So are you planning to buy a foreclosed home in San Jose with an FHA Loan? Foreclosed properties can be sold by 2 entities: Directly by the Mortgagee (The bank that held the mortgage), or By entities that purchase foreclosed properties either singly or in bulk for resale FHA has a property flipping rule that says that the new owner has to own the property for 90 days before he/she can sell again. FHA on Friday 5/15/2009 extended it's Property Flipping Waiver to 5/10/2010. Meaning, a bank can foreclose on a property today…
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Tag: Foreclosure
Are Foreclosure Properties a Good Deal in Santa Clara?
DataQuick said 43 percent of all homes sold in Santa Clara County was in foreclosure upon sometime in the previous 12 months. The number for Alameda county is 46.2 percent. Evidently, most of the current sale is being driven by foreclosed properties; that also explains the falling median prices in these counties. But before jumping on the bandwagon be cautioned that not all foreclosed houses are good deal. Most foreclosures sell at a discount, but the benefit of a lower sales price is often negated by the cost of repairs required to restore…
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