In the latest sign of renewed turbulence in the housing market, an industry group said Thursday that sales of existing homes fell 5.1% in June.
NOT ANY TIME SOON!!! The short sale market is here to stay. Although there are lots of homeowners simply walking away and washing their hands of their homes, there are a lot of homeowners who have found that doing a short sale is a lot better option than just letting the house go. For most owners, a short sale is a better option than walking away and will help them long term. The damages on your credit are generally less than a foreclosure and your credit will rebuild quicker is most cases. Buying a short sale can be an excellent way to purchase a home at a great price but not have to deal with putting money into it to fix it up. In most cases, the owners want to keep the house looking nice so they can sell it. It doesn’t matter if you are a buyer or a seller; you need to know about short sales and what they are because they aren’t going away anytime soon.
Today’s Market is a tricky one. With the always changing loan qualifications and distressed properties that we face in Arizona it can be verify difficult to know what to do. Fannie Mae and Freddie Mac are the two largest loan investors, therefore they make the rules that most banks/servicers follow. Recently they changed their guidelines once again that now they will pull your credit towards the close of escrow to see any changes on your credit. So BE CAREFUL, don’t go and purchase something with your credit only to find out that you can no longer purchase your home because you credit changed.