Can You Still Get Financing After a Foreclosure?

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One of the common questions I get from my clients is how quickly can they enter back into the real estate market if they have suffered through a short sale, deed-in-lieu, foreclosure, Chapter 7 bankruptcy, or Chapter 13 bankruptcy.

You need to know a few things first. Depending on the type of loan product you used and which of the four procedures you went through, your time away from being allowed to purchase will vary.

However, most people can enter back into the market in two to seven years in order to get financing.

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Non-traditional financing may be a valid option for you.

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One other option if you’re almost done with your waiting period is to use non-traditional financing. The interest rate for these loans will be a bit higher, but you can qualify one day after a foreclosure or a short sale. That way, you can get into a home, and then refinance after your waiting period is over.

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If you have any questions, please don’t hesitate to contact us!

What Are the Benefits of Foreclosure Properties Here in Palm Beach?

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One question we have been getting a lot lately from home buyers is: Should I consider purchasing a foreclosure?

Well, there are some really great deals associated with foreclosures, but some people are under the impression that foreclosures only exist as beat-up, old homes. This couldn't be further from the truth. In fact, there are great deals in every price range when it comes to foreclosures.

Our video today takes place in one of our luxury foreclosures here in Palm Beach County. As you can see, the property is in great condition, and has even been professionally staged. However, it isn't uncommon to find a foreclosure that doesn't have a kitchen, or any appliances. This is why it's important to be clear with your team on how much work you are willing to do and what kind of foreclosure you are looking to buy.

 
You can't assume you have an out for your foreclosure. With your inspections, you will need to make sure you are OK with this property. If they find something that the bank is willing to fix, you want to go ahead and proceed with that deal.

One more important thing to remember with foreclosures is that sometimes liens attached to the property stay with the property after you close. This is why it's always a great idea to have your home's title policy reviewed, to make sure you have clear title.

We have access to all the foreclosures on the market here in Palm Beach County, and we want to help you get the best deal possible. If we can be of any help to you, don't hesitate to reach out and give us a call or send us an email!