Tips on How to Buy REO, Short Sale Property and How to Use Down Payment Assistance to Your Benefit

Real Estate Notebook is a collection of real estate experiences and knowledge and, intends to share them with home buyers and homeowners. We have initial-launched a few posts regarding buying and selling short sale property, buying real estate owned (REO)/bank owned property and using down payment assistance for first time home buyer.

Buying REO property has been a hot topic in real estate since 2008 when the inventory was all time high. Nowadays, short sale property is dominating the market due to Federal and government effort of preventing homeowners from foreclosure. However, REO property is still on a headline for recent breaking news of improper foreclosure process adopted by some giant banks. Regardless the inventory level and the news, many buyers have an imprinted mindset that buying REO property is a good deal, good investment. We have a post dissecting the detail of an REO transaction and pointing out some concerns to buyers.

Many buyers and even real estate agents have been avoiding short sale property due to its lengthy process and low success rate. As just mentioned, short sale property is a major sector in today’s housing market. We have two posts explaining the process of buying and selling a short sale property from the buyer and the seller’s prospective, in a hope of helping the buyer to understand and move along a short sale process, and preparing the seller to cope with short sale in a more rational way and to minimize the negative emotion affecting their daily lives.

With record low interest rate, while it is a good time for first time home buyers (FTHBs) who have good credit and stable income to acquire their first house, it could be a challenge for those who don’t have enough down payment funds to start with. We also have a post explaining how down payment assistance program works for FTHBs and describing some of the programs and loans available for them today.

We also put together a list of real estate terminology for your reference.

You are invited to visit RealEstateNotebook.net to view the detail of each post.

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