Maryland Real Estate by Pamela DuBois: Buying after short sale

Maryland Real Estate by Pamela DuBois: Buying after short sale: "FHA will allow a borrower to purchase another home immediately after a short sale IF their mortgage was not delinquent in the last 12 months..."

Buying after short sale

FHA will allow a borrower to purchase another home immediately after a short sale IF their mortgage was not delinquent in the last 12 months.

If there were any late mortgage payments in the last 12 months, BUT the mortgage has been brought current at the time of short sale, the FHA will allow purchase after one year.

If mortgage is past due at the time of short sale, the buyer must wait 3 years. However, exceptions can be made to the 3 year waiting period if the cause of the short sale is deemed to be related to circumstances beyond the buyer's control.
Examples include: medical illness, loss of primary wage earner's job, death, etc.

Maryland Real Estate by Pamela DuBois: Buyers are having to compete again to buy a home

Maryland Real Estate by Pamela DuBois: Buyers are having to compete again to buy a home: "With all the bad news about the housing market, it may come to as a surprise that the Washington DC areas home buyers may run into a bidding..."

Buyers are having to compete again to buy a home

With all the bad news about the housing market, it may come to as a surprise that the Washington DC areas home buyers may run into a bidding war. It has been happening more frequently lately. I wrote an offer on a property in Germantown, MD and there were 10 other offers on this property. The properties that are price slightly lower than market and is in good condition is likely to get more than one offer. One of things I've also noticed is there is a shortage of properties, good properties, priced right.

I actually had a buyer say to me today, "I thought it was a buyer's market". I explained there's a shortage of good properties at good prices. She mentioned she was on the computer a long time last night looking for properties and couldn't find anything that she was looking for.

Today’s bidding is not the same as it was a few years ago. It was easy to get a loan then. With today's strict lending guidelines, buyers have to be sure they are able to get a loan if are going to bid over the sale price.

So yes, it's great news to see multiple offers on properties. The Real Estate market will help move things in a positive direction for our economy.

Maryland Real Estate by Pamela DuBois: Buying versus renting

Maryland Real Estate by Pamela DuBois: Buying versus renting: "It is cheaper to buy a home than to rent one in 39 of the nation's 50 largest cities. The median list price with the median rent on two-bed..."

Maryland Real Estate by Pamela DuBois: Maryland Real Estate by Pamela DuBois: Why buy now...

Maryland Real Estate by Pamela DuBois: Maryland Real Estate by Pamela DuBois: Why buy now...: "Maryland Real Estate by Pamela DuBois: Why buy now : 'In 2006 the high prices and higher interest rates restricted many buyers from purchasi..."

Maryland Real Estate by Pamela DuBois: Why buy now

Maryland Real Estate by Pamela DuBois: Why buy now: "In 2006 the high prices and higher interest rates restricted many buyers from purchasing. As the market started to deteriorate, which resul..."

Why buy now

In 2006 the high prices and higher interest rates restricted many buyers from purchasing. As the market started to deteriorate, which resulted in declining values and lower interest rates, many buyers have been taking advantage of the market.

But still the opportunities are not being seized by buyers and some real estate professionals feel that it's because there is confusion in the marketplace. Buyers are uncertain whether they would qualify and whether now is a good time to be purchasing a home.

All markets are different and every situation is different. The only certain way to determine would be to investigate your individual situation. You owe it to yourself and your family to visit with a real estate professional who can show you the real cost of housing and recommend a lender.

Real Estate long term has always been a good investment. Take advantage of the low rates and home prices today.