Mortgages

How to Buy Short Sale Homes


How to Buy Short Sale Homes

Helpful information on Buying a Short Sale Home

A Short Sale is when an owner sells their property for less than what they owe. The most common reasons for a Short Sale are:

Pros and Cons of Buying a Short Sale

You should also weigh the pros and cons of buying a Short Sale before making an offer.

The first step you should take when buying a Short Sale is to hire a realtor with Short Sale experience. The agent will be able to use their experience to expedite the transaction while protecting your interests. Your realtor can also assist you in finding out who is on the title and how much is owed to the lender(s). This will help you decide what to offer when approaching the seller.

How to Buy a Foreclosed Home


How to Buy a Foreclosed Home

Information about Buying a Foreclosed / Bank Owned Home

Foreclosure is the process in which lenders attempt to recoup the amount owed on a defaulted mortgage loan by either repossessing or selling the property. It’s important to understand the basic foreclosure process before purchasing a property:

Buying a Foreclosure

The foreclosure process offers three opportunities to purchase bargain homes. There are pros and cons to each opportunity:

Down Payment Assistance for a Foreclosed Home

There is Federal Government assistance to help purchase a foreclosed home by providing eligible borrowers with down payment assistance. For more information about HomePath visit our Federal Down Payment Assistance Guide.