4 Shorts Foreclosures, Appraisals, Pre-Qual, Pre-Approved

What is the difference between Pre Qualified and Pre Approved? #shorts

Foreclosures are up 150%! Okay, they are but let’s take a step back.
They’re up 150% from 1 year ago when there was a FORECLOSURE MORATORIUM you couldn’t even do one! They are shooting up from extremely low lows, and many are still working their way through the system from pre-pandemic! This IS NOT a cause for panic nor a sign of a housing crisis.

All hope is not lost if your appraisal comes in low!
You or your realtor can do a Reconsideration of Value. This allows you to present other comparables to your appraiser to see if the value can be increased, and 15%-20% of the time, IT IS!

Headlines say that Mortgage Demand has dipped to an "all-time low."
But let's tear this apart for a minute. Mortgage Applications include both Refinance AND Purchase Apps! Furthermore, the Refinance Apps are the big chunk of this, as they’re down 82% YOY, while Purchase Applications are only down 18% YOY.  I understand buyers are dealing with affordability, but they’re still out there! Sellers, if your home is staged right and priced right, there is a buyer for your home.