mortgages.  While each geographic region is different, most of … (2 comments)