BUYING 'REO' How To Get A Great Deal On A Foreclosed Property In 2009 If you've been priced out of the housing market, now is the time to consider buying a foreclosed property. But don't wait; the best-value foreclosed homes--what we call "real estate owned" (REO)--are selling as soon as they come on the market. Although buyers can also find bargain prices on pre-foreclosure sales or homes sold at foreclosure auctions, most buyers find it easier and less risky to purchase REOs from the lending institutions and government authorities that repossess these homes. (Note: REOs also can refer to properties purchased by corporations from their transferring employees. This article focuses on REOs resulting from foreclosure proceedings.) Finding a high-value property and negotiating a low-cost contract are the keys to success in the months ahead. Here is the critical information REO buyers need to know: Why Buy An REO? REO homes are most attractive to buyers looking for bargains. They know lenders and government organizations don't really want to own homes and would rather move their "non-performing assets" off the books as quickly as possible. Still, being responsible to stockholders or taxpayers means institutional owners will try to recover as much of their investment in a foreclosed home as possible. Negotiating is key to getting a true bargain price on an REO! REO foreclosures offer some distinct advantages to buyers: Opportunity for professional inspection. Being able to thoroughly inspect an REO can help ensure against unexpected problems and expensive repairs. Inspections are often not an option at earlier stages of foreclosure, especially at auction, when properties are frequently sold "as is." Easier financing. The lender or government agency may offer an attractive financing package, perhaps including a lower interest rate or smaller down payment requirement than might be available on the open market. Chances are also better that outside lenders will consider financing an REO, since their appraisers get a chance to look at these properties. REO buyers can also negotiate for a financing contingency in their contract with the seller. No eviction problems. By the time institutional owners put their properties on the market as REOs, former owners or tenants typically have already moved out. Again, this may not be the case with pre-foreclosure and auction sales. Better condition. Homes in default and sold at auction may not be in great shape, either due to neglect by their cash-strapped former owners or damage caused by disgruntled residents or vandals. Lenders and government organizations selling REOs, however, sometimes make repairs, returning properties to livable condition--or discount the prices to sell more quickly. Listings with brokers. Most REOs are listed for sale with a real estate broker/REALTOR® who is bound by law and ethics to represent the property truthfully. (In some states, however, lenders are exempt from some disclosure rules. Ask us.) Call On Us--Your Neighborhood Experts Remember: All real estate is local. That's why it's more important than ever in 2009 to work with a top-notch local real estate professional--after all, you're not buying a home across the country, you're buying a foreclosed property right here. We can help! As experienced neighborhood specialists, we make it our business to represent buyers of foreclosed properties. Contact us to learn how we do it. There's no cost for this information--and absolutely no obligation to you!   The Process Of Foreclosure The term "foreclosure" can be confusing; it really refers to a three-stage process: Pre-foreclosure--initial stage when homeowner misses payments (becoming "delinquent"), then defaults on mortgage, and lender begins foreclosure proceedings with "notice of default." Auction (also "trustee's sale" or "step sale")--the stage at which the property is put up for auction by lender; proceeds repay lender (and homeowner, if any money is left over). Post-foreclosure--when properties that didn't sell at auction are repossessed, becoming REO by a lender or government agency such as the Federal Housing Authority (FHA) or Veterans Affairs (VA).

If you would like to receive this e-newsletter in your inbox, or are considering buying or selling a home in the Bucks County Real Estate market, call Linda Tremblay or Marcie Purcell.

Tomorrow (November 27) is Thanksgiving Day.  That means that the majority of the people in our country will have a day off from work, lots of turkey and goodies to eat, parades and football to watch on television. Thanksgiving is the one holiday of the year that is not religious based, Veteran or war based, or specific family member based(ie Mother's or Father's Day).  Yet it is a national holiday. It was created just so we could have one day to be thankful for the many blessings that we have.

Although this has been a tough year for me with the loss of my dog and best friend Skye and the more recent loss of my grandson, Paul Anthony to cancer, there is still much to be thankful for.

1. My husband, Bill who is always there when there is a major crisis in my life, although he can drive me    crazy other times.  

2. My children, Kim and Jas.  Both of them have grown up to become loving children and fabulous parents.  My heart breaks thinking of what my daughter is going through since losint Paul Anthony this month.  Thanksgving will be hard for her and her family, Christmas harder yet..

3.  My parents: I was actually lucky enough to have two dads and a mom, due to an unfortunate divorce.  All of them have made me into what I have become.  I love them all, but have to give the most credit to my mom.  Although she is no longer with us, she single handedly had the most impact on me.  Of course if you would of asked me years ago, I would of disagreed with practically everything she said.

4. Family:  The rest of the family including bothers and sisters, grandchildren, my in-laws, cousins, aunts and uncles, etc.

5. My friends: I have a few very good friends.  It is so nice to know that there are people there when you need them and that you would do anything for them.

6.  My career:  I love working in the real estate industry.  Thanks to my current and previous clients for making it all possible. And another big thank you to my team members and especially my partner, Marcie Purcell. (she is also part of number 5) 

7.  Life in general:  By this I mean clothes to wear, food to eat, and a roof over our heads.

8.  My health: So far, I seem to be in good health and hope to stay that way.

9.  My country:  Although things are not perfect by any means in our country, I have to say I would not want to live anywhere else.

10. GOD- because without the father and the son, none of this would of been possible.

What are you thankful for?  Remember tomorrow is Thanksgiving Day, but there are things to be thankful for everyday.

                                       HAPPY THANKSGIVING.

I am pleased to announce that we have recently added a new agent to our team.  His name is Bob Brooks, at least that is how he is licensed, but prefers to be called Harry.

Harry and his family currently reside in the Central Bucks area.  He was raised in Philadelphia.  He was employed by Verizon and is familiar with customer service and the Bucks Mont area. Harry with go above and beyond to provide his customers with excellent service.

Harry will be specializing in residential resales primarily in Bucks County and the surrounding area. Whether you are a first time homebuyer or have sold or bought a home before, Harry will help you with all your real estate needs.

Our team now consists of:  Linda Tremblay, Marcie Purcell, Angela Ciliento, Tom Boshell, Lori Colonna, Harry Brooks, Ted Trymbiski, and in referral status A.B. Albritton.  Please contact us for your Bucks County Real Estate needs.

Here is Page One of my monthly E-Newsletter, "Why now is not the time to sell "For Sale By Owner"  If you like this article and would be interested in receiving my monthly newsletter or information about Bucks County Real Estate, please email me or visit my website.

NO COUNTRY FOR 'FIZZBOES'
Why Now Is Not The Time To Sell A Home Alone

Some home sellers in the boom years were tempted to market their homes "For Sale By Owner" (FSBO) to avoid paying a real estate broker's commission--especially in seller's markets where homes attracted multiple buyers. While the impulse to save money is certainly understandable, selling without professional representation in today's market is a risky strategy that could actually result in lower "walk-away cash" (net proceeds) from the sale and a longer time on the market. Here's why:

Increased Competition

The nationwide inventory of existing homes for sale still hovers around a 10-month supply given the current pace of sales--in some local micro-markets the overstock is even greater. Bottom line: lots of competition among home sellers.

To stand out from the crowd and secure a sale in today's market, you'll need every advantage we can provide. We will:

• Design and execute a detailed, customized marketing strategy that puts a spotlight on your home.
  
  
• Help you determine the "right price" that's not too high, not too low.
  
  
• Recommend cost-effective improvements and repairs to attract buyer interest and offers. (Today's buyers can demand move-in condition.)
  
  
• Put your home on the Multiple Listing Service (MLS) to reach thousands of buyers and agents actively shopping right now.
  
  
• Provide you with information that's up-to-date and accurate about local market conditions and trends.
  
  
• Promote your home sale through our nationwide network of industry professionals and local client contacts.

Bargain Hunters

Typically, buyers interested in FSBO homes are looking for bargain prices--often they expect to cash in on the same "savings" the home sellers hope to achieve by not paying brokerage fees. Experienced investors may also target FSBOs who aren't as familiar with the current market and sales process. The result: low-ball offers, sometimes even below the market value of the home. As experienced, objective professionals, we can save you time and money by:

• Recommending a market-oriented listing price that will invite attractive offers within your desired time frame.
  
  
• Pre-qualifying home shoppers to weed out those who cannot afford to purchase your home and those who might have less-than-honest reasons for wanting to enter your home.

Demanding Buyers

With housing inventories up, buyers are in the driver's seat in many markets around the nation. And they're exercising their clout, asking for contingencies, conveyances, seller subsidies, multiple inspections, even incentives.

We'll manage the relationship between you and your buyers by:

• Arranging home showings in a timely manner.
  
  
• Explaining the intricacies of various contract provisions to you.
  
  
• Employing effective negotiating techniques to ensure you get the best sales price the market will bear and contract terms that meet your needs and those of the buyers.
  
  
• Managing fulfillment of contract contingencies.
  
  
• Supervising inspections.
  
  
• Communicating with all parties involved to keep the transaction on track.

Tougher Loan Standards

Today's buyers are facing bigger hurdles qualifying for home loans as mortgage lenders have tightened their standards by requiring higher credit scores, larger down payments and proven income.

We can help you and interested buyers by:

This year has been a very rough year for lots of people, my family and I included. There are some definite lessons that I have learned. 

The financial world is in shambles and lots of us have had to take a hard look at how we handle money. Lots of us have a tendency to spend more than we really should both personally and professionally due to the invention of credit cards. With the Real Estate market slowing down, there is less money coming in and yet the bills still have to be paid, we still need to eat, etc.  I am now giving any purchase a hard look, before I pull cash or a credit card out of my pocket.  I have learned to definitely maintain my budget.  If I do not really need it, I am not buying it.

Pets:  I lost my bestfriend "Skye" about 2 months ago to kidney disease.  I spent alot of time and a ton of money trying to make her better and loved her very much.  When we had to put her down it was devistating and I did not want to go home.  My house seemed so empty that we ended up getting another puppy named Chance. I regretted not having the time to take Skye to the park more often.  We have a tendancy to think they will be with us forever, and they won"t.  I learned to spend more time with them and enjoy them.   

Family!!! This is so important. My dad got operated on July 28th for a colon removal.  He was supposed to be in the hospital for 4 days which ended up being 42 days, then 7 days rehab, then 10 more days hospital.  He has been healthy until then and although he has lived a good long life (80 years) I was not ready to lose him.  I do not get to see him as much as I could,  Now he is coming home Thank God.  On the other hand, my grandson was just diagnosed with cancer. He is only 21 years old and has 3 tumors. One has to come out immediately because it is so big it is messing up his stomach, lungs, and kidneys.  The other two will be taken out after chemo, hopefully. It just does not seem possible.  I feel like I am living a nightmare. Please spend time with your family. Life can take unexpected turns and you may not be able to. And if you have tiem, please say a prayer for my grandson.  Thanks.

Below are the market statistics for the Central Bucks School District during the 3rd quarter of 2008.  These are residential sales priced between $100,000 and $1,000,000 and are located in Buckingham Township, Doylestown Borough, Doylestown Township, Chalfont Borough, New Britian Township, New Britain Borough, Warrington Township, Warwick Township and Plumstead Township.

During the 3rd quarter of 2007, the average sale price was $425,000 and it took 57 days on average to sell your home. Our market here has slowed a bit and prices have adjusted, but we are in a much better market than some other parts of the country.

If you are considering buying or selling a home in the Central Bucks School District or other areas of Bucks County real estate, call or email Linda Tremblay or Marcie Purcell.  We would love to help you with your real estate needs.

Home shoppers and sellers tend to focus on property listing particulars when comparing homes for sale. While "the numbers" present important information--list price, number of bedrooms and baths, room sizes, year built, square footage, lot size, systems, appliances, etc.--they often don't reveal essential home features or neighborhood details that make a house a home that buyers will fall in love with.

Even when visiting a property--either online or in person--home shoppers and their agents can't always see all that a home and its location have to offer, especially in today's over-supplied market. Anyone who has toured property after property in one short rush knows how hard it is even to remember one from another. That's where the homeowner's input becomes especially important.

If you're serious about selling your home in today's competitive real estate market, take stock of everything your home has to offer--particularly those special assets that may not be readily apparent. Use the following lists to stimulate pulling together the whole story, and provide photos to show potential buyers what makes your home the "best on the block."

Below are the market statistics for the 3rd quarter of 2008 applying to homes located in the Pennridge School District.  These statistics are for homes located in Bedmiinister Twp, Dublin, East Rockhill , Perkasie, Sellersville, Silverdale, Hilltown, and West Rockhill.  These homes were priced between $100,000 and $1,000,000.  They were all residential resales, not lots, multi family or commercial properties.

As you can see, the average sale price was $292,000 and it took 71 days on average to sell a home.  During the same time period in 2007, the average sale price was $307,770 and it took approximately 66 days to sell a home.

Although this is not good news, it is NOT anywhere near as bad as other areas of our country. If you want to sell you home, you need to remember that

1. 1.  It is a buyers market.
2. 2. It does not matter what you want or need to sell your home for.  Although you can set a list price, the    market determines tha homes actual value.
3. 2. You home needs to be well maintained, decluttered and neutral in decor to get the best price for it. 

If you are really serious about selling your home in the Bucks County Real Estate market, please call me or Ma cie Purcell

Here are the market statistics for the homes located in the Quakertown School District. These statestics are taken from Trendmls and have the following criteria.  They are residential resales (not farms, multi-family or commercials), were priced between $100,000 and $1,000,000 and are located in Richland, Milford or Haycock townships or Quakertown, Richlandtown, or Trumbauersville Borough.

The average sale price for the 3rd quarter is $260,059 and it has been taking an average of 68 days to sell a home.  In comparison, during the 3rd quarter of 2007, the saverage sale price for the same criteria was $269,825. It only took 50 days on average to sell a home.

Although this is not extremely good news, it is NOT as bad as other parts of the country.  If you are,  considering selling your home, please remember it will take a little more time and you have to realistic about what your home is worth.  It does not matter what you want or need to get for your home.  You can set the listing price, but you can not determine the sale price.  The home will sell at the current market value, which is determined by what a ready, willing, and able buyer is willing to pay for your home.

For help with buying or selling a home in the Bucks County Real Estate market, please call linda Tremblay or Marcie Purcell.  We specialize  in the Central and Upper Bucks County area.