BEWARE: Watch This Before Buying a Foreclosed Home + Pros & Cons

Are you interested in potentially buying a foreclosed home for cheap? I share how to buy a foreclosure including the pros and cons of purchasing a home in foreclosure. I discuss all the details in today’s housing market video.

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The Federal Housing Finance Agency announced that owner occupants, public entities, and nonprofits will have the exclusive ability to buy Fannie Mae and Freddie Mac real estate owned (REO) foreclosure homes before they are available for investors to purchase. This could help lessen the risk of a real estate market housing crisis. The time period of when NON-investors can buy these foreclosed homes BEFORE investors has been extended from 20 days to 30 days from when the REO foreclosure is listed for sale.

Foreclosure homes how to buy: There are 3 main ways to buy them:

#1. Is buying a pre-foreclosure as a short sale. In a short sale, the homeowner is often behind on their mortgage payments (typically 90 days or more past due) and they apply with their lender to sell their house as a “short sale” due to a financial hardship.

#2. A more traditional yet risky way to buy foreclosure homes is through an foreclosure auction. Homes are typically sold to cash buyers. They often don’t allow buyers to use loans.

#3. Another way to buy a REO or Real Estate Owned property. These are often listed by real estate agents. One major pro is the homebuyer can get inspections done but the downside is these homes are sold “as is” so the owner (the lender) normally will not do any repairs.

The second step is to get pre-approved for a loan and then you can start your search! My advice is to include non-foreclosures due to the lack of supply (this is due to the foreclosure moratorium that recently expired). It may take a major housing market shift or housing crash to drastically increase the amount of foreclosures.

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Jason Walter, CPA (inactive CPA lic 103885)
Sacramento Realtor/Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)

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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.

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#foreclosures #REO #housingcrisis

[JasonWalter]

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[hutch]

Call a local attorney that handles real estate and they can check if the property has any liens. BEFORE the auction.

[monicarenee]

I lucked out in 2018 with a short sale. It’s now worth 3x what I bought it for and didn’t require a lot of repairs, just a couple thousand dollars worth and will need a new roof soon. Only catch was it takes so long to be approved by the bank, so I waited nearly a year for the sale to go through.

[dariuszmaslowski]

Yes please make a separate video in regards to short sales and foreclosures buying process

[JeremyAKnight]

Dude! I have 3 pages of notes and was going to make this video today 🤣 guess I’ll have to change it up. Amazing content as always.

[joechang]

i think it would make sense for credit agencies to respect that when a person falls into hardship, quickly agrees to a short sale, leaving the property in good condition. This is far better for the mortgage holder than a borrower who tries to drag out the foreclosure process. hence the person is actually a good credit risk on this aspect

[jorguzman]

Excellent information!! There’s plenty of interest so yes keep making more of these videos 👍🏻

[SueMoe]

New subscriber. Just found you from Kristina Smallhorn's channel. You two were great together! Great info! I look forward to seeing your videos. 😊

[patol]

I needed this information, thank you so much!

[enbofficial]

Not sure if you already did this or not, but would definitely be interested in pre-foreclosure/short sale video--thanks!

[RyanLundquist]

It's always been baffling to me how disconnected HUD's REO department is from their mission. I'm not a fan of these properties needing to sell "as is", which could limit the pool of buyers to non-owner occupants (cash only). And yeah, the big issue here is there are so few foreclosures happening.

[Anaiya]

Find a RE agent that is trained specifically in REO. They have access to lots of lenders and NPL's. Great advice working with a great loan officer or two. They can help your transactions go very smooth.

[priceless]

Real estate commissions is too high. 6% was good when homes were going for 100k in Sacramento. Now med homes are 400k.

[asmrfoodbank]

A foreclosed property is like your deadbeat girlfriend that has a low credit score, plenty of student loan debt, majored in history, and is pregnant without your knowledge.

[sabamokhtari]

I definitely appreciate a video on how to find pre foreclosure and Short sale properties.

[frankieb]

Currently waiting on a short sale to go through. Would like to see a pros and cons of it besides that it may take long. Thanks.

[btcsingh]

Question for peeps here:

Supreme Court struck down the eviction moratorium set by the cdc, but Cali has a state wide moratorium.

Does that mean the state wide moratorium is still in effect?

[peterbedford]

That was always the First look program

[TheValleyMonkey]

Walter: This video takes hours…please hit that like button …
Me without skipping a beat: “ Yes sir”

[JoeyPenuela]

Hi Jason, any video on “how to find or buy a foreclosed VA home”? Thanks!