The Ultimate Guide To Finding and Buying Foreclosed Properties
The Ultimate Guide To Finding and Buying Foreclosed Properties Sharing three things you need to consider when buying a foreclosed home. One way for homebuyers to find a great deal on a property is by purchasing a foreclosed home. This is a home that has been repossessed by the bank or a lender after the owner failed to make mortgage payments. According to real estate data curator ATTOM, although still below pandemic levels, the number of foreclosed homes has increased from February 2022 to February 2023, so now is a great time to consider this option. However, buying a foreclosure can be a complex process and sometimes more difficult than buying a traditional listing. To help you secure a great deal in today’s market, consider these three important points when searching for and buying a foreclosure: 1. Hire an experienced real estate agent. By partnering with an experienced agent who specializes in foreclosures, you can gain access to listings that may not be available to the general public. They can also provide insight into the local market, help you understand the risks and benefits of purchasing a foreclosure, and walk you through the legal requirements and paperwork involved. Plus, they can negotiate on your behalf and help you secure the best possible deal. “Buyers can find a great deal on a foreclosure property and potentially turn it into a profitable investment.” 2. Research and identify foreclosed homes. This may involve looking at properties in different neighborhoods and considering homes in different stages of foreclosure. Your agent will be your best resource for finding foreclosed homes, but you may want to investigate yourself. Most of the time, these listings can be found on real estate or government websites. You can also check with local banks and lenders that may have foreclosed properties they are trying to sell. 3. Inspect the home thoroughly. Foreclosed homes are usually sold as-is, which means that the seller is not responsible for any repairs or issues with the property. To avoid any unpleasant surprises, have a professional home inspector take a look at the property before you make an offer. If the inspector finds any issues, you can use this information to negotiate a lower price or to decide whether or not to move forward with the purchase. With careful planning and research, buyers can find a great deal on a foreclosed property and potentially turn it into a profitable investment. If you need any help buying one, call or email me anytime. I’d be happy to help you! Written by Ruby Miranda on July 28, 2023. Posted in Buyer Tips, UncategorizedTags: bank-owned properties, buying a foreclosure, short sale. Trackback your site. Leave a Reply
This Is How You Win With a Home-Sale Contingency
This Is How You Win With a Home-Sale Contingency Tips to help you buy your dream home contingent on selling your old house. Do you already own a home but want to buy a new one? Unfortunately, not everyone has the money to keep two homes and pay both mortgages. Most people will have to sell their current property to have the funds to pay for the new house. However, two transactions can sometimes mean double the headache. If you’re in this position, what can you do to ensure a successful home purchase? One option that you have is to include a home-sale contingency clause in your offer. This means you will only buy the new home if your current one sells. If it doesn’t, you are free to walk out of the purchase agreement. However, home-sale contingencies can make your offer less attractive to sellers because it introduces uncertainty, may cause delays, and has the potential to make the deal fall through. “Working with an experienced agent can instill confidence in the seller that your home will sell on the market.” To make your offer more appealing, consider presenting a competitive purchase price or better terms. You need to work to make your offer worth their while. You could cover some of the seller’s closing costs, or provide a larger earnest money deposit. By demonstrating your commitment to the transaction, you can help the seller feel more comfortable waiting for your home to sell. If you’re feeling uncertain about how to navigate the process, work with a real estate professional who has a proven track record of quickly selling homes. They can guide you through the complexities of a home-sale contingency and offer valuable advice on how to make a competitive offer. In addition, working with an experienced agent can help instill confidence in the seller that your home will sell on the market. Buying a house contingent on selling yours can be a challenging experience, but with the right strategy and support, it can also be successful. For more tips on how you can confidently navigate this real estate move, call or email me. I’d love to connect with you. Written by Ruby Miranda on May 15, 2023. Posted in Buy A Home, UncategorizedTags: Buy Your Home, Buyer Tips Trackback from your site. Leave a Reply
How Buyers Can Survive Rising Interest Rates
How Buyers Can Survive Rising Interest Rates Here are three easy methods to deal with rising interest rates. “I want to purchase a home, but how can I deal with higher interest rates?” Many clients have reached out to ask me this question recently. In case you don’t know, the Federal Reserve recently raised rates by 75 basis points—the largest increase since 1994. Mortgage rates have already responded, and they’re likely to increase further throughout the year. Rates are still low historically, but there’s no denying that recent increases make it more difficult to purchase a home. If you’re looking to buy, what can you do? Fortunately, there are tons of creative ways to adjust your strategy and prepare for higher rates, and I want to share three of them with you today: 1. Improve your credit. You may think your credit score is already as good as it can be, but there is always room for improvement. Start by paying off your debt little by little. This will lower your debt-to-income ratio, which is what lenders use to determine your creditworthiness. You can also save up for a bigger down payment to improve your credit and lower your rate. The results may seem small, but even a tiny difference can add up to a huge amount over the course of a loan. “The longer you wait, the more expensive homes will become.” 2. Lock in your mortgage rate when it makes sense. If your lender is offering you a good rate, consider locking it in. Rates are expected to continue rising to combat inflation, but you won’t have to worry about that if your rate is locked in. Just remember that it only makes sense to lock in your rate when you’re almost to closing. Most rates only stay locked in for one to two months. 3. Pay mortgage points at closing. Also known as “discount points,” mortgage points are fees you can pay to lower your interest rate. One point typically costs 1% of your loan, so a point on a $200,000 mortgage would cost $2,000. A nice perk of mortgage points is that they might be tax-deductible. If you can deduct your mortgage interest, chances are you can deduct the cost of your mortgage points as well. The truth is that it is still a great time to purchase a home. When the last Fed hike this large happened in 1994, rates were close to 8%, so our current ones look great by comparison. However, most experts believe rates will increase throughout 2022. On top of that, nothing indicates that rising mortgage rates will cause home prices to drop since inventory is so scarce. The longer you wait to purchase a home, the more expensive it will be. If you’d like to take a look at what’s presently available on the market, you can view our multiple listing service here: Click here to see all available homes in your area. There are still plenty of opportunities in our market. If you have any questions about interest rates or purchasing a home, please call or email me. I am always willing to help! Written by Ruby Miranda on November 28, 2022. Posted in Buyer TipsTags: Ultimate Home Buyers Guide Trackback from your site. Leave a Reply
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