If you or anyone you know are considering "letting go" of your home to foreclosure--be sure you know ALL the facts first! The rules are changing, and have changed--used to be the difference between a Short Sale and a Foreclosure was about a hundred points on your credit, and a year or two of 'ineligible' loan status. No more! Lending rules have changed, and the new Fannie Mae guidelines which have already gone into effect as of May 31, 2008 are FIVE YEARS of ineligible status. Beginning to sound more like bankruptcy now, isn't it?
Just last week I had a conversation with a client of mine, who was becoming frustrated with the market--so many already foreclosed and bank-owned homes means much less room to move for those considering a short sale. Some buyers seem to believe (wrongly, might I add), that they will get more of a discount by 'waiting for the bank to take it', but this is also just not the truth--there are just as many opportunities for below-market purchase PRIOR to foreclosure, and the better news is that short sale homes are in MUCH better condition, many times still occupied by the homeowner, and they may come with full disclosure on condition, which you will never get from the bank!
Moral is: DON'T LET THE BANK FORECLOSE! Use a knowledgeable agent who knows the short sale process, and handle the issue before it's TOO LATE!
For those seeking Foreclosure properties--come along on the next Foreclosure Bus! The next bus tour is scheduled for Saturday, July 19th, from 12PM to 5PM and will cover the area of North-Eastern Hillsborough County to Southwest Pasco (Westchase to Wesley Chapel). For reservations, please
Be sure to tell us how many tickets you'll need, the cost for the entire day will be only $25 per person--prepaid--NO REFUNDS. Thanks for your interest, and best wishes in your home search.
For more Tips and strategies if you are facing foreclosure-check my website
How To Buy