Future Home Buys – Homeowners who go through a foreclosure cannot apply for an FHA loan for 5 years after the date of foreclosure (7 years for investors), but homeowners who complete a small sale can apply for an FHA loan 2 years later . When homeowners apply for a loan through a mortgage company, they must state on the application if they have had a property foreclosed upon or given a deed in lieu of foreclosure within the last 7 years
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Small Sales vs. REOs
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The remaining sales of 14 ranged in price from: High: $3750000 Median: $775000 Low: $395000. The current price differential (list price versus sold price) is 88.71% and average Days on the Market =256. 2009 figures (same time period) ... 2009 sales totaled 7-Median Selling price=$400000, Days on the market 161. Planned Unit Developments: Total sales = 11. Two of the 11 were short sales or REO's with pricing between $400000 to $657000. The remaining 9 sales = Median price ...