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rehabilitation: Buying a foreclosed home? Look out for these property pitfalls - 12/08/08 02:50 PM
Today's buzzword in buying a reasonably priced home is "foreclosure". Foreclosed homes sell anywhere from 20%-60% lower than non-foreclosed homes, making their pricing much more attractive, but there are hurdles to overcome, especially when it comes to property condition. Even though the home is foreclosed, it still must meet the requirements of new financing. I've been working with foreclosed homes for more than 40% of my buyers lately, so I wanted to review a few of the problems we've encountered, and how to avoid them.
To lend on a property, each type of mortgage will have its own requirements as to … (1 comments)
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rehabilitation: Construction Financing – You’ve Closed! Now What? - 06/23/08 01:36 PM
It might seem like getting your mortgage to build your new home was a battle. You were likely forced to submit copious documentation, and you home plans were extensively scrutinized. After all of that, you've signed a contract with your builder, and then you probably went to a lawyer's office somewhere and had to sign what seemed like 1000 pages of documents printed in a tiny little font that you know 15-year olds can't read much less you or the attorney asking you to sign it.
So what happens now?
Construction loans are structured with a series of payments, or disbursements, … (0 comments)
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rehabilitation: Understanding Construction and Rehab Mortgage Options - 06/11/08 09:23 AM
Great opportunities exist in the real estate market right now. Many homes are selling for far lower prices than they brought at their last purchase. 3- and 4-unit properties are often available for a song due to extreme reductions in viable financing options. But what about getting a home that is right for you? The problem with real estate on the market right now, is that none of it is customized to your tastes.
Enter Construction and Rehab Mortgages. These mortgage programs allow for things that regular loans do not, specifically the financing of funds to build a new home, or … (2 comments)
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rehabilitation: FHA 203(k) is the Key to a Great Foreclosure Deal - 05/28/08 09:53 AM
These days in Providence, I'm seeing a substantial increase in the number of properties listed for 50% or less of the price they last sold at 18-36 months ago. There are a couple of factors contributing to this:
Relatively low rents Excessive market exuberance when last sold Lack of financing availability Poor condition Of these factors, the last two can be addressed by FHA's 203(k) Rehabilitation program. The majority of the properties selling at low prices ($52,000 3-unit anyone?) are foreclosed homes in need of significant updates, but, when improved, will be a fantastic value for their new owners.
The 203(k) … (1 comments)
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Dan Hartman
Providence,
RI
More about me…
Province Mortgage Associates - (401) 263-8655
Address: 10 Davol Sq, Providence, RI, 02903
Office Phone: (401) 490-4400 x 114
Cell Phone: (401) 263-8655
Email Me
Dan Hartman's Blog about mortgages, real estate, and the economy in New England, and the United States, especially Rhode Island Rates, Connecticut Mortgages, Massachusetts Rate Locks, and New Hampshire Home Sales. Let Dan leverage his MBA in Finance and experience as a college professor for you!
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