Here’s a great article about buying foreclosed home that you should read before you consider buying a Fort Mill SC foreclosed home:
Many people jump at the opportunity to buy foreclosures, but this is definitely a buyer beware market. There are, however, a lot of good reasons to buy a foreclosed home, you just must be prepared to put time and effort into fixing it. If you’re looking for a great deal on a home, or you are a first time home buyer, this is a great way to get your foot in the door and get into the house you’ve always wanted.
It is honestly amazing the deals that you can get by buying a foreclosure. There are so many foreclosed homes that may need little to no work, and simply were abandoned, and there are other foreclosures that will need so much work. You’ll be amazed at the deals you can get in purchasing a foreclosure.
If you are willing to put in the time and effort, you may be able to get a screaming deal. Once you find a foreclosure, have a home inspector go through it. When the inspector goes through it, they will be able to help figure out if there is anything major wrong with the house, or if you just need some renovations.
When purchasing a foreclosed home, unless you are ready for a project, you want to stay away with anything that has water damage, mold, or foundation damage. These projects are probably best left for a contractor, and may be better off left alone. It depends what the price of the house is, but you want to be sure that you don’t get yourself into a project that can cost you more than the house will ever be worth. Better to look at a foreclosed home that doesn’t need quite as much work. It’s easy to update kitchens, tear out carpet or paint and patch walls. That doesn’t cost too much, and is something that can be done relatively easy no matter if you do it yourself or you’re hiring a contractor. These projects can also be completed once you’ve moved into the home and don’t require you living someplace else while you fix up where you want to be living.
You also can make a lot of money by fixing up a foreclosed home, if you’re looking to flip houses, this is a great way to do it. You can get these homes for cheap, and even with labor and supplies you can still sell them to make a profit. This is a whole industry now, and something that even hobby carpenters can get into it and make a few extra bucks.
If you’re ready to buy a home, you may want to look at what a foreclosure has to offer. You can get great deals through these homes, and with a little hard labor, work, and dedication you can have a great home for a very low price. Of course, these are always a buyer beware purchase, but with the right research, the right people, and the right price, you can get yourself a deal.
Louise Scoggins is a leading Realtor in the Cherokee County Homes market. For more information on Cherokee County Real Estate, please visit ThinkLouise.com
Article Source: http://EzineArticles.com/?expert=Louise_Scoggins
Filed under Carolina Real Estate, Foreclosed Houses, Fort Mill SC, Home Buyers, Real Estate Investing by 
With so many incentives to buy a home, now is by no doubt, the time to buy. With lenders tightening their guidelines, you might want to be sure you have your finances in check.
With brand new federal regulations, this will help you understand how it will benefit you and tame your credit card debt. The bad news, is because of this government intervention you might have already seen a rise in your interest rates. This is from Red Book Magazine
1. They can’t raise interest rates on debt you’ve already racked up. They can if you are more than 60 days late on these payments. So pay your cards on time!
2. If your card charges you different interest rates (say, 14% for existing balances, and 2% for balance transfers), they must apply your payments to the debt carrying the highest rates first. So the faster you pay it off, the more money you save.
3. They can’t raise your rates if they find out you’ve been late on other credit cards or loans. This doesn’t mean you credit score will not be affected, which can eventually lead to higher interest rates. Your best bet is just to pay it on time.
4. You can no longer go over your credit limit and be charged the subsequent fees- unless you notify your credit card company in writing that you’d like to spend more than your limit. So don’t spend more than your limit.
5. They will tell you on your bill how long it will take to pay off your debt and how much it will cost you, including interest, if you pay only the minimum each month. This will be an eye opener, and a hard lesson for many. Pay more than the minimum or you could possible pay on this card longer than your house mortgage.
6. Those under 21years old won’t be able to get a credit card unless they show proof of income or get an adult to cosign. I think this is the smartest law of all! When I was in college, you would sign your life away for a free t-shirt or can coozie. All adults over the age of 21 take note…DON’T COSIGN
- The down payment assistance available is $7,000.
- To qualify for the Forgivable down payment option, a 1 person household’s income in YORK County cannot exceed $37,250 and $42,550 for a 2 person household.
- Must live in the home 5 years in order for the loan to be completely forgiven.
- The Home price is up to $208,000 in YORK county.
- 640 minimum credit score
- The interest rate is 5.125% on a 30 yr fixed rate.
Call me or email me for more information on this program. sharon@SharonSellsCarolina.com
Filed under Announcements, Fort Mill SC, Home Buyers, Real Estate Tools, Rock Hill SC, Tega Cay SC by
Foreclosure: What is it?
Bank foreclosure, or just foreclosure as it is more commonly referred to, is a process which is initiated by the mortgagee or a lien for the purpose of having the court order the debtor’s real estate sold to pay the mortgage or other lien. In case you fail to pay your bank this installment regularly the bank will start initiating a process to recover this loan by selling your property for which the bank will start legal proceedings to obtain a court order to sell your home for clearing the outstanding mortgage amount and this process is referred to as Bank foreclosure, or more commonly as just foreclosure.
Foreclosure is a very common problem, as many people go into the home buying process thinking that they will be fine, only to find out one they are actually in it that they have so many other bills or bought a house that was too expensive and they are simply unable to make their mortgage payments
Many people do not want their purchased homes to be sold by foreclosure because of sentimental issues and also because you will find that you have to put a lot of effort in purchasing a new home; in addition you will find it extremely difficult to get finances for your new home because of your poor credit rating.
Tips
There are a few tips in particular that will help you avoid foreclosure on your home. Prepare a household budget of your household income and expenditures and the income should include that of all earning family members. Make a list of your household expenses, both essential and nonessential and compare the total expenditure with that of your total household income. It is best to write out the amount that you and your partner are making each month, as well as the total amount of all your bills.
Set your bills in order of priority, making your mortgage one of the most important of course, so that you can see where your money is going and make sure that it is getting to the right places first. Analyze this list to eliminate or postpone expenses so that there is a balance between your income and expenditure.
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With unemployment still at near record highs, the fear is that many looking for work won’t be able to keep up with their mortgage payments.
This is definitely an unfortunate situation, but it is by no means indicative of the situation we face here in the Fort Mill SC area. We’re very fortunate in that people are continuing to move to the Charlotte area and when they do, they’re quite frequently deciding to move across the border to Fort Mill.
I certainly expect this trend to continue, which means a strong Fort Mil SC real estate market.
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Filed under Foreclosed Houses, Market Trends, News Reports by
