On Foreclosure.com, of course. Paul Owers from the Sun Sentinel explains:
“… there are many bank-owned properties here in Florida. Banks often offer reduced or no closing costs when these homes are purchased. All lenders are motivated to unload their inventories, so there are deals to be had out there. As far as financing, rates are still at historic lows and Federal Housing Administration loans allow for as little as 3.5 percent for down payments. You can contact different banks or check out websites such as Foreclosure.com.”
To search foreclosed homes in Florida, as well as preforeclosures, Sheriff Sales, short sales, bankruptcies and other distressed real estate for great discounts, click here. It’s free for seven days — more than enough time to find your perfect retirement/vacation home at an affordable price.
Here’s a video interview with Barbara Corcoran on the “TODAY Show” that explains (once again) why it is so important to move fast when buying a home if you want to take advantage of the $8,000 tax credit before it expires on Nov. 30, 2009:
Three years ago, just as the housing market was beginning its rapid descent, we purchased a perfect three-bedroom home in South Florida for $325,000.
It was in a great neighborhood. Excellent school district. We were set.
At the time it was priced right to sell ($379,000) — other nearby homes were hovering around the low $400′s. So we were thrilled when our “miracle offer” was accepted with no counters or questions asked. We celebrated the “steal of the century.”
Unfortunately, our joy didn’t last long.
Each year we helplessly watched as our home value continued to sink like a rock. We’re still not even sure if it has hit bottom — we’re too scared to look. Last time we checked our home was roughly worth about $250,000, which is about a $75,000 hit.
Many homeowners today are in similar if not worse positions. We understand that. Still, that’s a lot of money.
“Making Home Affordable,” a $75 billion federal government-backed initiative to keep up to 7 to 9 million Americans in their homes by preventing avoidable foreclosures, may have an uphill battle despite its well-placed intentions.
Associated Press today passed along sobering news from a Office of the Comptroller of the Currency and the Office of Thrift Supervision report, which reveals more than 50 percent of distressed homeowners who had their home loans modified in the first half of 2008 “missed at least two months of payments a year later.”
Job loss is the key culprit: Unemployed homeowners simply can’t afford their mortgages — even if they are cheaper — because the cash flow is either not what it once was or has ceased altogether.
It’s important to note that similar “redefault” statistics for “Making Home Affordable” are not yet available. And they probably won’t be for several months because the plan was recently introduced earlier this year.
The good news is that the housing recovery program is still in its early stages — only 12 percent of eligible borrowers nationwide (360,000) have taken advantage of the opportunity thus far. More folks will hopefully follow suit sooner rather than later.
In addition, jobless rates were down in most metro areas in August, according to recently-released data from the Labor Department. It’s a promising sign, but there is certainly a very long road ahead.
To learn more about Making Home Affordable and determine whether or not you can refinance your home mortgage click here. The official “Making Home Affordable” Web site can be found right here.
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