Buying a Foreclosure or Short Sale

The real estate landscape has changed dramatically over the last few years as a result of the housing bubble that occurred nationwide in the late 1990’s through the first half of this decade. Sadly, the subsequent collapse of the housing market combined with high unemployment and the economic recession in the US has resulted in many homeowners losing their homes either through foreclosure or short sale. While terribly unfortunate for sellers who are in this predicament, it also has resulted in tremendous opportunities for buyers looking to purchase their first home or move up to a larger home.

Below are a series of articles I’ve created to help you understand some of the more important points when purchasing a distressed property. Please feel free to call me anytime at (910) 787-2160 to ask any questions you may have or to arrange for a personal consultation.

• What is a Distressed Property and Opportunities to Invest
  
  
• Pre-Foreclosures, Auction and REO Sales
  
  
• The Short Sale Process
  
  
• Negotiating Challenges and Why Banks Reject Short Sale Offers
  
  
• Tips for Buying REO Properties
  
  
• Myths about Buying a Foreclosure
  
  
• Buying a Government Owned Foreclosure - VA & HUD Homes
  
  
• Buying a Fixer Upper - FHA203k Rehab Loans

If you are considering buying a short sale or foreclosure, there could be drawbacks that I, as a real estate agent, cannot advise you on.  For your protection, I suggest that all borrowers:

• Obtain legal advice from a competent real estate lawyer to discuss title issues, changes to land use, sellers right to redemption and a host of other issues.
• Call an accountant or CPA to discuss short sale and foreclosure tax ramifications.