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purchase reos: I think I'm trying to sell something? - 01/10/11 03:00 PM
I think I'm trying to sell something. Yep, I've looked at the submitted contract again just to be sure.The buyer thinks they have submitted an offer to the REO bank. They are looking forward to just getting thru the acceptance part of the contract scenario.I've submitted an offer on an REO over a month ago now and there just hasn't been any word. The buyers have lost their enthusiasm and have now gone into 'irritation mode'. I can't say I blame them because they logically are thinking the bank wants to sell the house right?Well, errr, sorta I guess. They did … (19 comments)
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purchase reos: 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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purchase reos: 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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purchase reos: 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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purchase reos: 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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purchase reos: 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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purchase reos: 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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purchase reos: 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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purchase reos: 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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Lyn Sims - Schaumburg Homes
Schaumburg,
IL
More about me…
Schaumburg Real Estate - Northwest Suburbs - RE/MAX Suburban
Address: Schaumburg | Hoffman Estates | Elk Grove Village | and Roselle, IL in the Northwest Suburbs of Chicago
Office Phone: (847) 230-7324
Cell Phone: (847) 230-7404
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