For the first time in two years active resale home in the greater Antelope Valley is above 1,300, with active core over 900. Banks seem to be releasing some of their stockpile of REOs. Short Sale are keeping pace with the REOs at present.
With the First time buyer ($8,000) and repeater ($6,500) tax credit being extended through the end of April now is the time to make the jump and buy.
Heard on NPR “In the days before the housing crisis, the idea of a bank foreclosure filled a homeowner's mind with dread and shame. Now, with so many Americans owing more on their homes than they're worth, some people are taking a whole new approach: essentially saying, "Foreclose on me, please." It's more technically known as a "strategic default.”
You don’t need to let the bank foreclose you can sell for less than the balance of your loan and in many cases have a less significant hit to you credit score. A strategic default might make sense at first blush, however it will stick with you for years. Need to buy a car, can’t do bad credit, getting back into a home could take 10 years, Rent? With a short sale you will have a better shot at getting back your good credit sooner.
Richard & Janet - Certified Short Sale Professional Realtors
661-733-0507 OR 733-0508
Keller Williams Realty AV Serving Palmdale, Lancaster in California
www.HomesByJR.com
www.ShortSaleByJR.com
**********************************
like buttons
Comments
ALl my best to everyone in 2010!
Sincerely,
Ben Benita, Expert Short Sales Negotiator, Virginia and Nationwide, www.United-IG.com
He wrote in the last paragraphs, "You don’t need to let the bank foreclose you can sell for less than the balance of your loan and in many cases have a less significant hit to you credit score." and "With a short sale you will have a better shot at getting back your good credit sooner." This statement "A strategic default might make sense at first blush, however it will stick with you for years. Need to buy a car, can’t do bad credit, getting back into a home could take 10 years, Rent?" which was sandwiched between the above 2 statements may have caused the confusion after my 1st glance of it as well.
I recently closed on a short sale where the seller actually makes more money now than he did when he bought the place, no promissory note was asked for either. Plus he's now qualified IMMEDIATELY after the short sale to purchase another home, FHA w/ 3.5% down. I have found that people who need to rent after a short sale, so long as they are employed, they may need to write an explanation letter to the new landlord, and possibly put a security deposit x a 1/2 down, but that's about it.
I just had another client get into a great rental and we just closed on her home as a short sale, they had missed almost 14 payments. Divorce. There are always many explanations as to why one does a short sale and that needs to be conveyed to a landlord. The landlord just wants his mortg. paid.
After a short sale, so long as the person stays current on all other bills they CAN purchase another home within 12mos., not 10yrs.
Your doom and gloom story after a person short sells is just not true.