Distressed Homes RSS Icon

What is a distressed home or property?  There are a variety of stages of a distressed property including a short sale, deed in lieu, loan modification, foreclosure and finally bank owned also known as real estate owned (REO).  Whether you're a homeowner facing a financial hardship which is preventing you from making your mortgage payment, a buyer looking for a great deal or an investor looking for the perfect flip we cover everything you need to know about distressed properties.  Pacific Northwest Realty Group is also a local leader in distressed properties with established relationships with many of the largest banks in the country. If you're looking to purchase a short sale or foreclosure you can start with our website, we show you every property currently listed for sale including short sales and foreclosures.

Found 20 entries about Distressed Homes.

Looking for a good deal on a house? If you're not picky, have some time and know-how, a bank owned foreclosure may be a good option for you.

According to National Mortgage Professional Magazine, sales of foreclosures are slowly creeping up. In September, the sale of bank-owned properties rose 2%, but there are still a lot of these properties on the market, available for a good price. Nationally, distressed houses (foreclosures) sold for a median price of $112,000 last month, 41% less than the median price of non-distressed houses, which came in at $189,000.

If you're shopping for property and are considering foreclosures, consider some of these tips:

  1. Find a realtor who knows a lot about foreclosures. They often have relationships with the
6488 Views, 0 Comments
Read Full Post

The Federal Housing Administration (FHA) has trimmed the waiting period for borrowers that had a foreclosure, bankruptcy, and short sale to one year for FHA Case numbers assigned on or after August 15, 2013.  

Prior a borrower that had a bankruptcy had to wait three years and for a short sale or foreclosure two years before becoming eligible to purchase a new home with an FHA insured home mortgage.

If you experienced any of the following financial issues recently you may be eligible sooner rather than later:

  • Short Sale
  • Deed-in-lieu
  • Pre-foreclosure sales
  • Foreclosure
  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Loan Modification
  • Forbearance agreement

First a buyer must prove that the foreclosure or short sale was cause

1639 Views, 0 Comments
Read Full Post

Bank owned foreclosures are some of the best deals going around in the real estate market. While it seems a simple matter to just approach a bank and purchase one of these properties outright, it isn't always that easy. Most of these properties are in high demand as you can imagine, and the competition for a title can be pretty intense. If you are convinced that bank owned foreclosures are for you, here are a few ideas on how you can increase your chances of getting one.

Research thoroughly

Just as with anything else that involves a hefty financial investment, you will want to do a lot of research on the market, paying particular attention to the properties that you want to buy. By looking into the financial and chronological history of the

1017 Views, 1 Comments
Read Full Post

If you're on the market to buy a house and going through the search process, you've probably noticed the large number of foreclosures.  In May 2013, over 2200 homeowners in Washington went through the initial steps of foreclosure, up 15% from last year. And about half that number of homes reverted to bank ownership, 87% more than in 2012. So it seems like many of your choices in the real estate market will be foreclosed homes. 

How is buying a foreclosed home different from a traditional sale?

Well, first it helps to understand what happens in a foreclosure. When a homeowner stops paying his mortgage, the mortgage owner--usually a bank--will serve the homeowner a notice of foreclosure. At this point both parties might opt to try a short sale (which

1319 Views, 0 Comments
Read Full Post

Purchasing a home isn't for only those who have tons of money. Program upon program exists to help everyone achieve the dream of home ownership. The HUD program is the perfect program to help out those who are having a hard time coming up with the resources necessary to buy a home.

HUD homes have a terrible reputation as homes that need a lot of work. While part of this is true, it's not such a terrible thing to have a house that's a fixer-upper. Homes fall under the HUD umbrella when they go into foreclosure through an FHA loan. It certainly doesn't mean that the home is in serious disrepair.

It is always a good idea to have the home thoroughly checked by an inspector to make sure there is no serious structural damage. You want to make sure the

6554 Views, 0 Comments
Read Full Post

In the last year, it has become much more difficult to find a great deal on a house.   Many buyers looking for a home are a bit overwhelmed at how fast the market has changed due to low inventory.  There are still some good deals out there and HUD homes have some of the best prices around.  HUD homes are properties that had an FHA loan that was foreclosed on. Because the government insured FHA loans, many of these properties go back to the government.  HUD homes can be a great opportunity for owner occupied buyers because HUD gives priority to owner-occupied buyers over investors.  This article focuses on the owner-occupied process for HUD homes, but I also detail the investor process in my Investors Guide to Purchasing HUD Homes.

If you are thinking

42567 Views, 3 Comments
Read Full Post

Fannie Mae’s unique HomePath foreclosure program offers extremely lenient financing terms to the purchasers of foreclosures owned by Fannie Mae.

Fannie Mae’s unique HomePath foreclosure program offers extremely lenient financing terms to the purchasers of foreclosures owned by Fannie Mae. These properties are advantageous for many reasons, including special financing, a streamlined loan process, and properties that are in far better condition than standard foreclosures.

HomePath offers two types of financing: the HomePath mortgage, and the HomePath renovation mortgage. With a HomePath mortgage, the buyer’s down payment can be as low as 3% down, and unlike other low down payment loans no mortgage insurance is required. The HomePath mortgage is

16391 Views, 6 Comments
Read Full Post

A short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers’ mortgage obligations

A short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers’ mortgage obligations and closing costs, such as property taxes, transfer taxes, and the real estate practitioner’s commission. The seller is unwilling or unable to cover the difference.

Some — although by no means all — short sellers may also be in default on their mortgage loans and be headed for foreclosure. However, home owners who bought at the top of the market or who took out large amounts of equity with a refinance and who now need to sell because of divorce or job transfer may also find themselves upside down, owing

29031 Views, 0 Comments
Read Full Post

Bank of America listened to REALTORs and sellers along with the costly process of foreclosing and determined a change was needed.

For the past several years agents and even sellers cringed over the thought of applying for and processing a short sale from cradle to grave, that fear is now gone and Bank of America is taking the driver seat.

Bank of America listened to REALTORs and sellers along with the costly process of foreclosing and determined a change was needed.  Now processing a short sale through Bank of America can almost be as easy as a traditional sale.

The first step was to implement a system that allowed REALTORs to contact Bank of America’s short sale department and receive a timely response.  Instead of building a system from ground

4039 Views, 0 Comments
Read Full Post

The Good Neighbor Next Door (GNND) program offered is a great way for the everyday service heroes in the United States to purchase a home that has gone into a HUD foreclosure.

The Good Neighbor Next Door (GNND) program offered is a great way for the everyday service heroes in the United States to purchase a home that has gone into a HUD foreclosure. These homes and their mortgages are insured through the FHA or Federal Housing Association and when the buyers who live in those homes can’t afford the payments go into foreclosure are offered to the public. Being on the list gives you an advantage in bidding for and obtaining these HUDhomes.

Because the professions mentioned above are considered to be good neighbors, HUD offers the program to them as

3014 Views, 0 Comments
Read Full Post