Archive for the ‘$100 Dollars Down’ Category

postheadericon Foreclosures In Spring Hill Florida, A Diamond In The Rough?

 

Spring Hill Florida Bank Owned

Homes: Buying Opportunity

 

“Fixers” Reward Patience, Prudence, and Realism

 

These days the words “bank owned homes” have become practically synonymous with a single word: “opportunity.” With prices and mortgage rates this low, first time home buyers, investors and seasoned property owners alike are looking at a raft of buying options unlike any Spring Hill Florida has seen in a very long time.

Hernando County Real Estate

Hernando County Real Estate

 

That option of buying a bank owned home has certainly opened a viable route for those looking to own a home at the fraction of what it cost just a few years ago. But not without a price: the best Spring Hill Florida bank owned home bargains are almost certain to fall into the ‘fixer-upper’ category.

 

When considering the purchase of one of our Spring Hill Florida bank owned homes, I’ve found that my most successful clients have a few qualities in common:

patience – they wait until they’ve found a house that suits all their needs

prudence – they resist the temptation to take out too big of a loan

realism – they know how much hard work they will be willing to put into the house

 

Finding the right fixer-upper should be approached as a process: in other words, never buy the first home you see until after you’ve checked out some of its competition. There are more foreclosures on the market than ever – a phenomenon that works to your advantage. When you do find the right home, make sure to take out a loan that makes sense. Often people who are in a hurry to buy a house are tempted to take out a loan without giving enough consideration to its immediate and long-term implications. Being coolly realistic as you work out the numbers will pay off for a long time.

 

Once a bank owned home is officially yours, the hard (often fun!) work begins. Buying a home in need of repair has always been the surest way to find a deal, but it is also the way to improve or develop home maintenance skills, bond with family members, and keep a tight rein on the family budget. Here, too, you need to be careful not to get carried away– you don’t want to overbuild or overdevelop beyond what is appropriate for the neighborhood setting. In other words, keep your end goals in mind. My advice to clients varies depending on their individual needs: Is it an income property? Or the family home for the next 15 years?

 

Foreclosures show no signs of slowing down in the near future, so this May’s buying market is opportune. If you’re considering buying a bank owned home in Spring Hill Florida, call me today to go over your options and to put a plan into action!

Tina Fingerman:

Professional Realtor

Agent Trust Realty

727-946-2348

Steve Fingerman:

President

E Loans Mortgage

NMLS # 276682

727-946-0904

postheadericon Houses in Spring Hill FL for $100 Dollars Down

That’s all you’ll need for a down payment to buy a foreclosure offered for sale by the government.

This sounds like a heck of a deal: Rather than requiring a 3.5% down payment on foreclosures it’s trying to sell, HUD now only wants $100 down to close the deal.

Yes, folks, the U.S. Department of Housing and Urban Development has brought back the $100 down payment plan in Southern and Western states. It could be a tremendous opportunity for some people — first-time homebuyers or perhaps those who are close to retirement and are looking to downsize to a smaller home. (Some of these are modest homes in locations where jobs may be scarce. Others are large homes in metro areas.)
The details:
The $100 down payment incentive is only available if the purchase price of the home is equal or less than the appraised value of the home. If you have an accepted bid for over the appraised value of the home you must bring the difference as down payment to the closing.
So, what might you buy with $100 down? You can find a database of HUD-owned homes here. There’s quite a range, judging from the descriptions and photos of the properties. And the list can change every day.

The information about each home is detailed and includes the price, how long the property has been listed, and whether the original list price has been reduced. That can be handy information, suggesting you may be successful with a bid below the stated price.

From the looks of some of the homes we checked out, it’s a good thing your $100 will also gain you admission to HUD’s 203k loan program, which can pay for repairs and upgrades. But, remember, gorgeous homes can also be found.

These homes were acquired by the Federal Housing Administration after lenders foreclosed on homes with FHA-insured mortgages. So some of these homes could be in your neighborhood. There are plenty of these types of homes available in the Spring Hill Real Estate market as well as through out the Tampa Real Estate Market.
For More Information About Buying HUD Foreclosed Homes In Spring Hill Florida or the Surrounding Tampa Bay and Manatee County areas contact Agent Trust Realty in Spring Hill by calling 352-688-7022 or visiting the Spring Hill Foreclosure Data Base online.
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