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The Federal Housing Finance Agency announced that owner occupants, public entities, and nonprofits will have the exclusive ability to buy Fannie Mae and Freddie Mac real estate owned (REO) foreclosure homes before they are available for investors to purchase. This could help lessen the risk of a real estate market housing crisis. The time period of when NON-investors can buy these foreclosed homes BEFORE investors has been extended from 20 days to 30 days from when the REO foreclosure is listed for sale.
Foreclosure homes how to buy: There are 3 main ways to buy them:
#1. Is buying a pre-foreclosure as a short sale. In a short sale, the homeowner is often behind on their mortgage payments (typically 90 days or more past due) and they apply with their lender to sell their house as a “short sale” due to a financial hardship.
#2. A more traditional yet risky way to buy foreclosure homes is through an foreclosure auction. Homes are typically sold to cash buyers. They often don’t allow buyers to use loans.
#3. Another way to buy a REO or Real Estate Owned property. These are often listed by real estate agents. One major pro is the homebuyer can get inspections done but the downside is these homes are sold “as is” so the owner (the lender) normally will not do any repairs.
The first step in buying a foreclosure is to find a great real estate agent. One way to find an agent is go to https://homeandmoney.com/jason
The second step is to get pre-approved for a loan and then you can start your search! My advice is to include non-foreclosures due to the lack of supply (this is due to the foreclosure moratorium that recently expired). It may take a major housing market shift or housing crash to drastically increase the amount of foreclosures.
Comment below: what’s your US housing market forecast? Do you think a housing crash 2021 will happen and there will be a housing crash due to a housing bubble, a 2021 housing market crash 2021 or are your housing market predictions that the real estate market 2021 and home prices 2021 will continue to surge?
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Jason Walter, CPA (lic 103885)
Sacramento Realtor/Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
[email protected]
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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only.
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#foreclosures #REO #housingcrisis