I was looking at this post on Trulia.com a question about short sale buying and I couldn’t help buy write this post.
How to buy a short sale.?
What are the steps to take in buying a short sale, from start to finish. How long does the process take? And can the $8000 tax credit be used? The home is located in Plainfield NJ. Thank You.
It was bothered by the agents standard answers of 3 to 6 months to get bank approval and not looking at why a buyer is asking this question in the first place. They are frustrated and want to buy a property at a good price don’t bon truest the listing in there local area because we as MLS and agents have allow a mockery to be made of the MLS. My to the question is.
I have read the answers and know short sale very well form both the seller and the buyer perspectives. Short sales are a big problem in the real estate market right now frustrating buyers and buyer’s agents. Unfortunately some agents are using this problem of selling excess inventory to take advantage of the banks, and steel the properties for investors. With the intention to resell the property simultaneous to the public looking for a retail buyer and make big profits off home owner in or facing foreclosure. This is causing the home buying public to not trust realtors that they can find them the good deals out there. So the public is going to the listing agents to make offer on short sales and they find out after signing an exclusive buyers agreement, that the property had an investor offer or was under contract with another offer and there offer was one on many back up offers. So what’s going on? I see 3 big problems with short sale listing: Continue reading What the heck is going on with buying a short sale in salt Lake?
203 K loans are the FHA loans that allow you to buy a home that is a fixer upper. The newly developed FHA 203 K Streamlined loan allows you to buy a home that is run down that wouldn’t qualify for FHA financing. As loan as there is no structural repairs needed. The list of allowable repairs is below. Buying with the FHA 203 K Streamlined loan is easy all you need to obtain contractors bids and submit them to your lender. This can be done at the time of inspection or maybe week of the inspection. Sure it more work but the get a home at a great buy and the money to fix it up at only 3.5% down payment, you’ll have to do a little more. It a great loan because it gives the buyer the ability to buy a Short sales, bank owned or just undervalued property that the seller won’t do FHA repair and have the home the way you want after closing with little of your buyers money . They can get up to $35,000 in repair, winterizing, greening up the home, put in new windows and R50 insulation in the attack, upgrade the electrical, making it just the way your client wants, and they just have to pay the 3.5% down on that portion and the rest in put in the loan. You can do allowable repairs up to $35,000 with no minimum; so if you just need $3,000 for carpet you can burrow that above the purchase price. If you need a new furnace and upgrade to the electrical system that’s Ok you just need to get bids form licensed contractor that meet requirement to do the work. Can you do the work yourself? Yes and no; you can do the work if you have the expertise and can prove it or if it is unskilled work like painting. 
I thought I would write a blog to help all the For Sale By Owner selling in Salt Lake. Selling For Sale By Owner or FSBO is something I know a lot about. Ok, I know some of you are rolling your eyes saying this is where the Realtor is going to tell us we have to list to sell because 80% of homes are sold by Realtor’s etc. Maybe and maybe not; it all depends on the market conditions at the current time.
First off if you get a notice of defaults for your lender don’t get too upset. Please call a Professional like us at Project Hope for Home Owners 800-604-0281. We specialize in helping people sort out their situation and chose powerfully how they want to deal with this. You have lots of options and time to create a plan. You by no means are alone in this. Salt Lake County Notice of Defaults or NOD’s are up 289% over 2007 levels and 150% over 2008.
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