The government’s real estate version of ‘Cash for Clunkers’, which is set to expire on November 30th has certainly had an impact on the Charotte NC and Fort Mill SC, Rock Hill SC areas.
As this news clip shows, it’s certainly helped fuel home sales of homes priced below $250,000 and I can definitely vouch for the stimulus it’s provided our area. I’ve been very busy showing lots of first time home buyers houses and many of them have commented that they really want to take advantage of the $8,000 the government is providing to first time home buyers.
Filed under Carolina Real Estate by 
As you might expect, with the turbulent real estate market we’ve seen for the past 2 years and with unemployment rates at record levels, the end result is a growth in the number of foreclosed homes in the Fort Mill SC area. And even though we’ve been lucky here in the Fort Mill SC area, we’ve still seen our fair share of foreclosed properties available.
And while it’s always a sad situation when someone loses their home to foreclosure, it also presents a great opportunity for those looking to buy a house at a great price. There really are some amazing deals available for foreclosed properties right now, especially if you know where to look and how to buy them.
One of the best opportunities for buying a foreclosed house at a ‘steal of a deal’ is HUD homes, or properties that were financed via an FHA loan and then reposed. I’ve personally helped 5 people in the past 8 months purchase HUD homes and every single one of them has gotten an absolutely fantastic deal on their property.
According to the government’s website about HUD homes:
What is a HUD Home?
A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.
Who can buy a HUD Home?
Almost anyone! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.
So, if you’re in the market for a new home, it would definitely pay to take a look at purchasing a HUD home!
My only bit of advice would be DEFINITELY consult with an experienced real estate agent, and I don’t say that just to get you to call me (although that would be nice 
) While HUD would have you believe that buying one of their homes is an easy, painless process, it’s not. While most real estate transactions can be a stressful, frustrating experience at times, purchasing a HUD home is much worse.
You still have to go through all of the typical real estate paperwork and processes, but with a HUD home, you now have to do all of these things through a government agency, and as we all know, they aren’t always they easiest groups to work with!
Don’t let that discourage you though! Just make sure you work with an agent that has the experience and know-how to help make sure your HUD transaction goes smoothly and you’ll quickly be able to enjoy a fantastic new home at a great price!
Filed under Buy Your Dream House, Can't Miss Opportunities, Foreclosed Houses, Home Buyers by
Looking for some simple suggestions for decorating your home for Halloween this year? Try these suggestions to create a festive Halloween theme.
Filed under Decorating Ideas, Fun Stuff by
If you find yourself caught up in the real estate turmoil, are having trouble making payments on your home mortgage and are facing the possibility of losing your home, then you may be asking yourself, “which is better, foreclosure or short sale?”
Well, as you no doubt already know, neither is a great option and if there’s anything you can do to avoid then, do it. However, if you are facing the possibility of losing your home then it’s certainly a legitimate question. So which do you choose?
Here are a few things to consider when trying to make a decision between a short sale and foreclosure:
Some of the benefits of doing a short sale include:
- You are in control of the sale, not the bank.
- You may sleep better at night knowing who is buying your home.
- You will spare yourself the social stigma of the “F” word, foreclosure.
- Contrary to popular belief, you can be current on your payments and still effect a short sale.
- Your home sale will be handled like any other home sale.
How would either a Short Sale or a Foreclosure affect your credit?
While a short sale is not necessarily a derogatory mark on your credit because credit bureaus do not show the word “short sale” on your credit report, tt may say “pay as agreed” or “paid as less than agreed.” Some clients have reported drops in their crediting rating, anywhere from 50 points to 130 points.
In terms of the affects a foreclosure would have, a number of sources have reported that FICO scores usually drop anywhere from 200 to 400 points after a foreclosure, and a foreclosure will typically remain on your credit report as a public record for 10 years.
So while the ultimate decision is one you’ll need to consider carefully, in most cases a short sale is usually ‘the best of the worst’ and for most people is a much smarter decision than a foreclosure.
Filed under Foreclosed Houses, Real Estate Short Sale by
The economy has been very shakey in the past couple of years and property owners have felt this hit more than others. With the economy in the bad state that it’s in now, plenty of people are scared of losing their home to foreclosure.
Banks are always willing to work with the real estate owners to try to get them back on track with their monthly bond payments. Although banks may have the reputation for having deep pockets to take your money and being eager to take your home away from you, this image is not completely accurate. Banks do not stand to gain a lot when they foreclose on a property. They made have ownership of the house but they have to bid on it at public auction.
They are not concerned with how much the home is worth. They will only bid on what the borrower owes them – nothing more. So, they are not making a profit, especially with the way real estate values have dropped recently. Property owners definitely do not stand to gain anything from a property foreclosure. They maybe won’t have their monthly mortgage payments to make but they also do not have their home and they have a negative credit report that can haunt them for years. Additionally, selling property under pressure can be a nightmare.
Real estate owners who are struggling to keep their property from foreclosure are finding an answer in ‘sell and rent back’ services. Sell and rent back companies are being used more and more now with so many property owners at risk of losing their property to foreclosure. The great thing about these sell and rent back services is that you no longer have to lose sleep every night worrying about getting kicked out of your home because you can’t make the monthly bond payments. This is one sure way to stop repossession of your home. These sell and rent back companies purchase your house for cash and allow you to stay in the house and rent it from them.
Your life can continue the way it was before you began having such financial troubles. You’ll still be in your home but won’t have to worry about large monthly mortgage payments, taxes or the many other financial strains owning a house can cause. You’ll have a chance to get back on your feet financially, without the stress of uprooting your family and having to find another house to live in. Not to mention, if the home was repossessed, you would be black listed with credit companies and would have a difficult time getting credit or even renting a home as landlords also do a check of your credit history before renting out property.
Sell and rent back companies seldom charge fees for their services so you don’t have to worry about coming up with upfront cash to sell your home; this is another great way to prevent foreclosure. Another great bonus is that they also offer you a buy-back option. In the future when your financial situation improves and you’re ready to buy a home again, you can buy back your home. So, before you give up completely on your home, contact one of the rent and buy back companies and see how they can help you and your family.
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