Nightline suggested just last night that NOW is the time-to BUY while the rates are down and the inventory is up. Two days ago the Federal Reserve bank dropped the rates by 3/4 of a percent: the largest single drop in 20 years. This opens the door to a very unique opportunity. This opportunity is called Buy Time. The time to buy.Why buy? Let me show you why: interst rates are down and dropping, check the chart for items that may be important to your lifestyle and how they fit into each type of property use.
 |  |
| Renting-wiser? | Owning-Wiser! |
| Repairs?No real repair work required in big complexes-just a time delay! | You handle the repairs unless you buy a Homeowners warranty package then you call and wait. |
| Tax deductions? No | Tax Deductions? Yes Interest! |
| Pet's allowed? Mostly no or pay extra! | Pet's allowed? you bet at your discretion with consideration for zoning! In Single family homes |
| Boats on property? No | Boats? You own it and as long as it's not in the HOA docs you're good to go! |
| Music? No reason for eviction | Music? Up to you and the noise ordinances |
| Bar-B-Q? Not at your place-Probably down by the pool? | Bar-B-Q? Why not? |
| Gardening? By flower pots | Gardening? Your yard! |
| Parking? Pay Extra | Parking: sure! Maybe with your own garage! |
| Fresh air laundry | Hang a clothes line,swing |
| Wash the car-Pay for it. | put up an arbor, plant a garden, work on the car. |
One more good link-Let's look at this from a purely financial standpoint click here to see what the difference in costs turns out to be for either choice and perhaps you can make a better decision!
I have my oldest daughter closing on a house at the end of this month after spending a year trying to sell her home in South Florida we arranged a trade on a bigger property in Ocala, Florida where her husband has been working for the past year and a half. With two children under 4 she has been complaining of her single parent status and so she motivated her mom(me) into helping. (Even growup girl tears work on a mom!)Her biggest problem now is what to pack first. She is enjoying that problem but has an issue with having to know exactly where everything is so (I didn't create the OCD but, somehow she has it!) I'm trying to get her to just think about from this location to that specific location and mark each box well. She's not my camping child or this would never have happened. The youngest one on the other hand is happy living in a tent as long as we (Dad and I) are there too.
Highest and Best offer- If you see or hear this term it means that the property is probably in a short sale situation meaning that the bank has agreed to take less than is owed to sell it. MAKE AN OFFER! and do it quickly if you have any interest in the property! It make take a couple of months to close but, just imagine the deal you will be able to brag about later! The REALTOR is busy contacting investors to get an offer-any offer to be able to avoid the foreclosure that will come if there is no offer. Make the offer!
Short Sale-The lender on this property has agreed to let the owner sell it for less than the amount of the loan. Lender will have an addendum in all likelihood to be signed before closing. Don't expect much in the way of repairs it is pretty much what you see is what you get although you can still have the inspections done to be sure of what you are getting! see the link for current IRS position on the Income from not having to pay the full amount. The Mortgage Forgiveness Debt Relief Act of 2007
Foreclosure- When a property is foreclosed upon, ownership transfers back to the bank and it is then usually packaged into a group of probably ten properties and sold as a unit to investors, the stock market or even insurance companies to be held in a portfolio account. So to say that you are buying a foreclosure is more of a commercial term, you see?
HelpRHome- Previously written in case your home is in trouble check this link.
Comments(0)