ATLHomeForSale.com

Hey Lee Taylor,

This is Fabiola. No prob. Give me a call at (404) 494-3939 ext 325 and I'll be able to provide you with the contact info as well as the pre-qualifying details for the lender that will approve a buyer after 12 months of foreclosures. That's my specialty- working with renters turned homeowners & working with buyers with credit issues.

I find that in today's market, many people have the same story- either credit issues, no credit, or prior foreclosures or bankruptcies. From my successful experience of dealing with all types of buyers, I find that the best type of lender for qualifying buyers falling in these categories is to go through an FHA lender. Not just any FHA lender, but a Full-Eagle FHA lender. All other lenders are probably classified as a Mini-Eagle FHA lender. Trust me, there is a big difference. A Full-Eagle FHA lender does their own underwriting & sets their own approvals. A quick search online would reveal a host of Full-Eagle FHA lender.

I've been able to pre-approve and close on loans with buyers with scores barely over 500 and not much assets or downpayment.

Hope this helps!

Fabiola Fleuranvil, MBA
Re/Max Marketplace - Mon Mar 10 2008, 07:37

Hey Jeffrey,

I sympathize with the loss of your home. Unfortunately, this is becoming a common scenario for many of us.

To answer your question, you can buy a home but you'll have to wait a little while. Depending on who you ask and which lender you go to, you'll have to wait anywhere from 1-4 years. I actually know of a lender than can pre-approve a buyer with a foreclosure on their record as long as it's been 12 months since the foreclosure. So that pretty much leaves you until November of this year and you'll be back in the game.

Hope this helps!

Fabiola Fleuranvil, MBA
Re/Max Marketplace - Sun Mar 9 2008, 19:43

Hi Ms. K,

I've seen many homeowners in your situation & even in worse situations. Before you decide to do any further damage to your credit & file for bankruptcy, my best advise to you would be to speak with a mortgage lender in addition to a bankruptcy attorney.

I presume that you're working on a rebound from your current situation and will be interested in purchasing a home again at some in the future. Therefore, you don't want to hurt your chances of buying a home by having an additional negative remark on your credit such as a bankruptcy. From my experience, I've found that a bankruptcy prolongs the amount of time it'll take for you to buy a home again while a foreclosure doesn't hurt your chances as much. Some lenders won't approve you for a mortgage unless you've been out of foreclosure for 2 years & bankruptcy for 4 years. I've even seen some lenders require your bankruptcy to be discharged for up to 7 years for a bankruptcy. On the other hand, some lenders can qualify as soon as a day out of Chapter 13. Foretunately, with the FHA lenders I work with & usually refer buyers to, they can still get you qualified for a mortgage as long as it's been more than 12 months since you've had the foreclosure and/or bankruptcy.

Any more questions? Shoot them my way!

Fabiola Fleuranvil, MBA
Re/Max Marketplace - Wed Feb 13 2008, 10:59

Hey Queen,

You can definitely find a home that meets your search criteria and at that price, but what are your location preferences? Have you already started to research a reliable buyer's agent that you would want to represent you?

Fabiola Fleuranvil
Re/Max Marketplace - Wed Jan 30 2008, 17:53

Hey Queen,

To address your concerns, I wouldn't say there's a "catch" in foreclosures. It's important to get a home inspection when you're purchasing any type of home (i.e. resale, foreclosure, & even a new home). A home inspection helps to reveal any problems with the home.

Also, I truly believe it's a common myth that foreclosures are trashes with vandalism caused by the disgruntled previous owner. I disagree with this common notion because these homeowners have become emotionally attached to their home and are not as likely to trash it, even if they are losing it to foreclosure. A foreclosure is just a misfortune to someone's situation and isn't necesarily a reflection of the homeowner's character. As a matter of fact, I've viewed the interiors of many nice foreclosures that are in move in condition. I believe that the majority of "trashed" foreclosures are the work of vandals and/or squatters looking for a place to crash. You typically won't get much vandalism in nicer, family friendly neighborhoods. The majority of vandalism, in my opinion, tends to be in the intown neighborhoods.

As far as there being a lot of foreclosures in Marietta, that's just a sign of the times. Unfortunately, some areas have impacted more severly than others in terms of foreclosures. A lot of times this is simply because people have gotten into buying homes with prices way over their heads. It's a fact that foreclosures are evident in all type of neighborhoods, including upscale, exclusive neighborhoods.

I truly believe that in today's market, we have to be more wise in the way we purchase real estate. Not to take advantage of someone's misfortune, but today's buyer can benefit from foreclosures. Not only are you able to find nice foreclosed homes, you also have the potential at instant equity and you save money. I like to think of foreclosures as bargain shopping. Just like buying a car, a 2008 model is just as good as a 2005. It's the same body type just different year & more miles.

I would love to help you find some foreclosures that meet your criteria. What type of home are you looking for?

Fabiola Fleuranvil
Re/Max Marketplace - Tue Jan 29 2008, 20:36

Hey Queen,

You're in luck. With this huge Atlanta foreclosure market there is a huge inventory of homes for less than $200,000. Not to mention that a lot of these are newer homes in nice subdivisions. It's truly a buyer's market and buying a foreclosure puts you in the position to have instant equity.

Do you have an idea of what area you would want to live in? That helps to give you a better idea of what that particular market looks like for homes in that price range. Feel free to ask away with more questions.

Fabiola Fleuranvil
Re/Max Marketplace - Tue Jan 29 2008, 19:13