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Tuesday, January 1, 2008
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   Tuesday, January 1, 2008

Pros and Cons of Investing in HUD Homes
Whether you are currently a real estate investor or if you are looking for a bargain property to live in or to start your investment portfolio, HUD foreclosures are probably something that you have considered.
What are HUD Homes? HUD homes are houses that were financed with FHA insured loans and have been foreclosed on by the lender. These homes were financed with FHA insured loans and when the owner defaulted on the loan the lender foreclosed and then turned to FHA to cover their loss on the property. FHA paid off the lender, and then turned the property over to their REO department for resale in order to recover their money.
What are the advantages of buying a HUD home? HUD generally allows an owner occupant to finance with an FHA loan which is more lenient if you have credit issues and they allow you to spend more of your income for your house payment and consumer debt than a conventional lender. And if you are a teacher or a police officer you can purchase to occupy at 50% of the sale price. It’s a great deal if you are a teacher or a police officer.
But if you are an investor it’s not such a great deal. HUD homes are offered for sale to people wishing to occupy the home first. Then if HUD is unable to sell the property is is opened for sale to investors.
Also, when the house was originally sold it was financed with a 3% down payment and the mortgage insurance was included in the loan. This means that the loan to value on the property is close to 100%. Also the property generally has been neglected or damaged while it has been vacant and the value has probably dropped.
Most foreclosures happen in the first 3 years of ownership, so there is usually very little equity in the property. And investors are looking for bargains and bargains mean equity. HUD is part of the U.S. Government and the government is not in business to make money. So generally decisions to sell are not based on what is best from a business point of view.


Being Financially Prepared To Purchase a Home
Having your finances in order is the single best thing you can do before you start looking for a home. The main reason for this is the fact that it simplifies the whole home buying process. Not only does it give you peace of mind to shop confidently, but it lets buyers known that your offers should be taken seriously. Aside from the benefits that this has on your home buying, its just a good idea to have a clear picture of your financial status at any time.
Being financially prepared to buy a home generally comes in a few steps. The first one is to find out what your credit rating is and what kind of shape it is in. Some of the time, credit will need to be repaired before a good mortgage can be secured. When you receive your credit report, sit down with a financial expert and go over any outstanding items that need to be rectified. Once these are taken care of, be sure to contact the credit bureau and inform them that these situations have been dealt with. Also you may want to get letters of release from your former creditors just to be safe.
Now you will want to start shopping for a mortgage. With such a huge variety of mortgage options available, you should take the time to research the different types of financing to discover which one is right for you. Be careful of mortgages that seem too good to be true, balloon mortgages are a good example. Be sure to clarify all the terms of the mortgage before signing anything. If you have any questions have the mortgage terms reviewed by a lawyer. Once the particulars are sorted out, be sure to get a full pre-approval as opposed to a pre-qualification. Pre-approvals appeal to home sellers as it shows them that they can be assured of a quick and clean closing on their home.
Daniel John & Sarah Dupuis are experienced and knowledgeable Seattle real estate professionals. The Seattle real estate market is a thriving and exciting market. Contact Daniel & Sarah soon for more information on homes in Seattle.


Open Houses
One of the most talked about tactics in selling real estate is the open house. In years gone by the open house was a staple tactic of selling real estate. However in recent years the "just looking" trend has brought some unfortunate attention on what has traditionally been a great marketing tool. Many people have asked if the open house still holds any value in today's real estate market. The simple truth is that it does.
When a home goes on the market there is a complex series of events that goes into motion. This is of course, referring to the marketing plan that the agent has devised for the home or property in question. Truly, in years past open houses were responsible for a lot of home sales. Then again, at that time you did not get a lot of unqualified lookers taking up valuable time. Now, a note should be made that there are typically two different open houses that take place. The one that happens before the home is openly listed is for other agents. This viewing is for other agents who service the same area as the listing agent. As one could imagine this is an important showing as these other agents represent numerous buyers who are currently looking in your area.
The more traditional open house typically happens on a weekend when the majority of people are available to view homes. It is the realtor's job to ensure that viewers are of the qualified variety. There will be a number of "looky loos" but that is really unavoidable. An open house can be a definitive mind changer for someone who is interested in the home. Perhaps they have seen it online already and seeing it in person will be the experience that changes their minds for the better. Many buyers would rather come to an open house before setting an appointment to see the home as there is little pressure during an open house, and a level of anonymity that is not really possible with an appointment. Open houses are an important part of the selling process, do not underestimate their worth.
David Hoffman is the President of The Hoffman Group, the premier Myrtle Beach condo sales & marketing group. With an outstanding track record and a professional sales team, The Hoffman Group is your ticket to Myrtle Beach real estate. Contact the team today or visit us at http://www.oceaninvestments.com