It just so happens that there have been some significant changes in the market that may either help you sell your home, purchase an investment property, or even both! It’s important to focus and capitalize on today’s real estate market, as well as to learn about the certain pitfalls that can be avoided.
Fannie Mae and Freddie Mac have recently announced that they will be ordering mortgage service companies to streamline short sales. A short sale consists of selling a property short, or less than the amount owed on the property. This process has commonly been known to be exhausting and quite burdensome.
On average, the short sale process has taken between 120-365 days. However, the new orders from Fannie Mae and Freddie Mac state that the lenders must respond to a short sale offer within 30 days. In addition, a final decision on whether an offer has been either accepted or rejected must be reached within 60 days of receipt of the offer.
You might be asking yourself, “So, what does this mean for me?” It could mean that as a homeowner, you can finally start to feel like your home is not going into foreclosure. If you are trying to sell your home as a short sale before moving into foreclosure, you will have more information on a more frequent basis. This is great news for you!
Perhaps you are looking into an investment property. If so, these new orders really help expedite the process. As an investor, the expedited process will also allow you to write offers on short sales without spending 12 months waiting on approval. As investors, this is fantastic news for us! In a current market with such a large shortage of inventory, these new guidelines really provide a great opportunity to purchase the investment property that you have been looking for.
Justin Colby is President and Co-Founder of Phoenix Wealth Builders and Omni Investment Group. Justin and his business partner Eddie Rosefield have been rehabbing homes in the Phoenix market for nearly six years. The market conditions are constantly changing in Phoenix so Justin decided to start a company more focused on cash flow properties. Justin graduated from UCLA in 2003 and was full time into real estate by 2005. His passion is the art of the deal. He is a master at networking and realizes that it is not what you know but who you know. Justin has been a Fortunebuilders coach for almost two years and takes great pride in helping students become success in real estate and in life.
Eddie Rosefield is the Co-Founder and CEO of Omni Investment Group LLC. Eddie had most recently been directly involved with consulting on land development and the planning and building of single family homes largely in regards to liability insurance and property insurance matters in his time with a major National Home Builder. Eddie's passion for real estate started many years ago, and with some planning AND the combined vision & knowledge of the current real estate market and where it was headed, he knew he could make a positive difference. It is one of Eddie’s primary passions to help fill a void in the distressed real estate market by doing his work "in the trenches" by helping to alleviate the burden of the millions of homes that are vacant and hurting our current housing economy by getting struggling families back into these homes and into the dream of home ownership through various creative investing strategies. Giving back by passing on his knowledge & experience to others as well helping other investors TAKE ACTION is of the utmost importance to Eddie.
