December 27, 2012 by themathercompany
Filed under Blog, Buyers, Columbia Real Estate, Columbia SC Real Estate, Financial, Foreclosure, Homeowners, Local Real Estate Information, South Carolina Real Estate
In the state, 3,557 homes, or one in every 601, were under some form of foreclosure in October, down 2% from last year. Read more
Beginning June 15, real estate agents working with distressed homeowners whose loans are backed by Fannie Mae and Freddie Mac should expect to receive a decision on a short sale offer within 30-60 days.
The GSEs issued new guidelines Tuesday that fall under the Servicing Alignment Initiative rolled out last fall and aim to bring greater transparency to the short sale process and expedite decisions related to these pre-foreclosure sales. Read more
Your buyers may be drawn to distressed properties. After all, “the No. 1 reason to buy a foreclosure is the potential for a good bargain,” says Daren Blomquist of RealtyTrac.com.
Indeed, discounts often can range from to 20 or 40 percent off on a short sale or foreclosure compared to a sales price of a nondistressed home.
But despite the big bargains, buyers need to tread carefully before jumping in. Blomquist provides some of the following tips in buying a foreclosure in a recent article at Business Insider. Read more