If you've ever wondered how much your house would sell for in today's market, you're not alone. There are many things to think about, but here are three key considerations: How much have other homes in my neighborhood sold for recently? The key word here is "recently". We all know that prices have adjusted downward in the last couple of years, so it's not really relevant what Mr. Smith sold his house for five years ago. You need up to date...Continue Reading!
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Short Sales Category
If you are living in an area that has many "Short Sale" home sales occurring (and foreclosures) this is certainly affecting the value of your Real Estate. When there is a "Short Sale" the lien holders allow the owners to sell their home for less than what is owed and in many cases for less than current market value. As you can imagine this lowers the market value. During this process the market value will be driven lower. This will continue...Continue Reading!
When a short sale is your only option there are are some guidelines you need to follow and specific people you need to talk to. The lender/loan servicer needs to be contacted as soon as possible. When there is a situation that the payments have not been made towards the mortgage for a significant amount of time and/or there has been a Notice of Trustee Sale recorded, there is more difficulty when trying to complete a short sale. It is...Continue Reading!
After a foreclosure in Bryan/College Station, Tx how long do you have to wait before you buy another home using Fannie Mae's money? Wait.... did you ever borrow money from Fannie Mae in the beginning? Who is this Fannie Mae? After a foreclosure Fannie Mae is telling us that you will normally have to wait 7 years before you can purchase another home using money from Fannie Mae. (See chart) Of course if there are extenuating circumstances (who knows what those...Continue Reading!
In the previous post Short Sale or Foreclosure in Bryan College Station - Does It Really Matter Part 1 short sales and foreclosures were defined and many future issues were discussed. Part 2 is a continuation of that post. What else needs to be considered when deciding whether to let a house go back to the bank through foreclosure or if a short sale is the best option. Future Employment - Credit checks are often done by employers. Remember the...Continue Reading!
Working with buyers and sellers of the Brazos Valley I have learned that we BUY HOMES but when we lose them to foreclosure they are now just HOUSES. We want to move into a HOME for our families but when times get tough and someone gets behind on their home mortgage the bank only considers it a house - an asset. So, if you have gotten behind in your home mortgage and you have not been able to successfully complete a...Continue Reading!