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Buying a foreclosure can be complex and a lengthy process. The complexities of buying foreclosed properties can begin with finding an agent that is familiar with the short sale, foreclosure and REO process, as well as, finding a great deal to avoiding some pitfalls.
Foreclosure rates in the United States are increasing as a rapid rate which is creating an opportune time for investors and buyers. Points to consider when purchasing a foreclosure:
Borrowers are often are given a grace period to avoid the foreclosure process, often 2-3 months. The borrower may opt to sell the property during this pre-foreclosure stage if they can't make up their missed mortgage payments. This is typically the best time to strike a deal, as home owners are looking for ways to avoid foreclosure. If the home is purchased during this time frame it is called a short sale.
Where to find properties: Contact Erin Romanski for a list of current forelclosure. You may also contact banks and credit unions to find out about new foreclosures.
Considerations/Precautions: Properties that have been left vacant for a while, be sure to check for any plumbing or electrical issues, foundation problems, and mold. Consider having a whole house inspection by a qualified home inspection company to ensure they're not overlooking problems that would be expensive to fix.
Check to ensure the title is clear and check for any liens - such as builder liens and tax liens - that need to be paid off. This is public information and usually can be found at a county's recorder's office.
Foreclosure deals often move fast and require constant attention and communication with the bank as properties wind their way through the process. Remember, if it looks like a great deal, other buyers are looking too.
Contact The Romanski Group today for a list of foreclosed properties at erin@romanskigroup.com!
Financing Solutions with David Reed
Government Grants
For first-time buyers, often the first thought that comes to mind is, "I need a down payment." This is often followed by the question, "Now, where do I get that down payment?"
Depending upon the loan type, a home mortgage typically requires 3 to 5 percent down. If you have the money, then you're set. But what if you don't? What if you're renting? You can afford a mortgage within your means, but coming up with the down payment money needed to begin the transaction can be challenging. So, where can you turn?
One of the most overlooked sources of down payment funds is likely right under your nose-in the form of government bonds and local grant programs.
These programs either provide outright monetary grants for down payment or money to buyers in the form of a forgivable loan. In essence, the government will help you buy your home and you typically only have to pay back the money if and when you sell that same property.
In the past it was challenging to find these special programs, but now all you need is your agent, a computer, an Internet connection, and a search portal such as Google or Yahoo. Enter the search terms "down payment assistance (followed by your city, state or province)" and see what pops up! It might just be the answer to helping you buy your first home.
Written by David Reed, author of Mortgage 101 and Mortgage Confidential.
Call The Romanski Group today for all your home buying and selling needs at (765) 532-6148 or visit us online at www.romanskigroup.com!
| Erin Romanski and The Romanski Group | Keller Williams Realty | erin@romanskigroup.com | 765-532-6148 |
1432 Santanna Drive, Lafayette, IN | | Custom built 2-story home on 2 beautiful wooded acres in
prestigious Julius Springs. | | | 5BR/2.5BA Single Family House | | offered at $465,000 | | Year Built | 2003 | | Sq Footage | 3,445 | | Bedrooms | 5 | | Bathrooms | 2 full, 1 partial | | Floors | 2 | | Parking | 3 Car garage | | Lot Size | 2 acres | | HOA/Maint | $0 per month |
DESCRIPTION
| This custom built 2-story home is situated on 2 beautiful wooded acres in prestigious Julius Springs. Fine attention to detail is evident throughout this spacious home with five generous bedrooms, two and a half bathrooms. This home combines warmth and charm with many upscale amenities including cherry finished hardwood floors. This home offers nearly 3,500 square feet of finished living space plus a partial finishable basement with an additional 1314 square feet. The impressive 2-story foyer entry opens to the office and formal living room that leads into the formal dining room with columns and a tray ceiling. Relax in front of the double sided fireplace in the breakfast nook or family room. In the heart of this home is the fully equipped kitchen offering cherry stained cabinetry, ceramic tile backsplash, center work island and a large pantry. The cozy family room looks out onto the wooded backyard and has vaulted ceilings and a fireplace flanked by a built-in bookshelf. The luxurious owner's retreat has crown molding, a tray ceiling, double lavs, jacuzzi tub and a glass walk-in shower. Additional features include a 16x16 patio, surround sound, security system, lawn sprinkler, hardwired outdoor lighting w/ converter, professionally designed landscaping, Kinetico water softener and drinking water system (new in '07) and a 3+ car attached garage. Enjoy the wildlife and nature right from home. Call The Romanski Group at (765)532-6148 for your private tour. | | | | see additional photos below | | | | | | |
| Seller contact info: |  |
Erin Romanski and The Romanski Group |
Keller Williams Realty |
|
765-532-6148 |
For sale by agent/broker | |
| | | | | | | Posted: Jul 2, 2008, 3:48pm PDT | |
| Erin Romanski and The Romanski Group | Keller Williams Realty | 765-532-6148 |
2281 Flowering Crab, Lafayette, IN | | Custom built 2 story home- well cared for. Beautiful hardwood floors. Full finishable basement. Large backyard with no neighbors behind! | | | 4BR/2.5BA Single Family House | | offered at $239,900 | | Year Built | 2003 | | Sq Footage | 2,234 | | Bedrooms | 4 | | Bathrooms | 2 full, 1 partial | | Floors | 3 | | Parking | 3 Car garage | | Lot Size | 0.579 acres | | HOA/Maint | $8 per month |
DESCRIPTION
Custom built 2-story home on over a half acre lot in Farmington. A charming covered front porch welcomes you into this very well maintained home built in 2003 with four generous bedrooms and two and a half bathrooms. There is 2234 square feet of living space plus a full finishable basement that is plumbed for an additional bathroom. Features include a formal living room and dining room separated by pillars,
beautiful hardwood floors, and a lovely fully equipped kitchen with ceramic tile flooring and a breakfast nook. Additional features include a family room with a fireplace, huge deck
overlooking the large backyard (no neighbors behind), master suite with double lavs and a corner Jacuzzi tub and a 3+ car attached garage. This home offers many more wonderful features throughout—Call The Romanski Group today (765) 532-6148.
| | | | see additional photos below | | | | |
| OTHER SPECIAL FEATURES
 Water Softener |
| Electronic Air Filter |
| Whirlpool tub |
| | | |
| Seller contact info: | |
Erin Romanski and The Romanski Group |
Keller Williams Realty |
765-532-6148 |
For sale by agent/broker | |
| | | | | | | Posted: Jul 7, 2008, 12:15pm PDT | |
| Erin Romanski and The Romanski Group | Keller Williams Realty | 765-532-6148 |
4701 E. 300 N, Lafayette, IN | | Roomy ranch on crawl space just minutes from Hershey & East
Tipp Schools! | | | 3BR/1.5BA Single Family House | | offered at $125,000 | | Year Built | 1962 | | Sq Footage | 1,476 | | Bedrooms | 3 | | Bathrooms | 1 full, 1 partial | | Floors | 1 | | Parking | 2 Car garage | | Lot Size | 0.30 acres | | HOA/Maint | $0 per month |
DESCRIPTION
| Fantastic setting near Hershey and East Tipp Schools! This spacious ranch with nearly 1,500 square feet offers three bedrooms and one and a half bathrooms. Features include a large living room with a bedford stone fireplace, dining area, updated kitchen with a breakfast bar, wine rack and a large breakfast nook. Additional features include hardwood flooring in the bedrooms, updated bathrooms, ceramic tile in the laundry room and foyer entry, a great front porch and 2-car attached garage. Relax on the 50' deck or circular patio in the privacy fenced backyard. Updates include: some new carpeting, tile, remodeled kitchen and baths, all new Pella patio doors, extra insulation in roof, some new windows plus more! Call The Romanski Group today at (765) 532-6148 to see this great home! | | | | see additional photos below | | | | | | |
| Seller contact info: | |
Erin Romanski and The Romanski Group |
Keller Williams Realty |
765-532-6148 |
For sale by agent/broker | |
| | | | | | | Posted: Jul 10, 2008, 11:30am PDT | |
Is owner financing for you?
Owner financing has been a popular practice in previous real estate downturns. Current market conditions and upheavals in the mortgage industry have given rise to a new-found interest in this idea. If you own your property outright, have a need to sell in a soft market and are interested in converting your sold home into an investment that yields returns, owner financing may be a option worth exploring.
Successful owner financing means that you, the owner of the property, get to widen the potential pool of home buyers by offering to finance the transaction. And since private lending, where you act as the mortgage lender, tends to offer higher than standard interest rates to offset risks, you can also enjoy a nice return on the home loan.
Due diligence is the key to successful owner financing. This is not intended as a means to provide financing for those who have damaged credit, little or no income or some other "loan of last resort" characteristic. So who is this ideal candidate and how do you, the owner, evaluate such a proposition?
Your ideal candidate is someone who has excellent credit but for some reason, lenders aren't using all or part of the buyer's income. For instance, someone that has been an attorney for a legal firm for several years and just last year started their own practice or an experienced mechanic who ventures out on his own to open up his own shop. Lenders like to see two years' worth of self employment when evaluating a loan application.
You'll need to check the buyer's credit and you can do so by getting written permission to pull a credit report. Or, you can log on together to www.annualcreditreport.com and print off a current report at no charge. Have the prospect provide you with three months most recent bank statements, personal and business, to show cash flow. To verify employment, dial "411" and ask for the phone number for that person's business and call the office.
You can only hold a note on a property that is free and clear. Any transaction where title changes hands will trigger the "due on sale" clause inserted in mortgage loans.
Finally, and most importantly, get a substantial down payment. Anything that is 20 percent down indicates that the buyer is serious. Most owner financing arrangements are done on two to three year balloon notes. The idea is that your non-qualifying buyer will have time to establish a track record with their earnings and refinance with a traditional lender.
If the market is slowing down the sale of your home, discuss the possibility of adding owner financing to your listing with your agent.
Contact The Romanski Group today at (765) 532-6148 for all your home buying and /or selling needs! Visit us online at www.RomanskiGroup.com!
| Erin Romanski and The Romanski Group | Keller Williams Realty | 765-807-7121 |
348 Blakely Drive, Lafayette, IN | | Great ranch close to I-65 and new hospitals! | | | 3BR/2BA Single Family House | | offered at $100,000 | | Year Built | 2002 | | Sq Footage | 1,109 | | Bedrooms | 3 | | Bathrooms | 2 full, 0 partial | | Floors | 1 | | Parking | 2 Car garage | | Lot Size | .12 acres | | HOA/Maint | $0 per month |
DESCRIPTION
| Situated in a convenient east Lafayette location with easy access to I-65 and the new hospitals is this spacious ranch. This home offers a three bedroom split floor plan, two full baths with over 1100 square feet throughout. There is a foyer entry that opens into the great room with cathedral ceilings. The fully equipped eat-in kitchen and the laundry room have ceramic tile (new in '07). Additional features include some fresh paint, neutral decor, nice deck and a 2-car attached garage. Call The Romanski Group today to see this home at (765) 532-7476 or visit us online at www.RomanskiGroup.com! | | | | see additional photos below | | | | | | |
| Seller contact info: | |
Erin Romanski and The Romanski Group |
Keller Williams Realty |
765-807-7121 |
For sale by agent/broker | |
| | | | | | | Posted: Jun 24, 2008, 9:47am PDT | |
| Erin Romanski and The Romanski Group | Keller Williams Realty | erin@romanskigroup.com | 765-532-6148 |
1432 Santanna Drive, Lafayette, IN | | Custom built 2-story home on 2 beautiful wooded acres in
prestigious Julius Springs. | | | 5BR/2.5BA Single Family House | | offered at $465,000 | | Year Built | 2003 | | Sq Footage | 3,445 | | Bedrooms | 5 | | Bathrooms | 2 full, 1 partial | | Floors | 2 | | Parking | 3 Car garage | | Lot Size | 2 acres | | HOA/Maint | $0 per month |
DESCRIPTION
| This custom built 2-story home is situated on 2 beautiful wooded acres in prestigious Julius Springs. Fine attention to detail is evident throughout this spacious home with five generous bedrooms, two and a half bathrooms. This home combines warmth and charm with many upscale amenities including cherry finished hardwood floors. This home offers nearly 3,500 square feet of finished living space plus a partial finishable basement with an additional 1314 square feet. The impressive 2-story foyer entry opens to the office and formal living room that leads into the formal dining room with columns and a tray ceiling. Relax in front of the double sided fireplace in the breakfast nook or family room. In the heart of this home is the fully equipped kitchen offering cherry stained cabinetry, ceramic tile backsplash, center work island and a large pantry. The cozy family room looks out onto the wooded backyard and has vaulted ceilings and a fireplace flanked by a built-in bookshelf. The luxurious owner's retreat has crown molding, a tray ceiling, double lavs, jacuzzi tub and a glass walk-in shower. Additional features include a 16x16 patio, surround sound, security system, lawn sprinkler, hardwired outdoor lighting w/ converter, professionally designed landscaping, Kinetico water softener and drinking water system (new in '07) and a 3+ car attached garage. Enjoy the wildlife and nature right from home. Call The Romanski Group at (765)532-6148 for your private tour. | | | | see additional photos below | | | | | | |
| Seller contact info: | |
Erin Romanski and The Romanski Group |
Keller Williams Realty |
|
765-532-6148 |
For sale by agent/broker | |
| | | | | | | Posted: Jul 2, 2008, 3:48pm PDT | |
| Erin Romanski and The Romanski Group | Keller Williams Realty | 765-532-6148 |
1324 S. 24th, Lafayette, IN | | Adorable & charming 3 bedroom bungalow. | | | 3BR/1BA Single Family House | | offered at $89,900 | | Year Built | 1930 | | Sq Footage | 956 | | Bedrooms | 3 | | Bathrooms | 1 full, 0 partial | | Floors | 2 | | Parking | 1 Car garage | | Lot Size | Unspecified | | HOA/Maint | $0 per month |
DESCRIPTION
| Adorable and charming bungalow home in a great central location in Lafayette! This home offers a spacious living room with beautiful refinished hardwood floors, a fully equipped kitchen, three bedrooms, and an updated bathroom. There is a full basement with an office and lots of storage space. Relax on the patio in the well manicured privacy fenced backyard offering a large storage barn. Additional features of this home include a 1-car detached garage with electric and cable, and a covered front porch. Numerous updated inside and out! Call The Romanski Group today for a tour (765) 532-6148! | | | | see additional photos below | | | | | | |
| Seller contact info: | |
Erin Romanski and The Romanski Group |
Keller Williams Realty |
765-532-6148 |
For sale by agent/broker | |
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