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A HUD home means such a home or property has been acquired by the US Department of Housing and Urban Development (HUD) because of foreclosure. These homes are then placed for sale by the HUD to private buyers.
To initialize your search, try logging in online in the main HUD website where you can be redirected to realty websites containing listings of HUD properties for sale. Companies under contract with HUD have such sites, and you can visit them, too. Or you can refer to HUD homes for sale advertised in your local newspaper.
If you want to buy a HUD home, consult a real estate agent affiliated with the HUD program. You need an agent to buy a HUD home, by the way. HUD does not do deals directly with home buyers. If there are potential properties you’re interested in, ask the agent to show you around and decide on one you want to buy.
For such a purchase in Moreno Valley Real Estate you primarily need to qualify for mortgage and abide by the rules and requirements. If needed, get a pre- approval letter from a HUD- approved lender. You wouldn’t need a qualification if you’re going to pay the cash requirements upfront.
While the offer period is ongoing, make a bid for a home in Portland Oregon via your real estate agent. A sealed bid is delivered by the agent, and the highest bidder usually gets the property. If your bid gets approved by HUD, you can have a property inspection schedules. HUD homes are sold “as is” without any warranty. You may need to do some repairs, that’s why HUD homes are usually sold for less than market value.
If you’re a potential buyer who’s going to live in the property, HUD is likely to give top priority to you and like buyers. Buyers who are going to rent out the property aren’t likely to be prioritized.
You can buy a HUD home on a substantial discount if you lost your home in a natural disaster or big hurricanes like Katrina, Rita or Wilma. Be sure to provide all necessary documentation, though.
A HUD home is an option for buyers who want to buy a home on a limited budget. This is in fact an alternative for people who can’t afford to buy a home.
When a homeowner considers a short sale one of the first steps is talking with a Realtor.The Realtor can put together the right plan to generate interest and hopefully gain an offer, But is it enough?. The problem today is many buyers steer clear of short sales.
Why do buyers avoid short sales?
Here are a two main reasons a buyer won’t pursue short sales in 2011:
If you need a short sale what can you do?
An unconventional approach that gained more popularity in 2010, and certainly will in 2011, is to work with a local short sale investor. A local short sale investor can bring a number of benefits to the table for the homeowner. They may be the type of knowledgeable buyer that is needed to avoid foreclosure.
Working with an investor, can be one of the best options for the homeowner because the investor usually has a much better understanding of the difficult sales process. In other words, it means the investor is more likely to stay in the transaction until it closes This, of course, means a better opportunity for the homeowner to avoid foreclosure.
The next question may be: How do I find a local investor who is experienced with short sales?
The answer is actually quite simple: Just search the internet for an investor.These investors are out there. They’re located in every market and looking for properties to buy.
To find your local short sale investor you can use Google of Yahoo. Search terms such as “short sale” and your city such as Phoenix Short Sale for and investor such as ShortSaleHelpMaricopaCounty.com, or Los Angeles Short Sale for an experienced team such as FreedomShortSaleBuyers.com. Or try something like Dallas Short Sale Realtor for a knowledgeable Realtor with investor connections such as dallas-shortsale-realtor.com.
Being under foreclosure process is a horrible experience for homeowners. There are times that they are afraid to answer phone calls as they think it is from bill collector and opening any letters thinking it is from their mortgage company. If you are unable to pay and left behind on mortgage payments, you may be wondering what to do to save your Dallas Texas homes from foreclosure.
Actually, there are about 2.7 million people are facing foreclosure, according to the US Treasury Department, a 150 percent increase over the last year. If you find yourself going on that foreclosure direction, then it is time for you to take action. However, there are organizations willing to help and assist you to stop foreclosure.
Listed below are some of the programs and organizations that can help you: (For more information about home buying and selling in Layton, visit Homes for sale in Layton Utah.)
Hope for Homeowners – The (HUD) Department of Housing and Urban is the one that administered this program. The real purpose of this program is to provide help to those families that aren’t capable enough to pay their mortgages. The hope for the homeowners’ program has loan terms of 30-year fixed rate, a 90 percent loan-to-value ratio and best of all there is no prepayment penalties to be paid.
FHA-Secure – Another program under (FHA) Federal Housing Administration that helps homeowners to avoid foreclosure. Homeowners who are left behind or upside down on their mortgage payments will be given a chance to refinance with non-FHA adjustable rate mortgages. A regular mortgage at market rates is the best thing that this program can give homeowners.
The Home Now Alliance – Since that there are so many people are facing foreclosure process the US government in cooperation with investors, lenders and counselors formed this alliance in response to the sub prime mortgage crisis. They are trying to make connections between the homeowners and their lenders to prevent foreclosure sale by helping them through the loan workout process.
Associations of Community Organizations for Reform Now – Known countrywide as ACORN, a collection of community based organizations that advocated to help low and moderate income homeowners by working against sub prime loan and 90-day moratorium. The Organization top priority is to provide every single poor family with better and affordable Montgomery County homes for sale.
A few of the Short Sale Myths
A short sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.
Myth #1 – The Bank Would Rather Foreclose than Bother with a Short Sale
This is one of the most common misconceptions. The reality is that banks do not want to foreclose on your property because the foreclosure process is incredibly costly. Banks, investors, and even the federal government have all publicly stated that if a person is qualified for a short sale, the deal needs to be considered. Overwhelmingly, banks receive more on their investment through a short sale than a foreclosure.
The qualifications for a short sale include:
Myth #2 – You Must Be Behind on Your Mortgage to Negotiate a Short Sale
While this may have previously been the case, today lenders are looking for verifiable hardship, monthly cash flow shortfall, or pending shortfall and insolvency.
If you meet these three requirements and believe that you soon may be unable to afford your mortgage, act immediately. Any delay could limit your options. Do not wait until the countdown clock to foreclosure has started and you have even less time left.
Myth #3 – There is Not Enough Time to Negotiate a Short Sale
This is a myth that probably hurts homeowners the most. Many do not realize that foreclosure is a process, and that there is time to make decisions that may result in better outcomes.
The foreclosing party—in most cases a lender—can stall a foreclosure up to the final day of the process. Today, many lenders will stall a foreclosure with as little as a phone call from you explaining that you are trying to sell, and almost all lenders will stall a foreclosure with a legitimate contract. For real estate professionals who understand foreclosures and short sales, there is time available until the foreclosure process is complete.
There is trouble still ahead this year in the national real estate market – and some areas more than others, as recent surveys still show that as many as 1 out of 5 Americans that own a home and have a mortgage are in a distressed property situation, and that somewhere around 11.5 million homeowners are in danger of losing their homes to foreclosure by the end of the year.
Amherst Securities Group, LP, claims that recent industry data show that a slowdown in default rates is very much skewed because of a massive push to modify mortgages that are in default in some manner. The Mortgage modification programs have mostly had very disappointing results, with just under half of the program’s approved participants defaulting again on the modified lower mortgage payment within the next 12 months after being approved for a modification.
Additionally, another study by the Center for Housing Policy of the 100 largest metropolitan areas showed 10 percent of mortgages as being seriously delinquent (90-plus days late or in the foreclosure process). In some areas, this percentage was as high as around 25% or almost 1 in 4 mortgages.
These numbers are very telling and CDPE – certified distressed property experts are becoming increasingly essential in today’s housing market. As a CDPE agent you are much better educated, equipped and informed and able to offer solutions to both lenders and distressed property homeowners – especially on short sale properties and to help minimize the losses for all parties involved, the owner, the lender the neighborhood and the community.
Statistically, someone in your circle of friends and associates is, or knows someone who is, having trouble paying, or is behind on their mortgage. It is a positive step to reach out and let your community today to let them know you can help them to avoid foreclosure!