Foreclosure Archives – Page 2 of 2 – Weichert, Realtors

11 Jan 2019

Differences Between A Short Sale And A Foreclosure

Real Estate

If you're looking to get an untraditional deal on a new home purchase, you may encounter either a short sale or a foreclosure. These two terms refer to sales that are not usual. As a homebuyer, it's important to understand the differences between them and how each one might affect your buying experience. What's A Short Sale? A short sale is a situation where the owner has a strong motivation to hurry up and sell their home. In so doing, they're willing to sell for less than what they owe on the house. Homeowners have a variety of reasons why…

5 Creative Ways To Buy A Foreclosure

Real Estate

Buying a foreclosed home is easy, right? After all, they sell for pennies on the dollar, right? Well, that could be a false assumption. Buying a foreclosed property appears easy on TV, but in reality, it can be overwhelming. Foreclosure sales continue to decline in the market from 38.6 percent in 2011 to 14 percent in 2017 but ticking up a bit in 2018 according to Attom Data Solutions, a national property data company. As foreclosure sales drop, competition for these properties become stiffer and more complex. And as home prices increase in most cities, buyers often turn to foreclosures…

Buying A Foreclosure: 5 Things To Know

Real Estate

Buying a property out of foreclosure can be a very smart move, financially. But it can also be complicated, expensive, and stressful. Here are 5 things to keep in mind before you take a first step in that direction: Cash Or Preapproval Required Buying a house that has been returned to the lender through foreclosure means dealing with bureaucracy rather than with a motivated seller. Large lenders are notorious for taking their time to approve a contract, even if the offer is for the exact amount specified. Then there's the paperwork, which can seem endless. Most lenders require that prospective buyers…