buying foreclosures: HUD putting our Buyers at a Disadvantage - 07/02/11 12:11 PM
From a previous post I told you about the 'winning bid' on my HUD foreclosure. To continue that saga I'd like you to think about this. HUD is currently offering a selling bonus to all agents that sell a HUD home. Fannie Mae is also offering it now through the HomeSteps program and also paying points for the buyer and throwing in a home warranty to boot. Think of it as the 'summer sales event' for foreclosures!
But getting a 'bonus' on a HUD foreclosure definitely puts your buyer at a disadvantage and here's why:All costs are reduced from the HUD bid price. … (17 comments)
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buying foreclosures: Lipstick on a Pig – Understanding the Dangers of Rehabbed Foreclosures - 04/11/11 05:47 PM
Shoddy worksmanship - slipshot repairs by unskilled, unlicensed help. This is just the beginning for some of the more recent rehabs. Always have these properties inspected by a professional and due yourself some 'due diligence' and check with the village authorities about recent permits.
Don't get me wrong, not all rehabs are bad but not all rehabs are good either. Just watch out for that 'lipstick on pig'.
Great post from John Mulkey.
Via John Mulkey, Housing Guru (TheHousingGuru.com):
Lipstick on a Pig – Understanding the Dangers of Rehabbed Foreclosures
With millions of homes having been lost to … (5 comments)
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buying foreclosures: 203K FHA LOAN - How can I use it for a foreclosure? - 12/31/10 09:13 AM
In this special 203K FHA Loan, what types of improvements can I make?
Repair/replace roofs, gutters and downspouts. Repair/replace HVAC systems. Repair/replace plumbing and electrical systems. Repair/replace flooring. Minor remodeling such as Kitchens and Baths Painting, both exterior and interior Weatherization Purchase and Installation of Appliances Lead-based Paint Abatement Repair/replace decks, patios, porches Basement remodeling Basement waterproofing Window and door replacement Septic System and or Well Repair All these things can all be included in the 203K FHA Rehab Loan. All repairs and work must be done by a certified contractor on HUD's approved list. They are all places that you … (6 comments)
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buying foreclosures: VA Vendee Financing Program - 07/08/10 02:00 PM
VA Vendee Financing pertains to foreclosures only and in our area it is rare but I have seen it recently being offered and was myself curious.
This post offers a great explanation from Bruce Reichstein on a VA product available to NON-VETERANS or Investors. Please read thru the specifics and see if you might be interested in an area foreclosure.
Via Bruce Reichstein (VALoans.com - Nationwide Expert VA Loan Officer - Vets 1st):
I was asked a question about the VA program called Vendee Financing and wanted to address the issue in a blog post or two. From the comments section: “Are you familiar with … (0 comments)
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buying foreclosures: Buy A Move In Ready Home or Fix One Up? - 06/18/10 02:44 PM
Which one of these scenarios would be good for you? Obviously if you are not the handy type and don't know which end of a hammer is the business end maybe a fixer upper is not for you!
Good post from David Monsour in Gettysburg, Pennsylvania.
Via David Monsour (Prudential Bob Yost - Sites, Gettysburg, PA):
Buy A Move In Ready Home or Fix One Up? Gettysburg PA Real Estate is available in all forms, but what is the best choice for each individual buyer?
We've already established that there isn't a buyer in the market that isn't taking advantage of the … (0 comments)
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buying foreclosures: Foreclosures and You - 10 Potential Potholes on the Foreclosure Buying Road - 02/11/10 11:02 AM
Buying a foreclosure can really test what you're made of. Better make sure you are ready and you need someone that is a seasoned professional (like me!) to help you climb thru the jungles and miss the dreaded swamp!
This post is by Clint Miller of Montana, enjoy.
Via Clint Miller (Real Estate Client Referrals, LLC (RECR)):
Let's face facts...buying a foreclosure isnt exactly a simply process. In fact, some would say the entire process sucks.
But, it can actually be even worse than you thought originally for your client without recognizing these 10 simple red flags. Knowing what to look for … (0 comments)
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buying foreclosures: Foreclosure Basics - Special incentives for Buyers with this program - 01/29/10 04:25 PM
Foreclosure Basics - Fannie Mae Specials on the Home Steps Program
Well I guess they want to join the spring market with new incentives for buyers (dangle that carrot?) with closing costs help and new appliances! Most foreclosures obviously have 'iffy or icky' appliances so this would at least give buyers some incentives/breaks on those new appliances. This was just released and is valid until May 1, 2010. You must close by that date. The press release shown is not very clear but I rechecked and the date starts for contracts on January 27th, 2010.My other post on Fannie Mae … (2 comments)
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buying foreclosures: Foreclosures - Such a DEAL! . . . Maybe It Really Isn't - 01/29/10 10:31 AM
Ahhh the lure of foreclosures! To some buyers it's like the smell of hamburgers on the grill when you've been stranded on a desert island! They gravitate towards 'the deal' (not the Donald). It's like Homer Simpson and his 'donuts' mantra, they just can't help themselves.
This post is from a successful buyers agent, Carla Muss-Jacobs from Portland, and what she finds when she shows foreclosures to overly eager buyers. You better know what your 'in for' and go in with both eyes open! In fact, get as many eyes as possible to help you out (inspectors, contractors, etc) if this … (7 comments)
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buying foreclosures: Foreclosure Basics - Fannie Mae and the Home Steps Program - 12/23/09 06:45 PM
Home Steps Smart Sell Program Looking to purchase a foreclosure or REO property? Here is a short explanation of how Fannie Mae foreclosures are handled.Home Steps is the real estate unit of Fannie Mae and handles all their foreclosed homes. Home Steps markets a nationwide selection of Fannie owned properties. Home Steps works strictly thru Realtors® and are available in the local MLS system of your area.Items required on every offer:
Sales contract Pre-approval Letter from Lender Proof of funds for cash sales Earnest Money Check (possible certified) Home Steps will not agree to the following:
Offer contingent on sale of buyers current home … (13 comments)
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buying foreclosures: REO'S and Foreclosures - Think they could possibly be for you? - 12/02/09 03:48 PM
REO's and Foreclosures - Think they could possibly be for you? I just sold and closed two foreclosures recently and the two sales couldn't have been more completely opposite! One needed work (203k) from head to toe - you know the kind you hear about where the seller decided to cut parts of the furnace out of the unit! The other was fabulous with a remodeled kitchen and 42" maple cabinets. That one needed painting and new carpet but needed minor TLC. It had the best location backing up to a pond! What did these buyers both have in common?
They … (6 comments)
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buying foreclosures: First Time Home Buyers...Are You Sure a HUD or Foreclosed Home is What You Really Want?? - 09/13/09 03:56 PM
Dear First Time Home Buyers: Do you want a deal? Do you want a HUD home? How about an REO?
Are you really sure you know what you are getting yourself into? The best way to find out is to decide how capable you are and what monies do you have to help you succeed. Don't know the difference between a hammer and a nail? The foreclosure is not for you. Don't want to break your nails pealing wallpaper? Then a home in much more updated condition is for you.
The price of a home reflects the work done - period.
… (2 comments)
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buying foreclosures: Tips for buying a foreclosure - A very common misconception about purchasing a foreclosed property. - 05/15/09 03:19 PM
This is another valuable post/article that I would like my readership to have. It is from a very knowledge gentlemen and top producer named Richard Weisser who works in Georgia. I couldn't have said anything better myself so I would love to present his post in it's entirety.
There has been such a tremendous interest in REO's (Real Estate Owned Homes) and Foreclosures that I wanted you to be totally informed. Armed with great information you can decide if a foreclosure is right for you.
This post should precede my post "The Princess and the Foreclosure".
Via Richard Weisser Coweta Fayette Real Estate … (0 comments)
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buying foreclosures: Buying a Bank Owned Home - the REO - 05/15/09 02:49 PM
Lately with all the media flurry about REO's (Real Estate Owned Properties) and Foreclosures I wanted to send my readers some really good basic tips on buying one of these beauties for themselves. Tips on what you should know and just common sense advice on the procedure.
Everyone wants one - but is it really a good idea for you?
This post is from a very knowledgeable gentlemen and top producer in the Massachusetts area named Bill Gassett. Since I couldn't explain it any better - I will present his post as one of the best examples I could find on the subject.
… (2 comments)
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buying foreclosures: Buyers Advice - A Loan you might not know about! Check out the 203K! - 03/05/09 05:16 PM
What a difference a ‘K’ makes? This is about the ‘Renovation Loan’ called the FHA 203K and how it can be used to purchase a home in need of 'a little help’.
The 203K Loan is:
Perfect for REO’s and foreclosures. Used to purchase and close on a home in ‘as is’ condition. Usually getting a better sales price. No repairs required prior to closing; no appraisal issues. The house must be sound and is used for minor repairs and cosmetic changes that you would like to do to the property and don’t have the ready cash to do it. There … (2 comments)
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buying foreclosures: Oh where oh where have my appliances gone? Buying foreclosures and REO's - 01/28/09 01:55 PM
Oh where oh where have my appliances gone? Alot of buyers are looking at foreclosures and REO's currently and have been wondering how long do these left behind appliances last? Should I get new ones? Should I replace them? Gadzooks those things are u-g-g-g-ly! This post is another in a series 'Real Estate 101' and the topic is about the life of appliances in a home. When the stove, refrigerator, washing machine or other household appliance stops working, how do you know whether it's time to call a repair service or to replace the appliance? The following tips can help you … (4 comments)
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