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Short Sale Closing Costs: What Buyers Should Know

HomeLight

Unexpected setbacks and misfortunes happen, whether that stems from a dramatic housing market downturn, getting laid off, or any other wrenches that life (or a worldwide pandemic) throws into your plans. Short sales operate according to the lender’s approval, requirements, and timeline.

A transparent foreclosure marketplace reveals hidden equity

Housing Wire

billion in potential home equity has been uncovered for distressed homeowners facing foreclosure. billion is the amount of surplus funds generated by foreclosure sales on the Auction.com platform between 2016 and 2020. 36,000 Surplus per Sale. Finding Nonexistent Equity.

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Buying a Short Sale Property? Your Guide to Short Sale Requirements for Buyers

HomeLight

As fate would have it, right when you’re ready to start seriously searching for a home to buy, your dream house is listed for sale as a short sale. If you don’t know about short sale requirements for buyers, you might feel like you’re out of luck.

13 Short Sale Tips So You Get a Dream Deal, Not a Nightmare Scenario

HomeLight

You may have heard a little bit about short sales — enough to know that this type of real estate listing can present some opportunities to get a good deal. But while short sales offer potential opportunities , they come with plenty of potential pitfalls as well.

Understand Your Options To Avoid Foreclosure

Keeping Current Matters

Investopedia defines it like this: “ Foreclosure is the legal process by which a lender attempts to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property. Loan modification. Short sale. housing market.”.

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Will Forbearance Plans Lead to a Tsunami of Foreclosures?

Keeping Current Matters

Yanling Mayer, Principal Economist at CoreLogic , recently revealed : “A distributional analysis of forborne loans’ payment status reveals that more than one third (39.1%) of all forborne loans are now 150+ days behind payment, while as many as 1-in-4 (25.5%) are 180+ days past due.”.

How to Buy a Foreclosure: Your Go-To Guide to Distressed Properties

HomeLight

They’ll put the house up for auction either in a sheriff’s or public trustee sale (the name depends on what foreclosure process your state follows). The bank will then list the property on the market and try to sell the home in a similar fashion to your average property. Short sale.

Buying REO Homes? Here’s What to Do — And What Not to Do — According to Experts

HomeLight

In the market for a “ real estate owned” property ? REOs for short, these kinds of sales expose buyers to a lot of potential risk. What is an REO sale? If it sells, the lender recoups some of the outstanding loan amount through the sale.

How to Find Cash Home Buyers in Pittsburgh: A Seller’s Guide

HomeLight

Timeline of a cash sale in Pittsburgh. The Pittsburgh real estate market draws investors with its budget-friendly home prices, profitable gross flipping ROI, and 90-plus neighborhoods to find a great investment. Timeline of a cash sale in Pittsburgh.

How to Get Cash for Your Home: A Step-by-Step Guide

HomeLight

Reports from the National Association of Realtors show that nearly a quarter of existing home sales were made with all-cash in the spring of 2021 — but how do you go about finding your cash buyer? Step 2: Research your local cash buyer market. Verify past sales.

How online auctions deliver on the promise of pre-foreclosure sales

Housing Wire

The great promise of short sales and other distressed pre-foreclosure sales as a foreclosure alternative is most fully realized in a competitive and transparent online auction marketplace, according to recent data from the Auction.com Market Validation Program (MVP) for pre-foreclosure sales.

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Building a Guest House 101: Get Your Accessory Dwelling Unit Up and Running

HomeLight

In response to Airbnb and VRBO, many cities are placing restrictions on short-term rentals to prevent local housing from morphing into hotels. Minimum short-term rental lengths. Maximum days use as a short-term rental per year.

13 Steps to Buying a Bank-Owned Foreclosure

HomeLight

There are pros and cons to consider when going this route, however, such as the fact that bank-owned properties often need more TLC than other homes on the market, and many are sold as-is. If the homeowner fails to catch up on their payments by the auction date, the home is auctioned for sale.

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Buying a Foreclosure at a Home Auction? Here’s How Much You’ll Probably Spend

HomeLight

One important factor in how much a house will go for at a foreclosure auction is its appraised value — the professional estimate of its worth in the current market. Knowing the ins and outs of the market you’re hoping to buy in will help you estimate a potential auction price.

What Is Buying a Foreclosure Really Like? 5 Homeowners Spill the Tea

HomeLight

She was drawn to foreclosures because, “For me, having a house that has equity has always been important. Many homebuyers like buying and knowing that they have immediate equity, above and beyond the down payment, in the house. Why might you be interested in buying a foreclosure?

Is a Housing Market Crash Possible in 2021?

RIS Media

With the real estate market experiencing surging prices, scant inventories and a backlog of new home construction, many consumers are wondering if what’s gone up must come back down—in other words, are we headed for another housing market crash? Housing Market Crash.

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Pandemic may lead to foreclosure crisis, CoreLogic says

Housing Wire

The share of loans with payments 90 days to 119 days late quadrupled between May and June, rising to 2.3%, the highest level in more than 21 years, said Frank Nothaft, CoreLogic’s chief economist. A surge in the share of mortgages 90 days or more overdue in June is a signal the U.S.

Here it is: Biden’s first-time homebuyer tax credit legislation

Housing Wire

On Wednesday, lawmakers published a draft version of the legislation, the “Downpayment Toward Equity Act of 2021,” ahead of a hearing held by the U.S. I got the daddy down-payment loan. It would be a very small market,” said Stevens. “No

For the first time in a year, forbearances dip below 4%

Housing Wire

Fannie Mae and Freddie Mac loans once again made up the smallest share at 2.05% ? while Ginnie Mae loans in forbearance fell 7 basis points to 5.15%. The percentage of loans in forbearance for depository servicers also dropped 3 basis points to 4.16%.

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Seller’s vs. Buyer’s Market: A Seller’s Guide to Decoding Market Conditions

HomeLight

From cocktail parties to backyard barbecues, it seems like everyone around you is talking about how hot the real estate market is. So does that mean you’re in a buyer’s market or a seller’s market? Like stock prices, the real estate market fluctuates.

6 Simple Graphs Proving This Is Nothing Like Last Time

Keeping Current Matters

Last March, many involved in the residential housing industry feared the market would be crushed under the pressure of a once-in-a-lifetime pandemic. Home sales and prices were both up substantially over the year before. percent from 2001 to 2003 for the whole mortgage market.”.

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U.S. Housing Market Will Withstand a Wave of Foreclosures When Forbearance Ends

Redfin

American homeowners have gained $2 trillion dollars in home equity since the beginning of the pandemic alone, thanks to double-digit price growth driven by soaring homebuyer demand as the supply of homes for sale fell to historic lows. Average Loan to Value (LTV).

Why Today’s Options Will Save Homeowners from Foreclosure

Keeping Current Matters

During the housing crash twelve years ago, many homeowners owned a house that was worth less than the mortgage they had on that home (called negative equity or being underwater ). Today, the vast majority of homeowners have significant equity in their homes.

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How can servicers best help borrowers as they exit forbearance?

Housing Wire

they may not be able to modify the loan, sell quickly or whatever else and thus end up foreclosed upon). This will be especially true for lower-income households with FHA loans that started with very little equity to begin with due to the low-down payment requirement.

Can You Get a Comparative Market Analysis For Free, No Strings Attached?

HomeLight

Or perhaps you’re curious whether you should put it on the market sooner. A real estate agent performs a comparative market analysis, or CMA , before your home hits the market to help arrive at a decent asking price. But how much does a comparative market analysis cost?

Another Look at if We are Headed for a Real Estate Bubble

Realty Biz

Let’s not lose sight of the fact that it was a housing market crash 13 years ago that set off a worldwide recession. Not that we are on the verge of another Great Recession, but we must be aware of the ongoing signals of distress in the real estate market if another meltdown is to be avoided.

Will the Current Boom Housing Market Crash Dive or Crash Land?

Realty Biz

A billionaire who made his fortune shorting subprime mortgages is saying the current housing market is an even bigger bubble than before the Great Recession set in. Jeff Greene told CNBC he sees the housing market in the U.S.

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Will There Be a Wave of Foreclosures In 2021 for Southern California?

First Team Real Estate

Many fear that we will see a repeat of 2008 with a market crash and a huge wave of foreclosures. With the moratorium on home foreclosures, distressed sales have dipped to their lowest levels ever, making up less than half a percent of the listing inventory and demand in Southern California.

Miami Real Estate Records Best August Sales Month in History

Realty Biz

Miami-Dade County real estate broke another record, posting its best August sales month in history as pent-up demand, more U.S. Miami-Dade County total home sales surged 30.6% year-over-year in August 2021, from 2,527 sales to 3,299. 1 overall sales month in Miami history.

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8 Signs That a Housing Recession Is Looming (And What to Do)

HomeLight

Although several experts predicted that the next housing recession would take place in 2020 , with the benefit of hindsight, we know that 2020 was a hot seller’s market across the United States. Less properties, less sales. Housing-specific recession sign #7: Home equity is stretched.

Pros and Cons to Weigh When You Sell a House Before a Recession

HomeLight

But, as tough as this year has been, the real estate market has prevailed. HomeLight’s Q3 2020 survey reveals that 92% of surveyed real estate agents say they are experiencing a strong seller’s market, and they feel it’s going to stay that way for a while.

I Need to Sell My House Fast, What Are My Options?

HomeLight

Even in today’s hot seller’s market where homes attract offers in as few as 16 days , it takes around 2-plus months to sell a house from list to close. And that doesn’t account for the weeks needed to clean, paint, and tidy up the property for its market debut. FSBO (For Sale By Owner).

Buyers: Here’s Your Negotiation Strategy for When the Appraisal on a House Comes in Low

HomeLight

After a low appraisal on your dream home , you may assume that this is the end of the road because it may mean the termination of your mortgage loan if you can’t work out a deal. There are many reasons why the appraisal can come in low; one cause may be a shifting market. “It’s

Can You Sell a Home in Foreclosure? Why Time Is of the Essence

HomeLight

From there, it can be two to three months to the scheduled sale of your property if you take no action to square up with the mortgage company, HUD’s guidelines note. Don’t let any stigma keep you from making wise financial decisions about the sale of your home.

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CoreLogic Reports Serious Delinquencies Spike in June as Financial Pressures Build for Homeowners

RIS Media

CoreLogic® released its monthly Loan Performance Insights Report for June 2020. To gain an accurate view of the mortgage market and loan performance health, CoreLogic examines all stages of delinquency , including the share that transition from current to 30 days past due.