Wednesday, March 30, 2022 / by Stephanie LeFew B
The current state of the foreclosure market in Florida
The federal foreclosure moratorium that was implemented in response to the pandemic severely restricted the supply of foreclosures across the country. The Supreme Court finally ended the moratorium at the end of August 2021, and since then the market has been gradually returning to normal, although with courts experiencing huge backlogs, we’re still not yet back to business as usual. However, having said that, the foreclosure rate in Florida has been among the highest in the country since the end of the moratorium. In both October and December of last year, Florida was reported to have the second-highest foreclosure rate in the country.
Buying a pre-foreclosure property in Florida
Buying a Florida home during pre-foreclosure means the period of time between the homeowner receiving a notice of default (NOD) and the property being foreclosed. In Florida, it can take 10 to 12 months fr2 ...
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seller, foreclosure, sell my home, short sale, tampa foreclosure
Wednesday, March 23, 2022 / by Stephanie LeFew B
What is a Short Sale?
Have you found yourself Googling, “what is a short sale in real estate terms”? Well, we’re here to explain exactly what they are.This real estate term is used to describe what happens when a homeowner decides to sell their home for less than the mortgage value. This is usually because they find themselves in a position of financial difficulty and are struggling to keep up with mortgage payments. Short sales are often an attempt to avoid a foreclosure, which is what happens when the lender forcibly repossesses the home.
Real Estate Short Sale Process For Buyers
Before any purchase can be made, the mortgage lender — in most cases, a bank — must approve the short sale. For banks to approve a short sale, they will generally require documentation explaining the reasoning behind the short sale. In order to help them determine whether or not to approve the short sale, banks will often conduct a ; ...
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seller, foreclosure, sell my home, short sale, tampa foreclosure
Wednesday, March 2, 2022 / by Stephanie LeFew B
One of the greatest myths in the world of real estate is that buying a home that’s in a pre-foreclosure state, or one that has already been foreclosed upon, will get you the very best deal possible. This is inaccurate for a number of reasons, though if you know what you’re looking at you can sometimes snag a bargain. There are a few things you need to know before making that leap the first time.
What is a Short Sale?
Short sales happen because a homeowner is in big trouble financially and needs to unload their house. They may be in a negative equity position (underwater) or simply lack the equity to sell their home. There was a time when homeowners had to miss a few payments before lenders would consider a short sale, but today there are conditions, like a sudden loss of income, that can make a short sale possible faster.
Short sales save the homeowner from a long and potentially credit-damaging foreclosure. They save the bank from having to get lawyers involved ...
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seller, buyer, foreclosure, sell my home, short sale, tampa foreclosure, first time home buyer, new home
Wednesday, February 16, 2022 / by Stephanie LeFew B
Buying a home is a dream that’s shared by many people. Making that dream come true isn’t always as simple as just going out and applying for a mortgage loan, though. Some potential homeowners need a little bit of assistance in keeping loan requirements manageable, even though they are fully able to afford the loan itself. Fortunately, there are a number of home loan programs that can help make home ownership attainable even for first-time buyers and those who worry that they might not meet all of the requirements for a traditional mortgage loan.
It’s important to keep in mind that the rules and requirements for these loan programs are updated from time to time. Before starting out looking for the home of your dreams, you should make sure that you are up to date on the exact terms of the loan program you’re considering using. Here is some information on some of these updates to help you along your way.
FHA Loan Updates
Loans that are insured throi ...
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seller, buyer, florida home buyer, homebuyer, purchasing in tampa, home loans, home loans florida
