There has been a lot of recent banter that the housing market is rebounding. Others have said that while that may be true there is still a looming 2nd wave of foreclosures. The second wave of home foreclosures that is potentially coming down the pipe has experts suggesting that even more borrowers could be affected. Luckily we’re better armed with information to make this second wave a bit less crushing. This resource guide should help both buyers and sellers during the possible 2nd wave of bank foreclosures.
The 2010 Foreclosure Problem
The first round of repossessed homes was in large part borrowers with adjustable rate mortgages, subprime mortgages, and investors who purchased too many homes at once. This second round of home foreclosures is expected to affect borrowers who might have decent interest rates and loan terms, but just simply cannot afford to pay their mortgage. Homeowners who have been in their homes for 10+ years but who are now struggling to pay for them due to unemployment are one subset of this expected group of the affected. The good news is that we’re better prepared for it now. There are resources that can help you during this time whether you need to sell a foreclosed property or want to take advantage of the option to purchase one.
Resources for Sellers
If your home is nearing foreclosure and you want to try to sell it, you need to fully understand the process of selling a foreclosing property. These resources can help.
- How to Sell Your Home Fast When Foreclosure Looms. This post provides great tips for sellers who may face foreclosure in the months to come. It describes how to understand the true value of your home at this time as well as who you should align yourself with.
- Our very own site can provide resources for borrowers looking to sell their home before it goes into foreclosure.
- Selling your House in a Sea of Foreclosures. The authors of this article understand that you are not the only person selling your home right now. With so many other people in the same boat, you need to make your home sale stand out.
- How to Sell Your House Before Foreclosure. This basic how-to article provides a simple set of six steps that will allow you to get a great overview of the process of selling a home.
- Pre-Sale Foreclosure FAQ. What are the questions that you might have before you sell your home which may be nearing foreclosure? This article anticipates those questions and answers them for you.
- Avoiding Foreclosure. You might not have to sell your home after all. You may be able to avoid foreclosure altogether. This page from HUD.gov educates you about how to do that.
Resources for Buyers
Buying a foreclosed home can be a terrific investment. However, you need to know what you’re getting into. These resources found below should assist you:
- The Safest Ways to Buy Foreclosures. You don’t want to take any risks when buying a foreclosed home. This article provides information that will keep you safe.
- How to Buy a HUD Home. This article anticipates the questions that new buyers might have about purchasing a government-owned foreclosed home. The answers are contained within the site.
- How to Buy Foreclosures. RealtyTrac offers a great five-step plan to buying foreclosed homes. Their article provides an overview of the process as well as detailed information about what each of the five steps will involve.
- How to Buy Foreclosures at an Auction. There are several different approaches to buying a foreclosed home. Auction sales are one option. If that option appeals to you as a buyer then this article is a great resource.
Whether you are selling or buying a foreclosed home, there are some basic things that are worth learning. Take a look:
- How You Can Take Advantage of Strategic Foreclosures. Our recent blog post discusses strategic foreclosures, and how you can take advantage of others home losses, and gain a beautiful home.
- RealtyTrac Foreclosure Guide. This website has a terrific overview of what foreclosure really is and what it means for everyone involved. It defines terms, provides helpful links and really assists you in staying educated through the whole foreclosure process.
- FTC Facts for Consumers. Both buyers and sellers should fully understand foreclosure and the steps involved leading up to foreclosure. The FTC provides comprehensive information for consumers about this topic.
- Foreclosure Databank. This website has loads of information and listings about current foreclosed homes for sale. This is great for buyers who want to see what is out there but is also useful for sellers who want to gain information about real life foreclosures.
- Short Sales and Foreclosures. About.com has a great Home Buying/ Selling portal. Within that portal is loads of information about foreclosures. This information is helpful for both buyers of bank owned homes and sellers at all stages of foreclosure.
- Aftershock: Second Wave of Foreclosures Coming. This article will assist you in better understanding what is happening with the current wave of foreclosures. The more you understand this, the better off you’ll be during this tough time.
These resources are all terrific places to start to gain information about buying and selling foreclosures. However, don’t limit yourself to online information. Foreclosures have already affected a lot of people including people who you already know. Speak to the folks in your social network as well as to professionals, such as myself, in the local real estate and mortgage industries to gain additional one-on-one advice about coping with this new wave of foreclosures.