AFTER A SHORT SALE - When Can I Buy A New Home?

Here is a question from a concerned homeowner, “If I go through a short sale, how soon can I purchase another home?  I was told that if I did a short sale instead of allowing the home to be foreclosed on, it is not as bad“.  Answer, “It all depends“. 

Stop Foreclosure!

The American Dream should not become a nightmare.  But with the ups and downs of the economy, what is a homeowner to do?  Whether you or someone you know is in danger of losing your home, American Homeowner Preservation (AHP) maybe able to help.  AHP has options, such as short sales, lease & repurchase programs, available that may help you pay less a month and even keep your home. 

Help for REAL ESTATE INVESTORS Looking to Flip Homes

Federal Housing Administration is changing what is known as the “anti-flipping rule” to speed up sales of renovated homes in communities with too many bank-owned and foreclosed homes, says FHA Commissioner David H. Stevens.  Beginning Feb. 1, 2010, the Federal Housing Administration will provide mortgage insurance for some purchases in which the seller bought the property and held it for fewer than 90 days.  This is great news for investors that want to rehab a home and sell it to a buyer that wants to receive the Homebuyer Tax Credit before it expires on April 30, 2010 (view this link, http://www.marealtor.com/content/Homebuyer_Tax_Credit.htm, for more details on the tax credit).

Pay Only $100 Down and Receive $1000 Back on Your Next Home Purchase

So you are ready to purchase a home but hate how much you have to come up with for the downpayment.  At minimum you may have to pay 3.5% of the purchase price of the home down and at maximum you have to pay 20% down depending on the lender.   You wish there was an alternative that worked for you since your income will not allow you to qualify for the various low income-restricted down-payment assistance programs (if you think you income will qualify you for the down-payment assistance programs, email places2love@gmail.com and we will send a list of programs that offer down-payment assistance).  Well, there is hope!  There is an option where you only pay $100 down on your loan and you also may receive $1000 back at closing - this is a great option that more and more buyers are taking advantage of and it maybe worth you examining. 

Don’t Get Tricked When Looking for a Foreclosure Treat

HGTV’s real estate Web site Frontdoor.com has identified what it calls the “tricks and treats” of buying a foreclosure:

Tricks to avoid:
**Just because a foreclosure has a low price tag doesn’t mean it’s a bargain. Many need lots of expensive repairs.

Trying to Avoid Foreclosure? Scams to Watch

Here’s how the most common foreclosure-prevention scams work:

The desperate home owner gets a letter that says something like, “We know you’re having a hard time. We have a pipeline to your lender and can help you save your home. Call this toll-free number now.”

Does Countrywide Owe You Money?

Bank of America, which acquired Countrywide Financial Corp., one of the most active of the sub-prime lenders, has begun issuing checks to its borrowers who are eligible for foreclosure assistance under an agreement with attorneys general in 40 states.

Where to Get Foreclosure Help

With all the dubious assistance programs and out-right scams preying on home owners facing foreclosure, it can be difficult to find legitimate help.

Here’s a list of programs that are either operated by the U.S. government or have its seal of approval:

How to Make an Offer on a Foreclosure and Win

These days, it’s easier to make a low-ball offer than it used to be on a  real estate foreclosure property whether in Sandy Springs, Metro Atlanta, or any place in America, but still it’s important to be smart.  Here are some things that  would-be buyer should consider when contemplating such an offer on real estate:

READY TO BUY? REOs Expected to Flood Market

Mortgage lenders are likely to put their growing supply of repossessed homes up for sale in the months to come.

According to the Mortgage Bankers Association, 10 percent of home loans was either delinquent or in the foreclosure process at the end of September. Plus, Fannie Mae and Freddie Mac saw repossessions grow nearly 25 percent to 15,196 homes from the second quarter to the third quarter of 2008.

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