Foreclosures / Short Sales 
There are currently 11 blog entries related to this category.
Do Not Let A Property Shark Negotiate Your Short Sale
Thursday, December 2nd, 2010 at 1:16am. 1281 Views, 2 Comments.
Today's real estate market has brought out the "real estate sharks" due to the number of home sellers facing financial hardships. These sharks are looking for home sellers who are ignorant about the real estate process, and they offer to negotiate a short sale for them by talking to the lender directly. If you're a home seller in a financially distressed situation, this is a bad idea for many reasons.
Buyers Don't Care About You: Buyers/Investors are not looking out for their best interests, and they could care less about your situation. Sure, they may say they want to help you out, but in reality, they want the best deal they can get on a property.
Realtors Work In Your Best Interests: A Realtor who is experienced in the short sale process can negotiate…
Foreclosure Clean-up Funds a Wash for Houstons Housing Market
Friday, September 24th, 2010 at 4:34pm. 1666 Views, 1 Comments.
Paul Knight discusses an interesting phenomenon of anti-spending in his article “Houston And Texas Letting Money For Low-Income Housing Go To Waste” Texas and Houston in particular were the recipients of a considerable sum of federal grant money (part of the ‘Neighborhood Stabilization Act’) intended for the repair and demolition of foreclosed homes. With the federally mandated 9/3/10 deadline drawing near, information surfaced showing only about 10% of those funds had been put to use. In HUD’s latest press release on 9/8/10, it shows that Houston received even more money from this same federal foreclosure program. If Houston didn’t spend the money the first time around why receive more? And with so many foreclosures in Texas, why wasn’t that money…
Can I Own Again After Foreclosure?
Tuesday, August 3rd, 2010 at 3:39pm. 733 Views, 1 Comments.
The deed is done: the phone calls have all been made, papers signed, keys handed over. Foreclosure. Sadly, it’s becoming more and more common in today’s real estate market as homeowners reach the end of their rope and have to let go of their homes. After the ink dries and things settle into a new normal, the inevitable questions come up: Can I own a home again? If so, when? What will I have to do to make that happen?
The good news is, while foreclosure is a difficult process, it doesn’t have to mean the end of the road to home ownership. What it does mean, though, is you’ll need to spend some time working to rebuild your credit - and evaluating what led up to this point. Barbara Eisner Bayer, a writer for houselogic.com, sheds some light on the subject and…
Financial Reform Means Mixed News for Home Owners
Saturday, July 24th, 2010 at 6:20pm. 667 Views, 1 Comments.
Now that the Dodd-Frank financial reform bill is law, some are questioning whether it is actually good news for the average homeowner. And at 2,319 pages, the law doesn’t necessarily provide quick answers. In short, this legislation seems to be a mixed blessing for many, with a new batch of positive consumer protections along with some unintended consequences.
First, the good news. In addition to some general improvements for consumers, from lowering credit card fees to increasing FDIC-insured deposits to $250,000, the new law provides specific assistance to homeowners as well. A new set of rules regarding mortgages is intended to make the loan environment safer and fairer for borrowers. Some of the new regulations include requiring full income…
Staying Afloat Underwater
Friday, July 16th, 2010 at 12:59pm. 552 Views, 0 Comments.
During the largest housing crisis in recent history many American homeowners have succumb to massive debt. When times are tough it may certainly feel appealing to turn and simply walk away, and forget the stresses of home ownership. Strategic defaults on mortgage loans have become an all too common occurrence in the past three years. However turning your back on a mortgage can haunt a homeowner for years to come, this “solution” may not provide the relief financially stressed homeowners need. In some rare cases walking away is all a homeowner can do, but there are various forms of relief all homeowners should exhaust before throwing in the towel. Homeowners can salvage their credit by attempting these measures, and the market will fair better with less…
How to Stop Foreclosure in Texas
Thursday, July 15th, 2010 at 6:56pm. 710 Views, 0 Comments.
If you have fallen behind on your mortgage payments, there are several options available to help stop foreclosure in Texas. Since you usually have about 70 days for a Texas foreclosure process, you have time to get back on track. It is important you contact your lender and take the necessary steps to put a plan in motion to stop foreclosure on your home.
Often, lenders would rather have payment than to go through the process of foreclosure. Contact your lender and try to come to a mutually agreeable payment plan. The lender is more likely to agree to your request if you have a valid reason for the default and a solid plan to get back on track. You may also be able to ask for a temporary deferment, or hold, on mortgage payments until you are in a better…
Has Obama's Home Modification Program Lived Up to its Promise?
Saturday, July 10th, 2010 at 2:20am. 649 Views, 3 Comments.
In March 2009, shortly after President Obama took office, an ambitious $75 billion federal program (Home Affordable Modification Program, or HAMP) was launched promising to help modify the mortgages of up to 4 million Americans who were struggling with their payments or facing foreclosure. The reality of the program has fallen far short.
Modification involves a lender actually changing the terms of a homeowner’s mortgage, often when borrowers would not qualify or could not afford refinancing. This is generally accomplished through some combination of lowering the interest rate, extending the length of the loan or - in a new addition to the federal program - reducing the amount of principal owed. By encouraging banks to modify more loans, the federal…
Buying Houston Foreclosures
Thursday, April 1st, 2010 at 8:02pm. 620 Views, 0 Comments.
In the United States, experts in the real estate industry are predicting that millions of homeowners will face foreclosure in 2010. While this is bad news for current homeowners, prospective home buyers are always looking to take advantage of great investment opportunities. This is especially true in the ever growing Houston real estate market.
If you are looking to buy Houston foreclosures, here are some tips that will help you understand the process and make wise investment decisions:
1. Remember what a foreclosure is. A foreclosure is a legal proceeding that is initiated by a creditor against a homeowner that has defaulted on his/her mortgage. Once a foreclosure is completed, the creditor regains possession of the property in question. The…
Foreclosures an Option When Seeking Houston Real Estate
Monday, January 11th, 2010 at 3:39pm. 464 Views, 0 Comments.
The U.S. recession and housing crisis have spawned a regrettable byproduct: foreclosures. It seems that every town across the country features its share of bank-owned properties that make other homeowners cringe. Houston real estate is no exception.
A quick internet search will reveal many seemingly attractive properties that have been tagged with default notices. Should these foreclosures, however, be required viewing for anyone looking to purchase Houston real estate at bargain prices?
Opinions, of course, vary. According to the web site eHow.com, foreclosures are difficult “both to locate and execute the transactions – but the potential to turn them over for a tidy profit may be there,” (www.eHow.com).
The downside to purchasing foreclosures includes the…
How To Buy A Short Sale
Tuesday, June 16th, 2009 at 9:58am. 527 Views, 0 Comments.
A short sale is different from a foreclosure. When a foreclosure occurs the lender has taken title of the property and sells it directly. On the other hand, during a short sale the homeowner can avoid foreclosure by working with the lender and selling the property for less than what is owed on the loan. The homeowner's incentive to do this is to avoid foreclosure, and the lender's incentive is to mitigate its loss so it does not have to take title to a home and then manage it until sold.
Short Sales can offer a good opportunity for the right buyer. Things to consider include:
- Understanding the Process. Even after you come to agreement with the seller to buy a short-sale property, the seller’s lender has to approve the sale before you can close. Lender…
My Account
Log in, to view your saved searches and add to your favorite listings.
... So You Can:
- View detailed property information
- Print detailed property flyers
- Save your searches & favorite homes
- Inquire about a private showing
- Map individual property locations
- Share your favorite homes with friends
Blog Navigation
Blogroll
Archives
