Recently, Bank of America sent out nearly 100,000 solicitations to distressed homeowners offering them a chance at a deed-in-lieu transaction.

Filed under: Current Events, Foreclosure, Mortgage, Real Estate Market, Short Sale, VRN | No Comments »

Trulia.com and RealtyTrac recently surveyed U.S. adults to get some insight into what people *think* is involved with buying a foreclosure. Here are the Top 10 Myths that came up, and the facts to set the record straight…

Filed under: Commentary, Credit, Current Events, Foreclosure, Mortgage, Real Estate Market, Short Sale, VRN | No Comments »

Is there any way to assure real estate success, to purchase real estate at the bottom of the market, sell at the top and face no risk in between? It would be great to say that the answer is yes, and greater still to have such knowledge, but the central reality of investing is that such certainty does not exist. There’s always risk, including the risk of not doing anything and missing an opportunity.

But if it’s true no form of investing is risk-free, then it’s equally true that there are steps which can be taken to reduce marketplace perils, especially when considering foreclosures, short sales and distressed properties in general.

So what are the keys to foreclosure investing success?

Filed under: Commentary, Real Estate Market, Short Sale, VRN | No Comments »

Q. Why do I have to submit a Short Sale package?

A. In short, because lenders require it. Lenders need to have a compelling reason to work with the seller. By providing tax returns, bank statements, pay stubs and other forms of household income and expenses along with a detailed hardship letter, the lender has a true an accurate picture of the sellers’ circumstance. IFR works with sellers to complete a thorough and effective Short Sale package.
Q. Will a Short Sale hurt my credit?

A. The term “Short Sale” is not reflected on the sellers credit report. Many times a Short Sale is reported as “Paid-Settled” which will most likely lower the sellers credit rating. The alternative, however, would be foreclosure which can significantly damage a sellers credit rating for years to come.

Filed under: Business Services, Listing Presentation, Real Estate Market, Selling, Short Sale, VRN | No Comments »

Nearly two years later lenders are much savvier about selling bank-owned properties, and their newfound know-how is grounded in the basics of supply and demand, which are both heavily impacted by foreclosures in the 2010 marketplace. Sales of properties in some stage of foreclosure accounted for one-third of all sales in the first three months of the year, according to Rea

Filed under: Commentary, Current Events, Foreclosure, Mortgage, Real Estate Market, Realtor, Short Sale, VRN | No Comments »

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 932,234 properties in the first quarter, a 7 percent increase from the previous quarter and a 16 percent increase from the first quarter of 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.

Filed under: Foreclosure, Real Estate Market, VRN | No Comments »

The measure, which is expected to be signed by Gov. Arnold Schwarzenegger, would waive state taxes on mortgage debt that has been forgiven in a foreclosure or short sale.

Filed under: Current Events, Politics, Real Estate Market, Tax Issues, VRN | No Comments »

While sales of low-priced foreclosed homes are sparking bidding wars in some areas and there’s talk of healing in California, a huge storm cloud hovers over the Golden state: the high-end real estate market.

Filed under: Luxury Properties, Real Estate Market | No Comments »