In Placer County I am seeing the higher end homes moving quicker than a year ago. I think consumers are feeling a little better about the economy than last year in addition to realizing that interest rates are going to start inching up so they are wanting to take advantage of the current rates. Additionally because the values of less expensive homes have increased so much some consumers are able to sell their homes and move up (especially bay area clients capitalizing on large increases of values and moving to Placer County).
Let me try to answer as many of these questions as possible:1. Whoever's name was on the loan and thus has the foreclosure on their credit report will have to most likely wait 3 years to get a fha loan or 4 years to get a conventional loan (there are exceptions to these timelines but in general this is how long it takes). If you were not on the loan you may be eligible for a home loan now.2. Even if you are on the loan you would be eligible for a hard money loan (private party) which typically requires 30% or more down and has a higher interest rate than a conventional or fha loan. 3. In general once a lender forecloses on the property you are no longer responsible for the debt (unless you also had a 2nd loan on the home which you may still be responsible for the 2nd loan). With that said there are potential tax consequences to a foreclosure so I would run this situation by a cpa to verify where you stand.I hope this helps...Jim
It is impossible to know what happened as there are many possibilities. I can only speak for myself but in the rare instances where I have encountered a list agent who will not return my calls I have gone ahead and called their Broker as all listings belong to the Broker not the agent. I would suggest if you are really upset about this that prior to taking any other action you ask your agent to call the Broker and give the Broker an opportunity to clarify the situation.I hope this helps.
In theory it starts from the date of escrow but the date it starts appearing on your credit report can also be a factor. I would suggest you start working with a lender about 6 months prior to be ready to purchase so they can pull your credit and get anything updated with the credit bureaus that need to be. Good luck with your search! Jim