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Short Sales & Foreclosures

This is a category about Short Sales and Foreclosures.

Found 10 blog entries about Short Sales & Foreclosures.

A short sale is a type of property that is, potentially, being sold for less than what the current homeowner owes on it. A verified short sale is one that the lender has already agreed to. That means that the lender has agreed to allow the homeowners to sell the home for less than what is owed, and allow them out of the financial constraints of the mortgage loan. Short sales may be necessary for many reasons, such as the seller's risk of foreclosure or need to move quickly. Yet, for mortgage lenders, that means a cut in profits. This makes buying a short sale sometimes a difficult process. There are some tips that can make the process easier on you, the home buyer.

#1: Are You an Investor? Get Educated First

If you plan to buy short sales for their

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Buying a foreclosure is an opportunity for you to purchase a home that's potentially listed for a lower level than other homes like it. In a foreclosure, the lender has taken legal action to force the sale or to take ownership of the home because the previous owners failed to meet their financial requirements. In some cases, taxing authorities take this step. For those people who are looking to buy a home, though, these properties can be a good investment, if you know what to buy and what not to.

#1: Realize That Not All Foreclosures Are Good Deals

Banks still want to make money. They may sell the home for what is owed on it, but others will sell it for its true market value. Finding a great deal is harder now than it used to be. Hire a specialized

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sold_sign_400There is an art to bidding on a house and winning.  If you learn this art, then you can increase your chances of getting that coveted winning bid and having your new home.  For all you know, these tricks could be all that stands between you and buying a home of your dreams. 

Get An Agent

This one is self-explanatory.  When you have a good agent, they can tell you what you need to know, and they can skillfully handle the bidding process.  At Realty Executives, we have experienced realtors you can trust to guide you through this process and to give you the best chance of getting the winning bid.

Offer As Much As You Can

Offering as much as you can is the best way to increase your chances of winning a bidding war.  Money talks and higher offers are

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home_interiors_2608Getting ready to sell your home isn't only about making changes to your home.  You also need to change the way that you look at your home for sale so that you can let go and so that you can makes changes that potential buyers will find appealing.  Here are some of the ways that you can get yourself and your home ready for the sale of this home.

It's Not Your House Anymore

This is the first thing you need to make peace with.  You are selling your home so it is no longer yours.  You might a well make peace with that fact before it is even sold.  This will make the next steps easier as you are no longer going to be making this home attractive to you but attractive to others looking to find a home.  Be ready to leave this house behind so that you can

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Decisions on offers may be trimmed to 20 days or less.sold_300

Bank of America says it's making changes to its short-sale procedures that will shorten decision times on short sale offers to 20 days, down from 45 days or longer.

The new task flow in Bank of America's short-sale management platform, Equator, will enable short-sale specialists to conduct tasks like document collection, valuations and underwriting simultaneously. When buyers walk, agents will have five days instead of 14 days to submit a backup offer.

Bank of America is requiring a new third-party authorization form for short sales initiated beginning April 14.

When the changes to Equator take effect Saturday, five documents will be required to process short sales initiated with an offer:

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    financial_facts_548Today's real estate market is saturated, and there are plenty of homes in foreclosure. These statistics make the market one of the best for buyers in a long while.

    Still, it's very possible for you to find a home that's over priced and be unsure how to handle the situation. Don't write off the home that's over priced. There are a few legitimate reasons that the price might be a bit high.

    1. The homeowner (and their realtor) has not kept up with the comparable sales in the market. Home prices have fallen very rapidly very quickly in some areas. If the seller and his or her realtor haven't kept pace, they may not realize that their price is out of the ballpark.

    2. The homeowner is under water on their mortgage. If the homeowner purchased the home
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    If you're shopping for a new home in Central Florida, you've no doubt realized that many of the properties out there are "distressed", meaning they're either in foreclosure or being listed as a "short sale". These properties can offer great value, but there are some things that are specific to buying them. Here are some things you should know.

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    When a property is in foreclosure, the bank will take multiple offers on the property. This means that you may be in competition for the property. It also means that you may not hear back from the bank right away once you've made an offer. In some cases, the bank will have an "offer period" at the end of which they'll respond to all offers. This can be frustrating for potential buyers, since you may

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    Foreclosures in Orange County Still High The housing market is definitely beginning to show signs of improvement, but Florida still ranks as one of the hardest hit states. And, Central Florida is one of the harder hit areas in the state, though we're seeing this area recover faster than some other areas.

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    Central Florida has a lot to offer real estate investors, whether they're purchasing a home for themselves or purchasing long term or vacation rental property. Because of Florida's popularity as a vacation destination, you really can't go wrong by purchasing a rental property in any one of several beautiful and popular vacation areas. You will, however, have to endure dips in the marketplace like the recent one. But, investors who can stay in their

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    financial_facts_548There are quite a few things addendums cover these days in Fannie Mae and Freddie Mac deals. Most importantly, they have to do with the as-is nature of all of the sales. One of those things you should directly understand is how condo and home owner association documents. Most bank addendums place the burden for obtaining documents and financials on you the buyer. You need to locate these documents to make a wise investment. The problem however, is that many management companies will not release the financial information to non-owners or to a title agent. It can definitely create a problem where you can't get something you need until you're starting the closing process.

    If you can't find this information, then you're accepting more risk in some cases

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    Listing information last updated on September 19th, 2018 at 5:59pm EDT.