The only reason to buy a “short sale” or pre-foreclosure is to acquire the property below market value and save money. Most people think buying short sales is simply the owner trying to unload their home for less than market value for a quick sale. While that is true, the owner is not the only […]
The Truth About Selling Short Sales
We get many inquiries about selling and buying a short sale property. That’s a property whose owner owes more than he or she can sell it for and is hoping the lender will accept less than the amount owed. In the parlance of the real estate and mortgage business it’s called “being upside down” or […]
Truth About Buying Short Sales
In our previous post, we discussed the truth about selling short sales. Now, let’s take a look at the challenges facing the short sale buyer. Buy a Short Sale for Instant Equity? There’s a common misconception that a person can buy a short sale using the “ELF” formula. That is, make money the “Easy, Lucrative […]
Buy Again 1 Day After Bankruptcy Foreclosure or Short Sale
So you lost your home in bankruptcy, foreclosure, short sale or just gave it back to the lender using a deed in lieu, and you think you can’t buy a home again? Well, like ESPN’s Game Day co-host Lee Corso is known to say: “not so fast, my friend.” The prospect of buying a home […]
How to Buy After Foreclosure or Short Sale
If you lost your home through foreclosure or was sold as a short Sale in 2009 or earlier, it may be time for you to re-enter the market now that the waiting period has elapsed. In Texas the waiting period is 3 years after a short sale or foreclosure to qualify for an FHA mortgage […]
Buying After Bankruptcy, Short Sale, Foreclosure or Deed in Lieu
Updated: March 20, 2017 In the last decade, bankruptcies, short sales, foreclosures or deeds in lieu of foreclosure have sky-rocketed, prompting the question: How soon can someone who has experienced a bankruptcy, short sale, foreclosure or deed-in-lieu qualify for a new home loan? The answer depends on how the home was lost, what kind of […]