Coral Springs Realtor that cares!
Coral Springs Realtors |Short Sale Specialist Coral Springs, Parkland & Coconut Creek
Coral Shores Realty
Buying a short sale has its pros and cons, and so does buying a foreclosure. Not knowing the short sale process and how it affects you as a buyer, OR not understanding the way foreclosures are sold can lead to lost time, money, and headache. Take a moment to familiarize yourself with the processes for each, or suffer the consequences!
Which one is a better buy for today’s home buyers?
You can also find any Parkland Short Sales and Parkland Foreclosures in my database as well! Most websites like Zillow and Trulia do NOT have realtime listing information and properties you find there may already be under contract or sold. Don’t waste anymore time and start your home search here! If you’d like to have listings emailed to you the second they hit the market, simply fill out the form below with as many details as possible and you’re “Property Alert” will be created!
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Like many first time home buyers in FL people are asking how they can get their hands on grant money or other types of government subsidies to help them buy a home. As a Realtor, my clients also ask me about these programs from time to time when they can qualify. I thought I’d answer some general questions about these programs and also point you to a few resources that might help you dig deeper.
If you have talked to anyone about getting a mortgage recently you’ve probably heard about FHA loans or “Government Backed” or “Government insured loans”. A common misconception is that these loans are only for very low income people who can’t get a traditional loan from a bank, or first time home buyers, but this is not the case….
Uncle Sam wants You… to qualify!
There are very broad criteria for FHA insured loans that just about many people can qualify for. This doesn’t mean everyone does though. For example, FHA loans have more liberal credit guidelines, unlike many other loan products, but there are still criteria that need to be met.
The Background of FHA Loans…
With the majority of sales being Short Sales and Foreclosures in our current market I thought I’d explain a little about each one and some of the pros and cons.
There are upsides and downsides to each, for example:
Buying a Foreclosed home- (Bank owned, REO, etc)
When you are buying a foreclosure there are usually bank required addenda/contracts that will be utilized when buying which sometimes scare would be home buyers. They are not to be feared if you understand what is required of you, and the terms they contain, but if you are fearful it’s always good to have your attorney review them BEFORE you sign.
The answer is…it depends…
First, you need to identify what makes a deal good to you? Good price? Good Condition? Good Terms? Some combination of the three? Knowing what makes sense for your goals and finances is the key knowing if the property you’re looking at is a deal.
First things First…..
When thinking about buying a foreclosure, or any home for that matter, make sure you know what your goals are for the property BEFORE you make the offer!!!
Just remember, “if you fail to plan you plan to fail”, at least most of the time anyway. When it comes to my clients, I let them know upfront that if they like a property that needs $30K in rehab costs, and a lot of out of pocket expenses, but they don’t have much money to put into the deal readily available, that they need to be careful.
If you plan on purchasing a 1st home, or any home for that matter, there are things you NEED to know…
I’m sure you’ve heard the phrase “Knowledge is power” before, and there is some truth to it, but Knowledge applied is the only way you really benefit.
I want to share some helpful tips and techniques I use for my Buyers in everyday transactions and negotiations to help you get the most for your money and cover your “assets” in the process.
…you know your “goals” for purchasing a home and a great understanding of what kind of home you need and what you will pay for it…
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