Real Estate in the Foothills 7/16/10

Did you know that 1 in 4 Americans have a FICO score of less than 600!!
You can now get an adjustable rate loan from Wells Fargo starting at 3.8% for up to 10 yrs?
If you use more than 30% of your available balance on your credit card, it will NEGATIVELY affect your credit rating? A Bankruptcy will knock your credit score down 135 -240 pts?
A Foreclosure or Short Sale will knock your FICO down up to 160 pts?
If you do a short sale, it will be about 2 yrs before you can buy again? Foreclosure 5-7 yrs before you can buy again? Wells Fargo/Wachovia would now rather do a 'short sale" 1st?
then a "deed in lieu"? and last a Foreclosure? If you want to do a short sale, you will still need a legitimate hardship, strategic short sales are frowned on and probably won't get approved, and could get you in trouble?
Did you know that 50-75% of loan modifications re-default?? If you are a buyer looking to cash in on today's short sale inventory, bring cash to the table and your chances just increase dramatically if you are in a competitive bidding situation??

The market is slowing down again, per VP of asset management of Wells Fargo. But a little stability in the market is good. There are currently a lot of "FLIPPERS" out there, buying short sales & REO's, then cleaning them up, upgrading them and selling the homes for a profit?
Yes, it's true, and a lot of them are offering CASH when they buy!

Ever try to purchase a HUD home? I am currently working with a buyer that is. HUD and it's vendor PEMCO are not easy to deal with, we have had an offer that was "computer accepted" by HUD, on July 1, 2010, and we are still waiting for written acceptance over 2 weeks later, it's almost like they are trying to find a way to NIX the deal, amazing.