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Foreclosure in Wayne County : Real Estate Advice

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Activity 6
Tue Dec 24, 2013
Anna M Brocco answered:
Sat Sep 28, 2013
bonnieconrad64 asked:
Sun Jun 30, 2013
Helen Uhler answered:
Mon Jun 17, 2013
Trevor Curran answered:
Good afternoon Allison,

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.

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.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
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Mon Mar 28, 2011
Cindy Keil answered:
Jennifer,
Shortsales a bit more complicated than a traditional transaction, it can take a few weeks to a few months, depends on investor requirements, PMI (Primary Mortage Insurance) this is when a buyer puts less than 20% down they also need to approve the Shortsale. The seller and the buyer have to accept the offer, then the Realtor gets the updated information needed from seller that the lender requires, or if they have a 2nd mortgage, submits them to one or to both lenders. The file is assigned to a negotiator, they will order an appraisal on the home, then they have to have to submit the appraisal to the investor ( fannie mae, FHA, or any of the over 500+ investors) for review, The investor may counter or accept the offer. If accepted, then the shortsale approval is issued. It is imperative that you hire an "Experienced" Realtor ( has completed a minumum of 50 shortsales) Is a CDPE (Certified Distressed Property Expert). I recommend asking for references 2 current clients, and 2 previous clients. I hope I have helped you. Good luck!
Sincerely,
Cindy Keil CDPE
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Wed Oct 13, 2010
Jeri Creson answered:
The response time of a short sale depends on many things: the kind of short sale it is: Is it a HAFA shortsale or a regular one? Who is the lender...and even within the same lender, Who is the investor? I just had two sales with the same bank - one (I was the listing agent) was approved in 21 days. The other (I was the buyers agent) took 5 months...two different investors, and I'm assuming a less aggressive approach on the listing agent side for the latter. On the buyer's agent side, sometimes there is very little you can do to push the sale. A few things as a buyer you should be prepared for, however: While you say that there are no other offers being considered, if the bank comes back and disagrees with your price, the seller is not obligated to sell to you, and may present higher back up offers to the bank at that time. So, one way you can increase your odds of being successful after waiting so long is to be certain that either your offer is within fair market value, or you are willing and able to raise your offer to fair market value, if necessary. I suggest that you keep shopping, and come to terms with the possibility that you might not get this home. But be assured, at 6 weeks, your wait is not unusual at all. I wouldn't feel any panic that anything is wrong, necessarily at 6 weeks - that's still within a very common time to wait for response. Perhaps your agent can get an update of what stage the review is in: BPO done? Is it assigned to a negotiator yet? Has it passed that stage and is undergoing investor review? Good questions to ask. ... more
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