When Are You In Trouble? Are You Seriously Delinquent?
- Is your loan more than 90 days past due? Have you failed to make some or all of your payments for 90 or more days?
Ideal Characteristics of Buyers Seeking to Purchase a Short Sale or Foreclosure
- Have few or no contingencies (loan, inspection, survey, due diligence)
- No need to sell primary home or other real property for the funds to complete transaction
- Patience – no need to close tomorrow, willing to wait for money saving deal
- Extra money to cover repairs and rehab that will likely be needed after closing. Remember if the Seller or former owner didn’t pay the mortgage, they probably spent little to any money to maintain the property and deferred maintenance is to be expected.