We have listed foreclosures on our site for a while now. Our users and subscribers have been pleased with the easy access to the listings (why should you have to dig for them!) But we have now taken it a bit further with our new "distressed listing" button on the main page. This button gets you one click access to all the distressed listings - bank owned foreclosures, short sales, and pre-foreclosure listings. Better yet, these listings are all separated by city. Use this link for direct access:
We do a lot of work with buyers, and strive to find them the absolute best value in a home. That stated, we occassionally are blessed with our own listings. Every once in a while a listing stands out as an excellent value. We believe this listing in The Village of Sippihaw in Fuquay fits that category. No home has sold in this community for less than $220,000 in the past year, but this great ranch home is priced at $184,900. See more details here:
Help! I want to buy a foreclosure but can't check your site everyday!
Simply reply to this email with your area and price range - we'll set you up for FVRE's Foreclosure eAlerts. You'll be the first to know when one hits the market! Emails are sent within 15 minutes of listings submission!
We Have a New Addition! Stacy Zotter has joined Fuquay Varina Real Estate
With several years experience negotiating short sales and contracts with banks, Stacy is a great addition to the team. She immediately strengthens our ability to help homeowners facing the risk of foreclosure, but lends important insight on negotiating contracts with banks. She is a perfect addition to the team. A dedicated mother and wife, Stacy also holds an MBA from Duke and an undergraduate degree from Westpoint. We are truly blessed to have her on the team! Who would you rather have as your real estate advocate?
Over the next few weeks we will share some article Stacy has penned. We hope these will serve as a resource and education tool for both buyers and sellers. Her first article is below - ENJOY
It is important to understand these options as an investor or a potential buyer in the foreclosure market because they are numerous points of entry in the process. Move at the right time and you can get a great deal and create instant equity. The saavy investors that are setting themselves up for long-term gains on their real estate investment are buying right. This article will help you know when to strike to get the best deal. The following are the most common options available to a homeowner that is facing foreclosure.
Option 1: Reinstate the Loan
Option 2: Forebearance
Option 3: Modify Your Loan
Option 4: Refinance Your Mortgage
Option 5: Sell Your House
Option 6: Deed-in-lieu of Foreclosure
Option 7: File Chapter 13 Bankruptcy
Option 1: Reinstate the Loan.
The most obvious option available is to pay the loan current. This is simply paying the amount of money that is owed to get caught up on payments. Unfortunately, if they are already in foreclosure the bank has incurred legal and administrative fees associated with initiating foreclosure proceedings and the lender is going to add these fees and back interest onto the past due mortgage. Typically, these fees range anywhere from $2k-$5k dollars. Even with these additional fees, this option is the quickest and most efficient way to stop foreclosure.
Option 2: Forebearance.
Forebearance is when the lender stops or postpones legal action because the homeowner makes satisfactory arrangements to bring the overdue mortgage payments current. Even if they don’t have the financial resources needed to immediately bring the loan current, lenders may suspend legal action if they have a legitimate explanation of how the homeowner will get caught up on payments in the future (a temporary hardship for example).
Option 3: Loan Modification.
Lenders may be willing to negotiate with a homeowner to modify the terms of their loan so that they can avoid or stop foreclosure. Adjusting the interest rate, extending the term of the loan, or spreading the past-due amount over future payments vs. one lump sum are all factors that a homeowner may be able to negotiate with their lender to stop the foreclosure proceedings.
Option 4: Mortgage Refinancing.
Applying to refinance your mortgage may be a good option if a homeowner has a very high interest rate loan and this can significantly lower their monthly payment (to make it affordable) with a new loan, and they have an excellent past credit history. Unfortunately, it many cases it is difficult to secure a loan because the homeowner’s credit score may have already been adversely affected if they are behind on payments or if foreclosure proceedings have already begun. As a homeowner explores this option, they need to know the exact costs of getting a new loan (closing costs that include loan origination, appraisal, miscellaneous fees) to ensure that these expenses do not outweigh the advantage of a slightly lower monthly payment.
Option 5: Sell the property.
If a homeowner is unable to work with their lender to come up with a suitable solution in a reasonable amount of time (don't wait longer than 2 weeks), then they should consider selling. This is where investors or another owner-occupant buyer can come in and “save” a homeowner from going through foreclosure eep in mind that time is of the essence! Your lender is moving forward with foreclosure proceedings and at this point assumes that they will be taking your house from you eventually. For this reason we strongly recommend that you not try to go it alone with a “For Sale By Owner.” You need to find a buyer for your house and you need to do it fast. That leaves 3 alternatives:
Alternative 1 – Sell on the open market: List it with a professional real estate agent/broker to get maximum exposure and price it at a point that will attract the market’s attention. Assuming that your home needs some repairs (hopefully minor) as most houses do, you can either pay to have those repairs made to get it ready to sell or end up discounting your price to attract a potential buyer. You will also need to factor in the cost of real estate commissions.
Alternative 2 – Sell it on the open market via short sale. To accomplish this you need to work with a Loss Mitigation Specialist who can negotiate with your lender to accept a short sale (when the mortgage company agrees to accept less than what you owe). We are experienced at negotiating with banks and advocating QUICK sales for homeowners. Call us today 1-800-405-0686 to discuss this option. The short sale method has become extremely popular and effective for homeowners who have little or no equity in their homes.
Alternative 3 – Sell to an investor: Sell it to us at True North We will buy your home “as is”, for a fair price, with no commissions, and offer immediate financial relief. By selling your house to an investor who will take it quickly “as is”, you are immediately stopping the foreclosure process and preventing further damage from being done to your credit.
Option 6: Deed in Lieu of Foreclosure.
This is when you voluntarily turn ownership (the deed) to your house back to the bank. You are essentially offering your lender ownership of the house (subject to any liens) in exchange for them stopping the foreclosure process. Lenders do not have to accept your Deed in Lieu of Foreclosure and typically will not if the amount owed is too great to make it a financially sound decision for them.
Option 7: File Chapter 13 Bankruptcy.
This is by far the least desirable option in our opinion and should only be considered as a “last resort.” Some people falsely believe that a bankruptcy will solve all of their “house” problems and the fact is that it won’t. Best case scenario is that it will temporarily hold up the foreclosure process and essentially buy you some time. Trends indicate that chances are great that your home will still go through foreclosure and be sold on the auction steps. The result is that you will have BOTH a bankruptcy and a foreclosure on your credit report.
DISCLAIMER:
This document is for informational purposes only. Legal information is not the same as legal advice. This document is simply designed to provide information on foreclosure law. Although we consider the information herein to be accurate to the best of our knowledge, we recommend that you consult a lawyer if you want professional assurance as to the accuracy of document’s information and your interpretation of the information is appropriate given your individual situation. True North Real Estate Solutions, LLC will not be held liable for actions taken or not taken as a result of the provision of this information.
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