FINDING YOUR PERFECT HOME
Buying a distress sale home
Distressed sales include short sales, pre-foreclosures, bank-owned properties & HUD-owned homes
Short Sales
A short sale happens when the home seller gets the mortgage company to agree to a payoff of less than what's owed when selling. This is common when home values drop for recent home buyers who bought with 3% to 10% down.
Pre-Foreclosures
A pre-foreclosure sale happens when the home seller is behind on mortgage payments and the mortgage servicer is taking steps to foreclose soon. The seller is hoping to sell before the bank takes the home.
Bank-Owned Homes
Bank-owned homes are in the bank's possession because the homeowners got behind on their mortgage payments and defaulted on their loans. The bank sells them to the public.
HUD-Owned Homes
HUD is a housing agency within the federal government. HUD-owned homes are in HUD's possession because the homeowners got behind on their mortgage payments and the loans were through government-backed FHA, VA or USDA mortgage programs. HUD sells them to the public.
If you only search for distressed sale homes, you may not find many to choose from. Try widening your search to include standard sales too.
We hope this information helps you buy the home you've been dreaming about
You may enjoy some of our other home buying special reports
Here's some great news
If you enjoyed this list of 10 tips, then you'd really enjoy The Home Buyer's Kit. Whether you're buying your first home or your 101st, the home buying process can be tricky.
One wrong move in the home buying process and you lose the perfect home to another buyer, pay too much, or get stuck with a house that's falling apart.
The Home Buyer's Kit helps you navigate the buying process. It shows you what steps to take, where to turn, and which pitfalls to avoid. For FREE and with no obligation.
What to do next
If this sounds interesting to you, we've posted a short description of The Home Buyer's Kit here: TheBuyersKit.com. Check it out and let us know.
Karin Aguilar & Brian Smith
Karin and Brian have more than 38 years of combined experience in real estate and mortgages. They founded Showcase Agency, Inc, a real estate and home loan company, in 2017. They live in Irvine with their two daughters.
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