Chris Gardners Story "The Pursuit of Happyness", is one man's struggle from homelessness to affluence. Gardner attributes his success to one simple word. Passion. Gardner went from seeking shelter in the bathroom of a subway to becoming a multimillionaire. He believed in his ability, and worked tirelessly to achieve his goals.
American families are struggling. They are coping with increasing mortgage rates, property tax increases, low paying jobs, higher gas prices, and making ends meet. This presents a unique opportunity to buyers entering the home market. Not only do they have more choices, they could potentially purchase a larger home at a reasonable price.
In Osceola County, there are 2,148 foreclosures on the market, according to Realty Trak. There are 6519 Properties currently for sale on Osceola County. In the past 14 days 134 have come onto the market, and 16 have sold. The average days to close of those sales was 212.9 days.
There are mortgages to be had. Despite recent reports in the news, banks are lending. Countrywide, and Bank of America are offering mortgages along with many others. There are many reputable Mortgage Brokers in St. Cloud who are familiar with a variety of available loan products designed to help consumers decide which program would work best for them. Rates are good. Someone looking to purchase a home who has a good credit history, and money in reserve can get a mortgage. It will take a little longer to process 45-60 days, as scrutiny has tightened along with credit standards. However, this is an indicator that the Real Estate Market is still alive.
Foreclosures come with complications. Banks are often out of area lenders. The Loss Mitigation Specialist is not an area specialist. As Real Estate is local, their knowledge of current market value may not be entirely accurate. It takes several weeks or even months for a Loss Mitigation Specialist to give a prospective buyer an answer on an offer.
Repairs. Another short coming in purchasing Foreclosed Properties are repairs. Often, there are some needed. Foreclosures are "As-Is". There are no guarantees anything works. Experts recommend seeking the services of a licensed Home Inspector prior to purchasing a property which is advertised "As-Is"
Lastly, consult a Realtor® they are area specialists. With home inventories at historic highs, having a professional able to narrow the search of certain requirements could save consumers a great deal of time. There is no costup front for these services. When you have found the property you are interested in purchasing, a Realtor will guide you through the process, from contract to closing. Realtors are expert problem solvers. Their experience in these matters can be very beneficial.
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