It has been kind of expected among real estate and mortgage professionals. Today came the official announcement from the HUD office.
As of 2/1/10, FHA buyers can buy properties that have been owned by the seller for less than 90 days.
Of course, there are some strings and conditions attached. Watch this video for details…
Resources:
What do you think about the impact of this temporary waiver? Engage and leave your comment below!
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A review of Jeff Adams’s Foreclosure Profit System has to start with a little background on Jeff. He is an ex-firefighter, turned big time real estate investor and seminar speaker. It’s hard to say how many deals he still does personally, but then again, who could blame a gifted teacher for making himself “obsolete” in his buying-and-selling business to leverage his promotional skills?
To kick off his Foreclosure Profit System Launch, Jeff released a free training video that reveals his top three buying strategies in the 2009 market. They have to do with REO’s – bank owned properties, which is clearly one of the single largest type of sales that are currently happening, and banks are extremely motivated sellers.
The great thing about the new fashion of promoting real estate courses and other kind of information and training materials is that these “launches” often give you plenty of information for free that you can apply immediately and see if it works for you. Before you even get to any kind of “sales pitch”, you can achieve results that can quickly pay for the information if you choose to buy.
Foreclosures are definitely an area of deals that you should not ignore, and Jeff Adam’s Foreclosure Profit System is a professional, proven method to learn the latest information you need in the 2009 real estate depression.
You can get Jeff’s Foreclosure Profit System here <== LINK to FREE Video!
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We’ve put two short movies together to walk you through this great 2-story home in SOuth Central Los Angeles. Looking at them will give you a pretty good idea of what it needs. It was built in 1997, so you know it has “good bones” even though the cosmetics needed are making it look ugly now. But hey, that’s what you need to buy to make money in this market, and this one has great potential!
Banks are more and more controlling the foreclosure real estate market by slashing prices to move their inventory. According to Dataquick (http://dsnews.com), over 43% of all Southern California home sales were “foreclosure resale” transactions:
“Foreclosure resales continue to be a dominant factor in today’s Southern California market, accounting for 43.6 percent of all resales. That was up from a revised 41.8 percent in June, and up from 7.9 percent in July 2007. Foreclosure resales — where a foreclosure had occurred at some point in the prior 12 months — ranged from 22.2 percent of all resales in Orange County last month to 64.4 percent in Riverside County.”
These “foreclosure resale” transactions are considered distressed sales, and if you see an over-proportionate amount of them in a certain area, it drags down the “median home price” and the “comps” below “fair market value”. If you can purchase a bargain property AT or even BELOW these price levels, you’re getting an excellent deal!
We’ve seen deals from our bank-owned sources that you could get for 30-50% BELOW “foreclosure resale” comps (click here for a sample)! Some of these properties are still available, even in the San Fernando Valley.
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