Foreclosures

As you have seen or heard Foreclosures are at all time high because of the Housing downturn and the loans that the mortgage companies wrote in the last 5 years. I am a Real Estate agent, but I was also personally touched by this crises. I had two homes that I had to short sale to avoid foreclosure. If you are not familiar with a short sale or a pre-foreclosure I will give you some insight. When you are late on your mortgage payments you can actually negotiate with the bank you sell your home for less that what you owe on it to avoid foreclosure. This is one alternative to walk away not owing anyone and not devastating your credit. Your credit will take twice the hit on a foreclosure and it will be twice as long before you can buy a new home. There are some other alternative that can usually be negotiated with the mortgage company if you are wanting to try to stay in the home. Because of the downturn in the market and my personal experience. Because of the wide spread problems you must be cautious of companies that say they can help you for a fee or in the transfer of your deed to them.

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Thank you

Sean Reno
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September 13 2007 - Fort Worth
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Profile picture for kessa1
I am sorry you lost your homes in this big mess. I am looking to buy a forclosure, one i really love is listed at 79,900. Can you negocieate with a reo owned property. i just need to get it down to 69,000. Thats what i can afford. Also there are brand new homes off sycamore about 10 to a street in forclosure, they are asking about 115,000 average. these homes are in perfect condition and never lived in. is it worth giving it a shot and offering 70,000. Oh and the one for 79,000 had been on the market for 2 months with no offers.
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March 08 2009
 
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