Short Sale vs Foreclosure-by Los Angeles short sale agents Munson Realty

Short Sale vs Foreclosure-

by Los Angeles short sale agents Munson Realty

It’s no “news flash” that many homeowners are underwater and desperate for relief. They are experiencing hardships such as job loss, death or illness in the family or frankly their adjustable loan rates have spiraled out of control leaving them very few options. In most cases those options are to walk away and allow the bank to “foreclose” on their property or to “short sale” for a faster credit recovery.

In this video, Los Angeles short sale agent, Stephen Munson discusses the main differences between a Foreclosure and a short sale and how each impacts your credit. You may be surprised to find out just how soon you can become a homeowner again depending upon which route you choose to take… foreclosure or short sale!

Copyright © 2011 By Stephen Munson-Munson Realty, Los Angeles short sale agents*Discreet and Confidential Short Sale •does a short sale stop foreclosure • foreclosure • foreclosures • hafa • hafa program • hafa short sale • hafa short sales •Pasadena short sale agents Pasadena short sales • Pasadena short sale broker • Pasadena short sales broker • short sale •short sales • strategic short sale • What is a strategic short sale

How much for down payment?

How much for down payment?

It really depends on your situation. Are you a first time buyer, move up buyer or an investor? Here are some guidelines for each:

First-time home buyers- First time buyers have many options.

VA Buyers- Can put Zero down and the seller must pay the closing cost

FHA Buyers- May put down as little as .5 %( 1/2 of 1 percent) to 3.5% and the seller may pay u to 6% of the closing cost. There are FHA grant programs out there that will “grant” 3 % of the down payment to the FHA buyer and it never has t be paid back. This leaves only .5% for the buyer to put down. That’s only $1,500 on a $300K property. There are restrictions on this grant regarding income but it’s an awesome deal for the first time buyer.

Conventional First time Buyers- Can put down as little as 5% of the purchase price. Generally speaking though, conventional buyers put 10% plus down and have better finance rates.

Non-First Time Buyer

The “non-first time buyer”, someone who has not owned a home for the last 3 year or is selling one home and purchasing another , will likely be going with a conventional loan which usually requires at least a 5% down payment, but typically 10-20% down.

Investors

An investor is typically one who will not be living in the property and is purchasing it to flip or rent out. Their down payments usually start at 25% and go up from there.

Even though there are no “zero” down loans available, you can still get pretty close with the FHA 3.5% down loan, a grant for 3% of the down payment and the seller paying your closing cost. Pretty nice considering home prices are much more reasonable now. In fact many people are purchasing homes for about what they are paying for rent. We haven’t seen those days in a long time! If you have any questions about down payment, don’t hesitate to contact us at 323-216-9671

Copyright © 2011 By Stephen Munson-Munson Realty Southern California Real Estate –FHA Los Angeles*FHA Los Angeles,first time home buyer questions, Siverlake Realtors, silver lake homes for sale, FHA approved Condos, FHA Questions, Munson Realty Southern California Real Estate, San Fernando Valley Homes For Sale, Pasadena Homes For Sale*

Short Sale vs Foreclosure-by Pasadena short sale agents Munson Realty

Short Sale vs Foreclosure

By Pasadena Short Sale Agents, Munson Realty

Short Sale vs Foreclosure-by Pasadena short sale agents Munson Realty- It’s no “news flash” that many homeowners are underwater and desperate for relief. They are experiencing hardships such as job loss, death or illness in the family or frankly their adjustable loan rates have spiraled out of control leaving them very few options. In most cases those options are to walk away and allow the bank to “foreclose” on their property or to “short sale” for a faster credit recovery. In this video, Pasadena short sale agent Stephen Munson discusses the main differences between a Foreclosure and a short sale and how each impacts your credit. You may be surprised to find out just how soon you can become a homeowner again depending upon which route you choose to take… foreclosure or short sale!

Copyright © 2011 By Stephen Munson-Munson Realty, Pasadena short sale agents*Discreet and Confidential Short Sale •does a short sale stop foreclosure • foreclosure • foreclosures • hafa • hafa program • hafa short sale • hafa short sales •Pasadena short sale agents Pasadena short sales • Pasadena short sale broker • Pasadena short sales broker • short sale •short sales • strategic short sale • What is a strategic short sale

What Is A Strategic Short Sale? By Los Angeles Short Sale Agents, Munson Realty

What Is A Strategic Short Sale?

By Los Angeles Short Sale Agents, Munson Realty

What is a Strategic Short sale? Traditionally an underwater seller must prove some sort of hardship like job loss, death of a spouse, illness or some other unfortunate circumstance to qualify for a short sale. But what about those who have no real hardship but have seen the value of their properties plummet…and as pure business decision want out?

Enter the “Strategic Short Sale”… in this video exert, Los Angeles short sale agent Stephen Munson of Munson Realty explains “What is a strategic short sale”-

Even though some homeowners can still make their payments and they have no other real “hardship”, they’ve decided to short sale their property. In essence they have “strategized” their way out of a declining investment. In this video we will briefly explain the strategic short sale, its pros and its cons.