Before you pursue a bank owned property there are some very important facts you need to know!
Keep in mind that bank owned properties are not the only good deals out there. In fact, when it is all said and done, sometimes the bank owned properties, etc. will not end up being as good of a deal as one might think. Read on to find out why!
Bank owned foreclosure properties are homes that someone purchased, defaulted on the mortgage meaning they didn’t make their payments and the bank has taken the property back and now owns the property. From the time that the person defaults on the mortgage until the time that the bank actually takes the property back, processes it through their intrnal system and puts it back on the market is often a very long time meaning several months.
Often prospective buyers think that bank owned foreclosure homes / REO properties will all be a great deal when in fact that is NOT always the case. Some of these properties are in such poor condition that it will literally cost 10′s of thousands of dollars to fix them up. Of course, sometimes one thing leads to another meaning that what you initially see as work that will be required could turn your purchase into the money pit!
Here are some common condition scenarios when it comes to bank foreclosures:
Homes have no power on – sometimes this has lead to mold growth in the home
Furnace, plumbing, fixtures, ductwork, kitchen cabinets, toilets, hot water heater, siding, etc. missing.
Extremely dirty, holes in walls, trash strewn about.
Other damage to the house due to neglect.
Water damage due to leaks, water left running, sump pumps not operational.
Unemployed homeowners who are struggling to pay their mortgage may be eligible to receive financial assistance through two new federal foreclosure-prevention programs facilitated by the U.S. Treasury Department and the U.S. Department of Housing and Urban Development (HUD). The Treasury Department has made $2 billion of additional assistance available through the Housing Finance Agency’s (HFA) Hardest Hit Fund to help homeowners who are struggling to make their mortgage payments due to unemployment.
HUD also announced a $1 billion Emergency Homeowners Loan Program to assist homeowners who are at risk of foreclosure and have experienced reduced income due to job loss, underemployment or a medical condition for up to 24 months.
To qualify for this program, borrowers must meet the following criteria:
They are at least three months delinquent on their mortgage payments and have a reasonable likelihood of being able to resume repayment within two years.
The mortgage must be for the borrower’s principal residence.
Borrowers may not own a second home.
Borrowers must demonstrate a good payment record prior to the event that produced the loss of income.
Seventeen states and the District of Columbia which had an unemployment rate at or above the national average over the past 12 months are eligible to receive assistance under the Hardest Hit Fund. States will use the funds to develop programs that provide temporary mortgage assistance to eligible homeowners while they continue to seek employment or get job training. Eligible states include: Alabama, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, Tennessee and Washington, D.C.
For more information about these programs, visit www.HUD.gov
(ARA) -Not every former orchestra member remembers how to play their favorite song and not every science club participant can still identify insects. However, school programs featuring these skills and others likely had a lasting impact on everybody who took part in them.
Quality after-school programs lead to improved test scores, lower drop-out rates, decreased disciplinary action and improved work habits, according to a 2008 study conducted by researchers at the Harvard Family Research Project. These researchers attributed these improvements to the fact that after-school programs “provide young people with appropriate supervision and structure, well-prepared staff, (and) intentional programming with opportunities for autonomy and choice.”
The economic downturn continues to impact funding for crucial programs, meaning fewer options Read more…
I was looking around on the YouTube site last night and found this great video where the presenter (Jay Papasan of Keller Williams) uses a graph to show the importance of having your home priced “in” the market and not “out” of the market.
For an honest and accurate assessment of your Dearborn Michigan real estate and homes current market value Contact Steve Hatfield today.
If you’re looking to spice up the outside appearance of your home, exterior lighting offers many options.
To get you started, the lighting pros at GE explain some basic lighting techniques. Ambient lighting, such as yard lights and porch lights, provide overall illumination, while task lighting consists of low-voltage lights along sidewalks and paths. Accent lighting includes spotlights and other types of special effect lighting to dramatize outdoor sculptures and fountains.
For security, make sure patios, porches and other outdoor living spaces are well lit, especially where there are steps that can be a potential tripping hazard. To prevent uninvited pests from crashing your next patio party, use bug lights, which contain a special coating that makes the light invisible to bugs, so they aren’t drawn to it.
Whichever lighting technique you use, use Energy Star bulbs, which use up to 75 percent less energy and last 8 to 10 times longer than ordinary incandescent bulbs. Outdoor timers and motion sensors also can save money and conserve energy. To get maximum effect from your outdoor lighting, clean exposed bulbs several times during the season.
Once you master these few lighting techniques, your home will exude a warm glow that attracts admirers and would-be buyers.
Quik Fact >>>>>>>>>>>>>>
Dirt and dust build-up on exterior light bulbs can cause light loss of up to 40 percent.
You found the perfect house, signed on the dotted line and are daydreaming about life in your new home.
As moving day looms, it’s also time to think about packing up your many belongings. Have you found enough boxes? How to handle those precious family heirlooms and other breakables? Here are a few tips for making your big day go as smoothly as possible:
Before You Start Packing:
Prioritize your packing list. Consider what you don’t need to take with you, what will need extra packing care and how to best organize your things.
Estimate how many boxes you’ll need and get them well in advance of moving day. Save newspapers to line boxes.
Consider investing in moving insurance, which will cover any Read more…
system and puts it back on the market is often a very long time meaning several months.
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