Your situation is not uncommon in today’s real estate market. Multiple offers on well priced bank owned properties aka REO’s. has become the norm and there can only be one “winning” offer. It looks like a cash offer beat out your “contingent” offer. The cash offer didn’t have to be as high as your offer …
Category Archives: Buying
How can I get information to analyze the sale trends in the Auburn and Sacramento area?
One great spot is right on my company website, www.seehometown.com. Click on “Market Trends” and choose your area from the dropdown menu.
What Are The Obligations of a Foreclosure Auction Buyer?
The absolute best home buys are on the courthouse steps. If you go to the auction and successfully purchase the home that you have your eye on you will not be required to assume the second. All loans subordinate to the first are considered to be “junior” liens and are wiped out during the foreclosure …
July 6, 2011 – 10:05 am
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By SueT
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Posted in Auction, Buying, Investment Strategy, Myths
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Comments (0)
Why Might a Bank Prefer Foreclosure to an All Cash Short Sale?
My understanding is that some of the loans are insured. If the lender receives 30 cents on the dollar from insurance and sells the property at auction, it’s possible that between the insurance received less the cost to foreclose plus the proceeds from a foreclosure sale, the lender could quite possibly end up ahead of …
June 20, 2011 – 5:59 pm
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By SueT
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Posted in Auction, Buying, Short Sale, Top Questions
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Tagged Auction, Foreclosure, investment property, Short Sale
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Comments (0)
Why Can’t I Finance Another Residence and Rent My ‘Under-Water’ Home?
Mostly it’s probably because of a strategy called ‘buy and bail’. Some borrowers with good credit have qualified for a second loan by proposing to rent out their existing residence. They close the loan on the new purchase and then walk away from their current residence often not even renting it out. Some borrowers stop …
June 15, 2011 – 6:14 pm
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By SueT
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Posted in Buying, Investment Strategy, Lending, Top Questions
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Comments (0)
How Long After Foreclosure to Get a New Loan?
Fannie Mae’s current guidelines pertaining to one’s primary residence state that if one does a short sale, Fannie Mae will insure a new loan within three years of the short sale. If one has a foreclosure they won’t be eligible for a Fannie Mae insured loan for seven years.
How Do I Estimate ROI When Considering A Condo vs. A SFR?
The comparison on the rate of return between the condo and single family dwelling is based on the amount of cash that the investor uses to acquire the property. For instance if an investor paid $47,000.00 cash for a condo compared to $60,000.00 down for a $200,000.00 single family dwelling. The after expense and before …
June 8, 2011 – 6:28 pm
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By SueT
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Posted in Buying, Investment Strategy
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Tagged investment property
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Comments (0)
How Do I Best Take Advantage of Rental Demand?
Owners of distressed properties will be filling out rental applications for the next couple of years. I am not sure about the number of vacant properties but I do know that 10 million is in the ballpark. An abandoned property that hasn’t yet been foreclosed on is virtually in limbo. As an “out of service” …
June 1, 2011 – 6:41 pm
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By SueT
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Posted in Buying, Investment Strategy, Rental Income
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Comments (0)
Are Rentals a Good Idea Now?
Owners of distressed properties will be filling out rental applications for the next couple of years. I am not sure about the number of vacant properties but I do know that 10 million is in the ballpark. An abandoned property that hasn’t yet been foreclosed on is virtually in limbo. As an “out of service” …
What in an Offer Can ‘Kill’ a Deal?
The listing agent should know more about the sellers motivation than anyone.However, a sellers motivation can change from moment to moment. It’s the listing agents duty to write your offer the way that you have instructed. It’s also his duty to present it to the seller. Agents themselves unwittingly become the “deal Killers” in a …
