The past two weeks I have been doing some serious House Hunting and research. I have been looking at Bank Owned homes and keeping up on homes that I though were a good deal. The results were surprising.
- Somebody must be lending because these homes are selling.
- Homes are selling at good prices.
- Homes that are priced well are selling quickly.
The week started looking at three family bank owned homes. My first thought is these homes are empty. It is getting cold and people are going to start moving in for the winter. I image it is much the same for areas that are extremely hot but our area happens to be cold. Cautiously we enter the houses and another surprise most homes didn't have any quests yet although some showed signs.
Most of the properties had a lot to offer. Vinyl siding, replacement windows, separate utilities for each unit, dry basements, laundry hook-ups, some new ceilings and fresh paint. Was there work to be done absolutely but if you are looking to have additional income to pay for the mortgage or if you are investing there was value.
Being the research hound I am I had to investigate further. I was surprised to see that the rents were good, the prices were good, and they were selling rather quickly.
Now I'm interested and I am researching anyway so I figure lets look into the properties I have been keeping an eye on. Again pending, pending, pending, sold. Two of them I was quite happy to see in pending status. Two nice homes in my home town. One pending in 14 days. Good, at least two happy families starting a new year.
Right now the news media seems to be pessimistic.
- 1. Banks aren't Lending.
- 2. Prices will fall.
- 3. Foreclosures will increase.
1. There is Financing.
2. Negotiations happen every day.
3. Interest Rates are good.
We all realize this conflict will continue for some time to come. However, if you are thinking about buying now is the time to start. There are good values no matter what price range. Get pre-approved to see how much house you can afford. Re-evaluate your portfolio to confirm that properties are still a good investment. Then call me and let's go house hunting.