With the large number of foreclosed homes on today’s market, homebuyers are considering them for their housing needs, often due to below-market pricing. While saving upwards of 25% off the market price of a home can sound very enticing...
ARE THE RISKS WORTH THE REWARDS?
Risks:
* You are purchasing the property as is.
Often times, when a previous owner is unable to meet the financial obligations of a mortgage, they are also unable to meet the financial obligations of maintaining their property altogether. Buying a new or resale home requires full disclosure on details and drawbacks on the property, so the seller is liable. There is no requirement on disclosures with a foreclosed home. This opens your pocketbook to liability.
* Disgruntled owners.
Along the same lines, when being evicted, owners don’t necessarily care what shape they leave the home before they are forced to leave. You could end up with steep cleaning, repair and maintenance bills to get the home back to a livable condition.
* No warranty.
Foreclosed homes do not come with any kind of warranty, and often times are not even available for inspection before purchase. This leaves the new owner open for substantial risk, with additional investments having to be made for repair and replacement work.
* The selection is limited.
If you are buying a foreclosed home versus a new home, you are limited to the locations, features, characteristics, etc. of the homes.
* Eviction responsibilities.
If a bank has not begun to initiate formal foreclosure proceedings, you may have to evict the foreclosed owner, tenant or whomever else may be occupying the property yourself.
* Need to be a savvy buyer.
Some properties are mortgaged so steeply that banks often ask for bids that are higher than the property is worth. You need to research the home values in the area you are looking in. And as buying a foreclosed home is a different buying process, you need to be well-educated and well-prepared to enter into this process.
* Financing.
Although often times purchasing a foreclosed home might mean a discounted purchase price, if the home is not available for inspection before purchase, getting a mortgage can become quite difficult. If you intend to purchase the foreclosed home at an auction, you may need to come armed with cash or a cashier’s check, as most courts require the winning bidder to pay the down payment - and sometimes even the balance - on the spot.
IN THE END, if you are not a risk taker, and would prefer peace of mind on this significant investment, not only is it still a great time to buy a home, but it is a great time to buy a NEW home.
New Homes Are
* Protected by workmanship, material and structural warranties, protecting you from large out-of-pocket expenses after purchasing.
* Available for immediate occupancy or in a time frame that is conducive to your moving schedule, and are available in a variety of designs, sizes and locations.
* Available with Special Incentive Programs, making it more affordable for you to own a new home in many instances.
* Open for you to Make Them Your Own. Why live in someone else’s dream home, when you can live in your own.
* More Energy Efficient, saving you money and helping the environment.
* Made from the Latest Materials and Newest Technologies that require little or no maintenance.
Wednesday, May 27, 2009
Monday, January 12, 2009
WHAT'S UP??
Is your head absolutely spinning with the constant bombardment of doom and gloom news?!!! You are not alone! The financial world is really nuts right now and we're all along for the ride!
I want to pass on to you what the advantages are for you right now.
- Interest rates are at all time low, and for construction homes you should get an even lower rate by closing time!
- Prices are at great levels right now on the new homes.
- Various offers and incentives are often available as well.
- Interest rates are very likely to spike next year - according to my #1 lender! So don't wait!
- Also according to this lender, he has never seen such a fantastic time to buy in all the years he's been in the business!!!
What DOES this mean to you? If you have a steady job now and a need and desire for a new home, it doesn't get much better than right now!
Don't allow the doom and gloom media to beat you down. I know it's a struggle, and I face the same challenge daily! Great loans are available for people with good credit and appropriate income. Guidelines have NOT been changed in almost all instances. Only some of the junk deals have been thrown out!
I would love to talk with you about your interest in a new life for your family in their own space, your wonderful new home. Please call me so we can talk about your needs and opportunities!
I want to pass on to you what the advantages are for you right now.
- Interest rates are at all time low, and for construction homes you should get an even lower rate by closing time!
- Prices are at great levels right now on the new homes.
- Various offers and incentives are often available as well.
- Interest rates are very likely to spike next year - according to my #1 lender! So don't wait!
- Also according to this lender, he has never seen such a fantastic time to buy in all the years he's been in the business!!!
What DOES this mean to you? If you have a steady job now and a need and desire for a new home, it doesn't get much better than right now!
Don't allow the doom and gloom media to beat you down. I know it's a struggle, and I face the same challenge daily! Great loans are available for people with good credit and appropriate income. Guidelines have NOT been changed in almost all instances. Only some of the junk deals have been thrown out!
I would love to talk with you about your interest in a new life for your family in their own space, your wonderful new home. Please call me so we can talk about your needs and opportunities!
Wednesday, July 16, 2008
Is Affordable Housing in Waxahachie Soon to be Obsolete?
According to some of my builder contacts, the city of Waxahachie is raising requirements on new homes built. Some of these changes include higher minimum footage requirements, alleys, rear and J-swing entries. This along with the changes in the housing market and the cost of materials means higher prices.
Right now homes are available in town for as low as $90,000, but that will see a significant increase. The requirements certainly have an upside, but it means that fewer first time buyers will be able to buy a home in this great city! I encourage anyone who is interested in a home here, to strike while the iron is hot, prices are great and interest rates are still holding.
I have some good loan sources for challenged credit and strong credit. They'll be glad to look at your situation. I believe changes will be taking place fairly soon as plans are currently being reworked. So now may be the time for you to qualify for a new home. A delay could possibly mean you can't qualify for a home in the near future. I'll be glad to assess your situation and help find you just the right home.
Right now homes are available in town for as low as $90,000, but that will see a significant increase. The requirements certainly have an upside, but it means that fewer first time buyers will be able to buy a home in this great city! I encourage anyone who is interested in a home here, to strike while the iron is hot, prices are great and interest rates are still holding.
I have some good loan sources for challenged credit and strong credit. They'll be glad to look at your situation. I believe changes will be taking place fairly soon as plans are currently being reworked. So now may be the time for you to qualify for a new home. A delay could possibly mean you can't qualify for a home in the near future. I'll be glad to assess your situation and help find you just the right home.
Tuesday, April 29, 2008
It's a Buyer's Market - So When Are you Going to Buy?
A buyer's market means there is an abundance of goods for sale. That means that you have good selections in new homes. You may be able to get that inventory home at a good price, and possibly a reduced one.
That means to you that when buying is a bit slower and prices and staying down, you are able to maximize your investment. Donald Trump is buying up real estate right and left now. What does that say? Buy low, gain equity. Just as in the stock market you want to buy low and gain value over the long haul.
Besides being an investment, your home is where you live your life. It is the backdrop for everything you do. It IS more than an investment for the large majority of people.
The Federal Courts have just ruled that the Down Payment Assistance programs are viable, and will continue, at least until further notice. What a terrific opportunity! Zero move-in is what it means to most buyers. Of course, a down payment is fine, but for those who don't have it, it's their key to home ownership.
Regarding local prices, they have been under control for a good while, and are on the rise again. Researching the local market will allow you to see that home builders have not decreased the prices of their properties, but only have given some discounts on selected inventory homes to keep things moving.
To review -- we've had plenty of new housing inventory to choose from. They are dwindling fast. Many were discounted to some degree. Interest rates are still historically low, but beginning to rise. Builders homes, following the usual trend are still having gradual price increases.
Sounds to me like the buyer who has been waiting on the sidelines needs to get off the fence and pull out his checkbook. Are you waiting for the rates to rise, and for prices to increase? So when ARE you going to buy?
That means to you that when buying is a bit slower and prices and staying down, you are able to maximize your investment. Donald Trump is buying up real estate right and left now. What does that say? Buy low, gain equity. Just as in the stock market you want to buy low and gain value over the long haul.
Besides being an investment, your home is where you live your life. It is the backdrop for everything you do. It IS more than an investment for the large majority of people.
The Federal Courts have just ruled that the Down Payment Assistance programs are viable, and will continue, at least until further notice. What a terrific opportunity! Zero move-in is what it means to most buyers. Of course, a down payment is fine, but for those who don't have it, it's their key to home ownership.
Regarding local prices, they have been under control for a good while, and are on the rise again. Researching the local market will allow you to see that home builders have not decreased the prices of their properties, but only have given some discounts on selected inventory homes to keep things moving.
To review -- we've had plenty of new housing inventory to choose from. They are dwindling fast. Many were discounted to some degree. Interest rates are still historically low, but beginning to rise. Builders homes, following the usual trend are still having gradual price increases.
Sounds to me like the buyer who has been waiting on the sidelines needs to get off the fence and pull out his checkbook. Are you waiting for the rates to rise, and for prices to increase? So when ARE you going to buy?
Monday, January 28, 2008
Down Payment Assistance
The Department of Housing and Urban Development has stuck to its guns regarding seller-funded down payment assistance. Almost all of my buyers have used down payment assistance for purchasing their homes!
Suit has been filed against FHA by the two largest assistance programs. The reprieve was made in October for another six months which ends on March 31, 2008. We don't know what will happen before then, but if you are interested in buying that first home, this is the time in order to get your zero move-in, not to mention the great inventory, hold on pricing and fantastic interest rates. It's never been better!
Sales agreements made before March 31 are supposed to be eligible for the DP assistance feature, at this point with only a couple of providers!
I even have builders who are contracting and doing credit repair for most people and making every effort to get them into a new home!
Please contact me if you are interested in getting in under the wire for your zero move in!
Suit has been filed against FHA by the two largest assistance programs. The reprieve was made in October for another six months which ends on March 31, 2008. We don't know what will happen before then, but if you are interested in buying that first home, this is the time in order to get your zero move-in, not to mention the great inventory, hold on pricing and fantastic interest rates. It's never been better!
Sales agreements made before March 31 are supposed to be eligible for the DP assistance feature, at this point with only a couple of providers!
I even have builders who are contracting and doing credit repair for most people and making every effort to get them into a new home!
Please contact me if you are interested in getting in under the wire for your zero move in!
Wednesday, November 14, 2007
Affordable Homes!
One of the best things currently going for us in the Dallas-Worth Metroplex is the hold on good prices, and the general prices here, compared to most areas of our country. I wanted to include a great article I found recently by a specialist in this field.
Affordable Housing In Dallas-Fort Worth Market
by Broderick Perkins
Dallas has come a long way since cowboys roamed the range and the football team with the same name lassoed five Superbowl victories, but housing remains comparatively affordable.
Silicon is the new big oil in Dallas, also dubbed "Silicon Prairie" for its high concentration of telecom and information technology companies, including regional or national headquarters for the likes of AT&T, Ericsson, Fujitsu, MCI, Nokia, Nortel, Rockwell, Sprint, as well as technology industry pioneer, Texas Instruments.
For all its big city spread, the relative low cost of living keeps home prices affordable, which at the start of 2006, were listed at a median of $147,600 for single-family homes, compared to the $207,300 national median for metropolitan areas, according to the National Association of Realtors.
"However, with a median price of $151,450 (for newly built homes) with an average square feet of 2,341, many Dallas-Fort Worth homes provide consumers with a combination of space and affordability that is difficult to find in other markets," added Mills.
That could make the area a spillover market, enjoying an influx of buyers and investors fleeing over-inflated housing markets where prices have peaked.
Affordable Housing In Dallas-Fort Worth Market
by Broderick Perkins
Dallas has come a long way since cowboys roamed the range and the football team with the same name lassoed five Superbowl victories, but housing remains comparatively affordable.
Silicon is the new big oil in Dallas, also dubbed "Silicon Prairie" for its high concentration of telecom and information technology companies, including regional or national headquarters for the likes of AT&T, Ericsson, Fujitsu, MCI, Nokia, Nortel, Rockwell, Sprint, as well as technology industry pioneer, Texas Instruments.
For all its big city spread, the relative low cost of living keeps home prices affordable, which at the start of 2006, were listed at a median of $147,600 for single-family homes, compared to the $207,300 national median for metropolitan areas, according to the National Association of Realtors.
"However, with a median price of $151,450 (for newly built homes) with an average square feet of 2,341, many Dallas-Fort Worth homes provide consumers with a combination of space and affordability that is difficult to find in other markets," added Mills.
That could make the area a spillover market, enjoying an influx of buyers and investors fleeing over-inflated housing markets where prices have peaked.
Saturday, September 15, 2007
Mortgages Are Available to Many!
It's no wonder that some buyers today seem very skiddish, and seem to be waiting for......?
The radio and TV reports are bombarding us every day with the doom and gloom in the housing market! I have personally gotten furious over some of the pieces I've heard, and felt like my head would explode with anger. SOME of the information is correct, but with the way it is skewed and spun, it gives the average consumer an incorrect picture of what is going on out there.
True, there is a small percentage of buyers who can't qualify at this time. These are the very marginally qualified. However, there are still so many programs available, lots of programs to work with different situations from poor scores, lates within the last twelve months, folks needing to go stated income, and more!
Our market has had little to no decline in prices, so we are in one of the most stable markets around! I truly believe that the sluggish market is due to buyer intimidation - not knowing "what" the truth is, and just fear of something they're not sure about.
The main thing is that this is a fantastic time to invest in a home! The prices are very good still, interest rates are great, and choices and availability are good. There are even some specials and discounts out there. I will help you to find what you're looking for - and remember my help is always FREE. Nothing is EVER added to the price of your home.
So consider now as the time for you to buy! One of these days before long prices will go up yet again (as they actually are now) and interest rates will increase. Begin getting that tax deduction and enjoying the benefits of owning your OWN home!
The radio and TV reports are bombarding us every day with the doom and gloom in the housing market! I have personally gotten furious over some of the pieces I've heard, and felt like my head would explode with anger. SOME of the information is correct, but with the way it is skewed and spun, it gives the average consumer an incorrect picture of what is going on out there.
True, there is a small percentage of buyers who can't qualify at this time. These are the very marginally qualified. However, there are still so many programs available, lots of programs to work with different situations from poor scores, lates within the last twelve months, folks needing to go stated income, and more!
Our market has had little to no decline in prices, so we are in one of the most stable markets around! I truly believe that the sluggish market is due to buyer intimidation - not knowing "what" the truth is, and just fear of something they're not sure about.
The main thing is that this is a fantastic time to invest in a home! The prices are very good still, interest rates are great, and choices and availability are good. There are even some specials and discounts out there. I will help you to find what you're looking for - and remember my help is always FREE. Nothing is EVER added to the price of your home.
So consider now as the time for you to buy! One of these days before long prices will go up yet again (as they actually are now) and interest rates will increase. Begin getting that tax deduction and enjoying the benefits of owning your OWN home!
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