Short Sales Should be named Long Sales

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If you have traveled down the path of trying to buy a short sale process you know it can be a lengthy and frustrating endeavor.  Although there can be price benefits to purchasing a short sale property, it may or may not be worth the hassle.  A short sale is a property being sold for less than the current mortgage balances.  There may be more than 1 lender involved since many homeowners took advantage of (2nd) home equity lines of credit etc.  The lenders involved are being “shorted” the payoff due on the property.  Any offer is subject to 3rd party approval (the lenders being the 3rd party).  Depending on the lender and how backed up they are it could be weeks to months before they even respond to a offer.  This leaves the buyer in limbo for an undetermined amount of time.  Interestingly, many properties I have seen that were offered as short sales and were never sold and eventually foreclosed on, end up back on the market priced considerably less as foreclosures than they were as short sales.  A wise buyer might wait if there is plenty of like kind inventory.

August 31, 2009 by ROBERTSV ·

HUD Home Bargains

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As a certified HUD Broker, I can sell HUD owned foreclosures.  If you are not familiar with these properties you might be in for a big surprise, especially if you are in the market to buy.  While they can sometimes need a little work, they can be a bargain.  HUD comes into ownership because they foreclosed on an FHA backed loan.  Not wanting to be landlords, they clean them up and put them back on the market at an attractive price.  Generally, most homes are posted for sale first to owner occupants, and if they don’t sell in the first week or so, they are opened up to investors.  That’s their way of promoting home ownership.  The great thing about buying from them is there are few surprises and they are not emotionally attached to these homes.  It is strictly about the numbers for them.  Once you submit a bid you know if you got it the day after the deadline or within 24 hours on business days-no fooling around.  Some homes even offer FHA financing with only $100 down!  How can you beat that?  Let me know if you want more information on these opportunities!

View available properties at http://www.hmbiweb.com/listings.html

May 5, 2009 by ROBERTSV ·