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Good news for distressed sellers-there is life after a short sale or foreclosure!

Many distressed homeowners may think they are forever destined to being a renter after losing their home due to a foreclosure or selling it as a short sale. Nothing could be further from the truth. According to real estate broker, Richard Gregg, there is hope for you to purchase another home in 8 months to two years.

Richard Gregg is the CEO of oREO-IT and a real estate broker with ReMax Professional Realty in Corona, CA. He got his start in the in the 1980’s and has seen many changes in the real estate industry. More importantly, Richard has educated himself, gotten the necessary certifications and adapted to the market fluctuations in order to provide his clients with the most efficient service possible. Nicknamed “the oREO Guy”, Mr. Gregg’s professionalism and proven results have contributed to him closing more than 500 sales in Southern California. His motto is honesty, integrity and commitment.

It is Richard’s opinion and experience that a homeowner who is upside-down on their home (the mortgage balance is higher than the home’s current value) has a better chance of purchasing a home in the future by selling their home as a short sale than allowing the home to be foreclosed upon. He has seen instances where the homeowners who have used this method to sell their home buy their next property in as little as 8 months. Because of the lower values in homes, many have been successful in buying a comparable or better home for less than what they paid for their previous home.

The good news is even if you have lost your home due to a foreclosure, there is a strong chance you can purchase another home in 2 years. Richard warns these same homeowners to avoid being evicted. He said that lenders and landlords are approving applicants with a foreclosure on their credit report but having an eviction makes it almost impossible to rent or buy a home in the future. If you find yourself in a situation where your home is about to be sold at a Trustee Sale, Richard suggests you to take advantage of their Cash For Keys program. You may be able to receive $500 to $10,000. The average is $1500.

If you earn enough money to afford a lower payment, there are other options for you to save your property. You may also apply for a loan modification with your lender, hire a reliable real estate attorney or request the assistance a non-profit organization that specializes in foreclosure help. However, you should take into consideration this process can take as long as six months to be approved and it may be denied. So, it is highly advisable to pay close attention to the date of your Notice Of Default and/or Notice Of Trustee Sale date to avoid foreclosure.

Since the traditional buyers are having difficulty getting their loans approved by lenders, Richard says selling your home, as a short sale to a Cash Investor is the quickest and most efficient way to save your credit. Furthermore, he advises you to do your due diligence in order to make the right choice in a real estate professional to get your short sale approved by your lender. It is crucial that your listing agent be experienced in the short sale process, is up to date on the banks’ ever changing policies and can assist you with the necessary paperwork. 

Richard Gregg has the reputation for getting the job done. His client list includes some of the nations largest lenders, such as Litton Mortgage, Accredited Mortgage and Old Republic Bank.

To contact Richard Gregg for a free consultation, you can call him at 951-768-8016 or send him an email at reo@oreoit.com. His web address is www.oreoit.com. Be sure to ask him about his creative FSBO strategies.

Your comments are welcomed.

To send me a message, go to www.facebook.com/cliffwrightspeaks

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