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Home Buying in 33179 : Real Estate Advice

  • All31
  • Local Info5
  • Home Buying11
  • Home Selling4
  • Market Conditions3

Activity 4
Wed Feb 8, 2017
Ally answered:
The standard waiting period is 3 years for short sales and foreclosures, 2 years for bankruptcies.

However, there is a program by HUD called the back-to-work program which allows a buyer to qualify 12 months after short sales, foreclosures or bankruptcies. There must me extenuating circumstances that lead to the event, and you must be able to show that you have recovered to qualify.

This information came from The Lenders Network, they will be able to assist you in finding lenders that offer the HUD program and can help steer you in the right direction.

Good luck to you!
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9 votes 14 answers Share Flag
Sun Nov 20, 2016
James Williams answered:
You should find a lender in your area who does 203K loans. There are "streamlined" 203K loans that can include up to $35k in renovation money in the initial mortgage & they're a lot easier and cheaper to do than the regular 203k program. If it's a foreclosure property there may be other options like the HomeStyle renovation mortgage.
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Wed May 28, 2014
Irina Karan answered:
Best way to buy is with cash or through Homepath foreclosures program financing.
Condos are not easily financeable, California Club included.

Pick a good real estate agent, get pre-approved for a Homepath financing, so you are ready.

Short sales may or may not happen.
Short sales lenders have to approve both the seller and the property.
They want to make sure that they "forgive" the seller because the seller is in deep hardship.
And - that the property is not sold below about 95% of market value.
So, when a buyer makes an offer, besides waiting for months, a lot of things can happen.
Your offer could become too low (property values go higher), the seller can find a job and become solvent (not broke any longer), the seller can choose a loan modification etc...

Foreclosures are usually a more sure way of buying.
However, when buying a condo, condo associations could have their unresolved maintenance fees argument with the foreclosure lender, which could slow down or kill the deal.
Make sure to check the property for mold and other serious issues.
Too many to handle - don't buy!

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
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0 votes 9 answers Share Flag
Mon Sep 10, 2012
Nereida Figueroa answered:
Use facebook, there is a lot of school already register with web.
0 votes 4 answers Share Flag
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