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Short Sales

6 Tips for Buying a Home in a Short Sale

When sellers need to sell their home for less than they owe on their mortgage, they’re shooting for a short sale. Short sale homes can sometimes be bargains, but only if you do your homework, stay patient, and remain unemotional during the sometimes lengthy and difficult short sale process.

Here are six tips for protecting yourself emotionally and financially when bidding on a short sale. Read the rest of this entry »

Spoken by Maggie Dokic | Discussion: No Comments »

Miami Short Sales Now in Reach of Homeowners with Perfect Payment History

As of November 1st of this year, new guidelines from Fannie Mae and Freddie Mac will allow Miami homeowners experiencing financial hardship to qualify for short sales even if they have never missed a mortgage payment. Previously an unblemished payment history would have disqualified homeowners from the possibility of obtaining a short sale. The need to prove substantial hardship is still required but this change will allow many Miami homeowners to qualify for a short sale that would not have been possible before the new rules took effect.

In addition to this much needed change officials of the FHFA (Federal Housing Finance Agency) report that they are currently “in discussions with the credit industry” to find ways to preserve the credit rating of those homeowners whom undergo a short sale but also have never missed a mortgage payment in the past.

Spoken by Ed Lucas | Discussion: No Comments »

14-Year-Old Girl Buys Short Sale Home!

Willow Tufano is a very industrious little lady. First she raised $6,000 of her own money by antiquing and selling various items on Craigslist, but that was just the beginning of her investment strategy. Next she asked her mom for permission to invest in 50% of a Florida short sale home! The home was selling for $12,000 but was valued at $100,000 when the real estate market was peaking.

Sharron Moore, Tufano’s mother is a broker and was herself considering buying the short sale home when her daughter asked if she could purchase half now and the other half later. Mom agreed and now Tufano is saving her half of the rental income on the property as a way to pay for the remaining $6,000 and obtain full ownership of the home. Read the rest of this entry »

Spoken by Ed Lucas | Discussion: No Comments »

Miami Short Sale Debt Forgiveness is Short on Time

Just a friendly reminder folks, there are less than 90 days left to take advantage of the debt forgiveness act for short sale sellers. You’ve probably already heard all about that by now but do you understand how important it is? If you are considering the short sale of your Miami home then you need to act NOW. As of December 31st of this year the act expires and homeowners that decide to take advantage of the short sale of their Miami home may incur substantial tax liabilities that can be avoided if they take action immediately. If your home is experiencing financial stress and you need to sell, now may be your last chance to save substantial money.

Spoken by Ed Lucas | Discussion: No Comments »

5 Easy Steps to Buying a Miami Short Sale Home

If you are serious about finding a good deal on a new Miami home than you already know that short sales are a great option. Whether you are seeking a primary residence or investment property short sales often sell for less than comparable homes in the same area. Here are a few suggestions when buying a short sale home that will make the process a little easier and help you to avoid some of the more common mistakes. Read the rest of this entry »

Spoken by Ed Lucas | Discussion: No Comments »

Miami Short Sales – The Right Time for a Good Investment

As we all know when the economy is bad many prospective home buyers tend to continue renting until they feel that the economy is improving and are more confident about buying that dream house. At the same time, properties tend to sell for less as a result of the economy and this is when some great values can be found by investors, especially through short sales. Read the rest of this entry »

Spoken by Ed Lucas | Discussion: No Comments »

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These articles are not intended to give legal or tax advice, and you should consult your attorney or financial advisor for additional information.

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