I've been helping First Time Buyers for 23 years as a mortgage professional and I will tell you what I have always told my clients here in New York: If you are a First Time Buyer, steer clear of foreclosures and short sales.
Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.
For Short Sales, my attitude of late is that First Time Buyers should steer clear. Short Sales tend to be a better deal for the homeowner than for the Buyer. You'll wait MONTHS for the homeowner's Lender to approve the short sale; maybe as long as Six or Seven Months. Meanwhile, you're stuck in a contract to buy that home. I closed a short sale recently with a Buyer who, after seven months said this at the closing table, "I don't even want this house anymore."
And he didn't even get the "deal" on price he thought he was getting! The house appraised for only slightly more than he paid for it at the short sale price. He walked into this deal thinking he was buying a home for $100,000 less than it's value. In the end that wasn't the case.
There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay.
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You will have to apply for a reinstatement of benefits.
You will have to have a reason for it happening; medical bills, loss of job, etc.
Go into the local VA office and talk to them; they are there to help, they won't bite.
We will give you the same advice we give to any of our clients. Call some lenders and get the qualification to purchase handled first before you state your intention to buy a home.
Here is great loan officer with tons of VA experience, Glenda Meyer at email@example.com
Best of luck,
Mark & Kari Shea
Shea Real Estate
National Association of Realtors
CA DRE License 01713506
I work directly with a VA loan specialist so, if you like, I can put you in touch. He knows more than anyone I have met in San Diego and can answer any questions in detail that you may have.
Otherwise you will have to wait until next year and go FNMA,
If you would like me to look that up call me at 949-297-1207.
As others have stated, it is going to take some work to be in a good buyer position. It is critical to sit down with a profession at this point, and map out an action plan to get you ready to buy.
I have an amazing lender that specializes in circumstances like your own. We can all sit down together to discuss the options you have to purchase.
Short sales and foreclosures are making up a much smaller percentage of homes available in the market right now. We have seen a substantial increase in value in the last 12 months, which has helped many get out of a negative equity position.. That being said, it is still a great time to buy. With interest rates and values continuing to rise I would not wait to meet with a professional and get to work on purchasing a home.
Contact me and I can arrange for a sit down with you, the lender, and myself. There is no obligation, and at the minimum you will walk away with a boat load of knowledge, and a strategy to get in the buyer seat again. I look forward to hearing from you!
Sea Coast Exclusive Properties
Good question- My first question that comes to mind -is did you pay the VA loan in full?
If not, no VA will not be an option for you.
We have been in real estate and lending for over 30 years. Born and raised in San Diego.
You need an experienced agent to help you. Please don't give up - even if you've been told no...there is a way to make this work. We can help you navigate through the damage done and help you become a home owner again.
We also have other loans available besides VA, FHA, Fannie and Freddie. We have portfolio lenders and private money loans. At rates as low as 4% fixed. We can discuss your options with more information about your situation.
Lots of good answers below --- I would highly recommend that you find an agent you like and trust to represent you. I would do your research online and then make some phone calls and then meet in person.
I would suggest that your read testimonials and look at their individual websites. If it is a canned website move on. it would be a good idea to pick an agent and lender that has at least 5 years of experience and has not held any other job during this time. Also ask to speak with their recent clients that just closed escrow! At least three clients with in the last 30 - days. Verify these were their clients with proof of the sold MLS listing.
We represent more buyers than sellers. We have been in the business for over 30 years.
Based on your question I would say you are at the beginning stages of buying?
This is a big decision - you need an expert in this market- you must have representation on your side -the buyers side!
There is so much to learn in this market. We'd be glad to educate you so you will understand every step of the process. The goal is for you to buy a home and have it be a happy and stress free experience. This is the third down market we've worked through - We know what we are doing! Our success is your success!
Please feel free to view our profile, website and contact us.
Scott and Shelley Weier
Cal State Realty
C2 Financial Corporation
NMLS License # 258707
On using the VA loan, you need to consult witht he VA on that issue or a lender that works with VA loans...
Buying a foreclosure or short sale with a VA loan is almost impossible at this point. These deals generate sometimes dozens of offers. They almost always go to a cash buyer or a buyer with at least 20% down payment. As a VA buyer, you will likely be on the bottom of the totem pole.
I would be delighted to help you find a home. Once you determine your eligibility for a VA loan or another type of loan, we an focus on what's appropriate.
By the way - foreclosures and short sales are NOT the great deals they were several years back. They alway sell for full market value and there's no longer any real benefit in going that route.
Feel free to give me a call if you have additional questions or want to see home homes.
Your best advice regarding your VA loan eligibility will be to consult with a VA loan professional. I highly recommend Cheryl Sutcliffe of Wells Fargo Bank - she is a military loan specialist and provides top-notch customer service. Give me a call and I can give you her contact information.
Regarding your purchase of a home, the recent upsurge in the real estate market has left many homeowners on the positive side of the balance sheet - meaning there are much fewer short sale and foreclosure homes on the market than there were a year ago.
Having said that, there is little or no reason to favor a short sale or foreclosure home over a traditional equity sale. Short sales and foreclosures are usually sold on terms that are less favorable to the buyer, and there can be hidden condition issues with the homes. Lenders are fully aware that the real estate market is on the rise, and they are not as likely to let the home go for a discounted price as they were a year or two ago.
You could benefit by sitting down both with a VA lender and a real estate professional who can go over your history and your current needs so that we can find your ideal home. Please call me at your convenience and I'll be happy to meet with you - my offices are on Carlsbad Village Drive.
All the best,
Real Living Lifestyles, CA DRE #01435354
300 Carlsbad Village Drive, Suite 224
Carlsbad, CA 92008
Call or text me at: 760-845-4365
Jayne Hall, CDPE, DFR
HomeSmart Realty West