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2014 Housing Changes and Predictions:

New lending rules will limit the number of working class buyers. By now, you have likely heard of the new mortgage rules that are going into effect January 1, 2014. As you know, the people who put these rules in place (Congress via HUD) believe these new guidelines provide greater consumer protections and will prevent a similar collapse we had in 2007.

The truth of the matter is, when a lender originates a mortgage that they are going to resell to Fannie or Freddie, the lender will have to raise their lending standards before they can approve the loan. As you can imagine, advocates for “affordable housing” are looking at these higher standards and having a fit. They don’t like these new standards because essentially, it begins limiting loans to high risk buyers with standards they aren’t going to be able to meet.

Regardless of what side you fall on in the Realolitical discussion (Realolitical = Realestate + Political) of affordable housing vs. stricter lending, the end result is fewer working class buyers in 2014 than we have had any time after the 2007 collapse.  

Unemployment is predicted to remain at about 8% for 2014. The CBO (Congressional Budget Office) is a bit pessimistic for 2014 when it comes to unemployment. They are expecting unemployment to remain around 8% which means employment conditions will likely remain the same. This means that if we take a look at the hard number, we should be seeing about 300,000+ jobless claims weekly for all of 2014. This number will change according to seasonal work requirements but, essentially, 300K jobless claims weekly.

Long terms jobless benefits have not be renewed for 2014. Approximately 1 million people this week will NOT get their jobless benefits. These people will be forced to get creative with making ends meet. For many, the risk of foreclosure just became more real than it ever has been in the past. Right now, Congress is in heated debate about extending long term jobless benefits and it might get passed however, it may not happen in time to save many from foreclosure as Congress debates.

Approximately 52% of the American public are on the Government roll. In other words, the majority of Americans are surviving by taking the tax payments of the working public. This begins a paradigm shift in our country that will be very hard to stop. In fact, it makes our country more like Europe than we have ever been before. NOTE: France’s President this week won a legal victory which will see both individuals and companies that make more than 1 million dollars, pay 75% tax rate on that income for the next 2 years. So, in essence, if you make 1 million dollars, you will pay $750,000.00 of that to the government to pay your fair share in taxes. The really sad part is, even with this tax rate, it doesn’t even put a dent in France’s debt….they are still at serious risk of insolvency.  

The bullish stock market will come to a grinding halt. In 2013, the Federal Reserve announced it will begin tapering off it’s Quantitative Easing bond purchasing program in 2014. Now, this is a very complicated monetary policy to explain but, essentially, it means that the Federal Reserve is going to stop printing money in order to stem off inflation concerns. Essentially, the Federal Reserve believes that too many dollars are in the system and in order to prevent out of control inflation, they need to pull back. Many analysis agree that the Quantitative Easing program is the lynch pin in the stock markets bull market for the past 2-3 years. Some are concerned that, without the Federal Reserve pumping money into the market….the market will collapse because our economy isn’t as strong as they thing it is. In other words, the Federal Reserve seems to be drinking the White House’s political kool-aid. The scary part of all of this, foreign countries are beginning to sell off their dollars. By doing so, our dollar weakens and inflation begins to get serious.

Finally Obamacare destroys the insurance industry and millions find out they are going to pay more for insurance than they ever had before. Sure, Obamacare advocates like to tell people that 2 million people signed up however, what they fail to tell you is that more than half of those are either 100% tax payer subsidized or a percentage thereof. They also forget to tell you that nearly 6 million lost their insurance in November and December of 2013 due to the new minimum insurance standards and that 30-40 million are at risk of losing their insurance once the employer mandate goes into effect. Everyone knows Obamacare isn’t financially solvent and the fact the law is raising premium for both individuals and employers, it’s believed that many will simply lose coverage or end up paying inflated prices they can’t afford.

So….add it all up and I do believe that in 2014, we will see absolutely no positive change for the real estate industry. If anything, we will see our industry grow stagnant and in some areas of the country, see increased inventories, lower prices and increases in short sales and REOs. I do believe high demand micro markets that aren’t over developed will be little safe havens but, unfortunately not enough of those exist to prop up the real estate market as a whole.

Hello:

Happy and Prosperous 2014 to you all.
I like to share my experience with a mushroom company you don't want to waste your time with in 2014.

Nationwide Servicing Center, Inc.
1425 University Ave suite D
San Diego CA 92103

Henchman and smooth operator:

Jack Prober

We performed order for this junk company in November, 2013 and since they received our completed order, they ceased communication and have not paid us after many phone calls and emails.

Watch out in 2014 for the like of this so called company as they are out to steal your services!

Are you paying attention to the Federal Reserve?

Realtors, be warned. The Federal Reserve announced that it will begin drawing back the bond purchasing program called Quantitative Easing. This is extremely important for us Realtors to know and understand because; this will have a dramatic impact on buyers or those considering buying a home. Let me explain.

In the past few years, we have seen traditionally third world countries see a huge growth in development. For example, did you know that Mexico is now one of the worlds largest producers of aircraft? Yeah, I didn’t know that either but, it’s true. In fact, countries Africa may be one of the continents with the largest expansion of unprecedented wealth. South Africa, Nigeria, Angola, Ghana and Ethiopia were all named 2013’s countries to watch and invest money in due to rapid expansive growth.  So, you may be setting back and wondering, what does these countries have to do with Mr. Jones’s property down the street….well, just keep reading.

The growth these countries have been seeing has been unprecedented and I wanted to know how this was all happening so, I did some research and found that it’s in large part due to the US Federal Reserve. The Quantitative Easing policy of the Federal Reserve has been blazing a trail for the other central banks across the world by essentially manufacturing trillions of US Dollars to buy bonds and drop interest rates around the world. By doing this, the US Federal Reserve has made it easier and more attractive with larger returns to allow investors to move money into third world countries. Investors like those large retirement firms that hold the cash of American retirees. Ok…..so, are you seeing it now, are you starting to understand where I am going? If not, no worries, just keep reading.

So this week, the Federal Reserve announced it was going to draw back and end Quantitative Easing in 2014. It will taper off the amount of purchasing it does monthly and in effect, buying less and less bonds. So, in other words, you are going to see less developed countries that saw huge developments in the past two years begin to have much less cash flow coming in. You will even see Investors pulling out of these countries because, instead of developing more sound political and economic infrastructures with governmental policies, these countries did what any other country would do when they all of a sudden were rich from a windfall, they partied like it was 1999. In short, these countries will not be prepared for the withdrawal of funds and will do one of two likely scenarios. Either they will simply watch their country “ease” back into third world status or the will put in place protectionism policies that will strangle further growth and severely limit investors from moving cash out of the country. In essence, locking up American retiree cash in a third world abyss. I predict that the first two quarters of 2014 will see dramatic cash pull out of third world countries, currencies and, bonds. This will be the start of a mini global recession due to a lack of demand for goods and services.

If that isn’t enough, let’s not forget about inflation. Oh yes, the big bad “I” word. Inflation is the elephant in the room that most people are trying to desperately ignore. Even the Federal Reserve stated that the QE (Quantitative Easing) drawback would have to be timed perfectly to negate the real risk of inflation. In fact, the Federal Reserve said that the reason it’s thinking of doing this drawback now is because, they believe the timing is correct. Now, how they come to that decision, I don’t really understand but, it’s primarily based on the ideology that our economy is growing and the country if financially doing better as a whole. Well, try telling that to the 53% of Americans who are on some form of government assistance right now.

So, just a quick note on inflation, we get inflation when we have too much money in the system. In short, when everyone has a tone of dollars, how much is a dollar really worth? Well, it’s not worth much if everyone has them. So, it takes more dollars to make a gallon of milk or loaf of bread and thus you have inflation. Remember me talking earlier about all those trillions of dollars that the fed has been pumping out into buying bonds….well, those trillions of dollars have got to go somewhere and guess where they are likely to go, right back home, here in the good ole USA. In fact, we are already seeing it happen. Why do you think the stock market has been on FIRE, lately. Those dollars are coming home to roost. When all that cash starts looking to escape Mexico, Rwanda, Honduras, South Africa, Angola, etc… it’s going to all come here and the value of the US Dollar will start falling. In fact, the dollar has seen some of the most recognizable loss of value against the Euro since 2011. Back then, 1 Euro was worth 1.29 dollars, in August of this year, it was worth 1.33 dollars and right now, as of today, it’s worth .73cents. Are you stumped? It took years for the euro to rise .04 cents from 2011to 2013 but, it only took months for it to lose almost half its value…wonder why? You know why, I just told you, all of those dollars….those trillions of dollars through the Federal Reserve QE program is coming home and like any bubble, it’s got to bust at some point. The Federal Reserve is gambling that our economy will be strong enough to handle it when it does but, I am not so sure.

When this bubble burst, it will mean run away inflation and we as a country aren’t ready for that. 2007 will pale in comparison and in fact, I have read many analysis say The Great Depression will pale in comparison. Unfortunately, it isn’t like we are navigating uncharted water here. This has happened before around the world just ask the Weimar Republic….or what used to be the Weimar Republic.

Go visit this wiki site, http://en.wikipedia.org/wiki/Weimar_Republic about the Weimar Republic and then ask yourself, do you now understand how this will impact Mr. Jones’s house down the street?

A Short Sale Christmas Miracle…?

As many of you know, I enjoy working with distressed homeowners (yes, another label), that is, those homeowners who are facing a hardship. It could be a job relocation, death of a loved one, divorce, loss of employment, etc. I like working with these people because, it keeps me humble and more importantly, constantly reminds me that we are all part of the tragic human condition. More to the point, it’s a constant, in my face, open your eyes and stand witness to the plight of those who are hurting. As witness to these terrible circumstances facing these good people, I can empathize and help shoulder the burden that a home can sometimes cause a family. In this, I am reminded of just how human and fragile we are.

This day, started like any other, following up on my files, calling banks, listening to recordings, staying on hold for endless hours, I am sure you know the drill however, something different happened today, something that truly could be called, a Christmas miracle.

My clients banks called me to inform me that they will not be postponing the foreclosure and no other options to save my clients home was available. These calls are always gut wrenching and over the years I have developed an almost morticians kit gloves however, I was bamboozled when the representative asked my client and I if we would like to talk with his supervisor. You see, that never happens…never. Now, keep in mind, our call was not hostile in any way and in fact, by all accounts, it was going really well. Sure, my client was upset and anxious but, he wasn’t agitated, rude, belligerent and he had no malice in his tone or cadence with the representative.  This may be because I had prepared him for this eventuality months before and in reality, we had settled into the idea that this would happen so, all in all, the call was going well. Towards the end of the call, right when I normally say, “thank you Mr. Representative, I will be in touch”, Mr. Representative asked if we wanted to speak with his supervisor. Of course, my client and I jumped at the opportunity, with a little glimmer of hope but, in the back of my mind, I knew and understood we were likely going to be told “no” once again.

Relaxed in our defeat and comforted that up to this point, we had truly done everything we could, everything we knew how to do, the supervisor came on. Now, before the conversation really got started, pleasantries were exchanged and lines were drawn. That is, we were told, that no matter how the call ended, the end result was still going to be “no” and truthfully, to my client, I think that was just fine, as long as he had a chance to speak and tell his story….that is really all he wanted to do. The supervisor, lead by what seemed to be her nature, calmly and empathetically said, “I would be happy to listen.” I immediately muted my phone so as to not disturb my client and I listened in complete amazement as I actually hear silence from the supervisor, interrupted only by her warm, calming and assuring voice as she said things like, “Oh no” or “That’s terrible”. You see, for any of you who know anything about short sales, first off, we rarely get to speak with supervisors and those that we do get to speak with, rarely ever are they willing to just stop, listen and empathize. Down here in the south, we would say that’s about as rare and hens teeth.

In a flash, I realized what I was standing witness to and it moved me, it did something to me that I don’t know will ever be undone. I was listening to a divine moment. A moment where one wretched human, down in despair and looking into an abyss was given a flickering, fragile, flame of hope in nothing more than the simple act of listening. I saw the burden of a crushing debt begin to lift with the calming, reassuring voice of an empathetic ear. I heard the divine reach from the mouth and ear to the soul of another. I was moved. Sure, the outcome didn’t change, the foreclosure is still taking place as scheduled but, foreclosure was the furthest from the soul of the people talking and listening even though it was the word most spoken and weighting most heavily on the tongue.

I know I will never make a dime on this property or client. I have worked tirelessly and yet, my work will not help me keep my lights on, pay my mortgage or even put gas in my car but, it did change my life because, how could anyone stand in the presence of such an awesome act, witness evidence of the divine and not stand in complete awe with their nature changed forever?

Im getting orders from many portals.  This reminds me of 3 years ago when everyone was trying to do loan mods (what a joke)  Anyway, orders are coming faster than I can handle them and Im having to turn some down. Ive noticed that there is a higher percentage of very hard to do properties as compared to 'the old days'.  Many are not worth the time.  After 3,000 BPOs Im tired of the entire thing. Yeah, kept the light bill paid but I dont have a new sailboat anchored off the coast of Greece so Im getting out.

Thing is, what is al this activity and will it last?  Its because lenders had been standing back watching supreme court decisions and different government agencies that were wading into the fray to put protection measures for consumers. Joke number two. Now the lenders, who had been changing to judicial foreclosure to get around laws designed for auction foreclosure, are brave and starting to fight. They do not and NEVER DID want to loan mod. They do want full non judicial foreclosaure so they can make use of any mortgage insurance and get government backed money thrown at them to keep them healthy.

ANd now another ugly face of theirs is showing---REOS , instead of being placed in the market through real estate brokers, will be sold in bulk as securities to big money concerns. We are becoming a rental nation with huge corps as the landlords.  This new flurry is mostly short sale and some full FC, at least thats what mine are with more full interiors than Ive had for a long time.

Going to last? No. Nope. It will start to decline. We also have a few million owners, especially those who actually got loan mods, going back to default but not in numbers weve bee used to. Even FARVV is cutting back and reducing fees to brokers. They see the writing on the wall. These are the beginning death throws, my friends. If you aregoing to depend on BPOS for a living, better have a backup job in plan.

When it comes to labor costs, real estate virtual assistants prove to be very cost-effective. Most VAs are paid on a per project basis or as based on the actual job performed. A real estate agent can also choose which responsibilities he wishes to tackle on his own, and delegate to virtual assistant areas of concern beyond his clout. Virtual assistants can perform duties that maybe beyond your experience and comprehension, of which she has expertise and experience. 

The Wisconsin housing statistics are in for October of 2013. Here is an excerpt from what the Wisconsin Realtors® Association (WRA) had to say:

Wisconsin’s red-hot real estate market cooled in October, with sales of existing homes nearly identical to October of last year, according to the most recent housing report issued by the Wisconsin Realtors® Association. October sales were just 0.1 percent lower than last October, representing the first time since July of 2011 that monthly sales did not increase over the previous year. The median sales price however continued to rise, increasing 5.6 percent to $142,500 in October relative to October 2012. On a year-to-date basis, median prices increased 7.5 percent compared to the first 10 months of 2012.

“While somewhat surprising, these numbers are not totally unexpected,” said Steve Lane, chairman of the WRA board of directors. “We are comparing sales between two very strong years and two very healthy markets,” he said.

Sales softened in all regions of the state. The strongest regional growth was in the South central region, where sales were up 3.9 percent.

Below are the number of Home Sales and Median House Prices for the state of Wisconsin, Rock County, and Dane County. These stats include Janesville and Madison. Feel free to contact me if you have any questions pertaining to these figures. As you probably have heard, home sales & prices have been increasing over the past few years. Both Dane and Rock counties are showing marked improvements in the number of homes sold and the price at which they are being sold at. As you can see, Rock County was exceptionally strong in October for both the number of homes sold as well as the price at which they sold.

I'd be happy to show you any homes currently listed for sale. Feel free to visit Janesville, WI Home Listings for Sale to search for current properties listed in the Janesville area or visit Madison, WI Homes for Sale for MLS Listings in the Madison area.

If you would like some insight into how much your home is currently worth, I would be happy to provide you with a free comparative market analysis. This is a report that gives a close estimate to what your home might sell for in your current local Wisconsin real estate market. Click below:

What's My Wisconsin Home Worth?

Has your home value fallen below what you currently owe? A short sale may be right for your situation. Visit the following page on Wisconsin Short Sales.

As blogged by Peter Christensen on Sunday December 8, 2013, a class action lawsuit was filed against BrokerPriceOpinoin.com and First Valuation LLC, First Valuation Services LLC and First Valuation Technology LLC for not having "true corporate separateness in their operation". Firms taking place in this suit are from Florida, Washington and Colorado  however, they were not named specifically.

The plaintiff is a real estate agent, Kathy Wornicki from Florida. She claims that she is owed about $880.00 for BPO work she performed in 2012 and 2013. Apparently she claims that the defendants breached their contract by not paying her on time. She is going further and claiming that not only have the plaintiffs not paid her but thousands of other agents across the country.

To read Peter's article yourself, visit his site at http://www.appraiserlawblog.com/2013/12/class-action-lawsuit-filed-against.html?m=0

Wow today I have seen @ 45 order coming from RRREview. Most of you that deal with RRReview know that they have first come first serve with the code you have to type in so that you can accepted.

I did not get not even one BPO from them.....I have Gmail account tied to the RRReview so that i get my emails quick.

I cant believe how they are gone as soon as the come in.

I  enter the code that they want me to type in order to accepted the ode and its gone.

This leads me to believe that there is got to be a software that auto accepted this order.

I looked into different company and most of the compiles don't do auto capture orders were a code needs to be entered .

Any one use this service that auto accepted RRReview?

When you have a home or a piece of realty and you have plans for resale, it is important to take these critical factors into consideration. Do remember that in real estate, selling a property requires not just efforts but, most importantly, the right knowledge and timing. The perfect convergence of these factors will largely contribute to lucrative sale deals in the market.

Indeed, home staging is of great help in increasing a home’s face value and in quickening its resale. Though preparations are essential, it is important not to invest a lot in the processes involved. By planning carefully the home staging processes, you are guaranteed to get the most bang for your buck.

Just a heads up for everyone, Mark to Market has stopped paying for work that you have completed. I have BPO's that date back to July. That is over 150 days. I have tried to contact them, and the only person I have been able to contact has been rude, and they canceled my access to the web site. Made it sound like I was a bad person . Don't do work for M2M BECAUSE THEY DO NOT PAY!!!!

I have written articles on the drought of REOs and many of you are experiencing the drought personally and have shifted your business but, make no mistake, it isn't because foreclosures have slowed, stopped or the economy is getting better. In fact, most of these banks are moving their REO inventories off their books to hedge funds, bulk portfolio buyers or even worse, shell companies like (fill in the blank) which then dispose of the property directly. Don't believe me? Well, here ya go, read this!

http://www.inman.com/wire/share-of-unlisted-vacant-homes-hits-highest-level-in-13-years/

Now, after reading that inman.com news article, tell me how great this economy is.

Negotiating is as common as breathing in real estate. From the start of the transaction to closing, negotiations come in handy on both buyers and sellers. To sellers, the aim is to obtain the most money for their property. To buyers, it is to snag the best property by obtaining the best value out of their hard-earned money. Indeed, negotiations when buying real estate take time, efforts, patience, perseverance, the right timing, and the right attitude—and a reliable real estate agent whose advice is worth in gold.

The Wisconsin housing statistics are in for September of 2013. Here is an excerpt from what the Wisconsin Realtors® Association (WRA) had to say:

Wisconsin home sales were very strong in September, continuing the robust pace that has characterized the year. Sales of existing homes were up 15.8 percent in September compared to that same month in 2012 — representing a 13.6 percent increase through the first nine months of the year. Median prices posted similar gains, increasing a very solid 6.7 percent in September relative to September 2012 — an increase of 7.8 percent year to date compared to the first nine months of 2012. Home sales have now been up for 27 straight months and median prices have consistently grown in all but one of the past 19 months.

“As we move out of the summer selling season, this growth in home sales is remarkably strong and shows signs of growing even stronger,” said Steve Lane, chairman of the WRA board of directors. “We need to remember that this growth in home sales is occurring even as mortgage rates are up by almost a full percent compared to where they were this time last year, and state job growth has been modest at best,” he said.

All regions saw their existing home sales grow by double-digit margins in September, compared to September 2012, with three regions increasing more than 19 percent, and the remaining three in the range of 11 to 15 percent. The areas with the strongest growth in September were the Central region, which was up 21.7 percent relative to last September, followed closely by the North and South central regions, which grew just over 19 percent for the period. The West region increased 14.9 percent; the Southeast grew at 14 percent, and the Northeast region increased 11.5 percent over the period.

Below are the number of Home Sales and Median House Prices for the state of Wisconsin, Rock County, and Dane County. These stats include Janesville and Madison. Feel free to contact me if you have any questions pertaining to these figures. As you probably have heard, home sales & prices have been increasing over the past few years. Both Dane and Rock counties are showing marked improvements in the number of homes sold and the price at which they are being sold at. September was no exception.

I'd be happy to show you any homes currently listed for sale. Feel free to visit Janesville, WI Home Listings for Sale to search for current properties listed in the Janesville area or visit Madison, WI Homes for Sale for MLS Listings in the Madison area.

If you would like some insight into how much your home is currently worth, I would be happy to provide you with a free comparative market analysis. This is a report that gives a close estimate to what your home might sell for in your current local Wisconsin real estate market. Click below:

What's My Wisconsin Home Worth?

Has your home value fallen below what you currently owe? A short sale may be right for your situation. Visit the following page on Wisconsin Short Sales.

How to properly evaluate a potential investment property

Life is full of sayings that seem contradictory at first.  Expressions like “a chain is only as strong as its weakest link” and a “team is only as good as its worst player” seem to make no sense until they have been analyzed and understood.  In flipping homes, you make your money when you buy.  Quite simply, if you buy a home at the proper discount then you have a much better chance of selling at a profit.  Here is a general outline to help you evaluate a potential home for investment.

First, Take a Casual Drive

It is a good idea to only consider homes that you can actually inspect.  Being able to drive by the home gives you a firsthand perspective. On your way to the home pay attention to the little details such as

• condition of the roads; are there large potholes, pavement patches, adequate street signs?
• local area; are there any schools, shopping, offices, or factories nearby?
• Appearance of the actual street; how do the other homes on the block look?
• The prospective home; what is your first impression when you see the place?

Second, take a Casual Stroll

Now that you have had the time to look at the home and surrounding area from the road, it is time to actually look at the property up close.  When you are in the home ignore things like carpeting and paint.  Take time to look over the roof, the foundation, the electrical box, the HVAC unit and any plumbing pipe that is easy to access.   Walk outside and see if the septic tank or well has any problem.  These are the areas that can cost major money to fix.  If there are any noticeable problems with these primary parts of the home you can use that to negotiate with the seller.

Third, crunch some numbers

Now that you have looked over the home and determined that it is a possible investment, it is time to do the math.  You need to have an idea of what the total repairs will cost along with how much the home should be worth after the repairs are completed.  Once you have these numbers you can make an offer to the seller.

When putting together your repair estimates it is always better to over price.  Trying to cut corners and dream that the kitchen can be remodeled for $2,000, or some other wishful hope, will cause you tremendous grief later on.

After you have looked at a few homes and talked with the same contractor a number of times you can start to get a feel for how much repairs will cost.  This one skill takes some time to master for those that are new to real estate investment.   Once you are comfortable estimating repair costs you will be much better at spotting a deal when it pops up.

Search for: Madison, WI Foreclosures for Sale

Many people have no clue what happens or if anything happens to their credit when they complete a short sale. Truth is, many people just don’t know however, some really great articles are out there about this very topic and yet, so many questions still exist.

The first article I want to draw your attention to is notably an older article however, based on all the chatter I hear on a daily basis about how a deed in lieu or short sale will impact your credit, I really think this article should be revisited.

As published in the Washington Post 8/30/2011 by Michelle Singletary she stresses the fact the actual credit score it’s self, also known as the FICO score may be impacted differently by a short sale or deed in lieu however, that impact is so marginally different that, claims a short sale is less negatively impactful than a deed in lieu seem a bit farfetched, when strictly referring to impact of the FICO score. If you want to read her article yourself, click here.

A 2^nd article I think you should read is by Linda Ferrari on 6/9/2009 on her blog, Linda Ferrari Your Credit Score Expert. She wrote an article titled The Mortgage Crisis and Your Credit Part Three: Deed in Lieu of Foreclosure. This article is really good from the stand point about how your credit score is impacted by how the deed in lieu is reported. Many people don’t realize that the bank can report your deed in lieu three different ways and of those three different ways, the negative impact will vary from most negative impact to lest negative impact. I would strongly suggest you read her article to learn more about how it’s reported. It was a huge eye opener for me.

Finally, I found a great article, maybe the best one on what the future may hold for those of you who have completed a short sale vs a deed in lieu. Now this article is very recent, in comparison to the other two, it was written back on 7/8/2013 by Alanna McCargo and even better, it’s posted on the Equifax forums giving it credibility. It’s titled “Can I buy a Home After a Short Sale or Foreclosure” and, the best part is her approach to credit fundamentals and how important it is to do all you can to protect your credit.

All in all, after these I read these articles and did some further investigation on my own, here is what I learned.

1. Your credit will be negatively impacted by a Short Sale, Foreclosure or Deed in Lieu.
2. The negative impact to your FICO score will be marginal at best between the Short Sale, Foreclosure or Deed in Lieu.
3. When you agree to participate in any of these default disposition options, CONSUMERS MUST READ THE TERMS AND CONDITIONS OF THEIR PARTICIPATION and watch out for how their action is being reported to the credit reporting bureaus. The truth is, some reporting options are much more negatively impactful than others. Consumers need to know they have options they can negotiate here for a less negative impact to their credit.
4. Finally, benefits like, relocation assistance, no risk of future deficiency judgments are not guaranteed and once again, CONSUMERS MUST READ THE TERMS AND CONDITIONS OF THEIR PARTICIPATION as these additional benefits are NOT guaranteed. Consumers have options here to negotiate a better deal and should be aware they have options.

If you are considering a short sale, contact me, Jesus “Jesse” D. Gonzalez Jr. Realtor / Principal Broker of Liberty House Realty LLC. I would be happy to discuss your options with you and how we can help. 615-424-0961