Sunday, May 28, 2017

HUD Home Facts

HUD Home Facts

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.

What is HUD?

-The U.S. Department of Housing and Urban Development.

Who can buy HUD Homes?

- Anyone who has the required cash or can qualify for a loan (subject to certain restrictions) 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. Its important to know you need a realtor to bid on the home for you.

Are HUD Home's fixed up or sold As-Is?

- Generally HUD does not warrant the condition of its properties and will not pay for the correction of defects or repairs. The Homes are sold in As-Is condition. Since the new owner will be responsible for making needed repairs, HUD strongly urges every potential homebuyer to get an inspection from a licensed professional home inspectorprop prior to submitting an offer to purchase.

What if I'm interested in buying a HUD home that needs repairs?

-If you are interested in acquiring a HUD Home that is in need of repair, you may be interested in applying for anFHA (203K)ff FHA 203(K) rehabilitation loan, When a homebuyer wants to purchase a house in need of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods. FHA's 203 (K) rehabilitation loan is designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property.

Financing a HUD home:

-HUD does not provide direct financing to buyers of HUD Homes. Buyers must obtain financing through either their own cash reserves or a mortgage lender. If you have the necessary available cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. While HUD does not provide direct financing for the purchase of a HUD Home, it may be possible for you to qualify for an FHA insured-mortgage to finance the purchase.

If you are interested in HUD home properties please don't hesitate to call me! I have experience in HUD home sales and would love to help you purchase your next home! Call me today!

New listing

Check it out...

Townhouse - Welcome to this well maintained twin offering high ceilings and bright sunlight through out. As you enter the home the first thing you notice is the original hardwood floors in great condition. The rustic wood burning fireplace situated in the living area complements to historic charm of the home. The modernize kitchen has just recently had a complete makeover including granite countertops, beautiful new backsplash, updated cabinetry and stainless steel appliances. The laundry room is neighboring a full bathroom which completes the first floor. Upstairs you'll find more original hardwood floor throughout the hall and some of the bedrooms. And updated second floor full bathroom as well as tall ceilings, long hallways and three bedrooms complete the second floor. The third floor attic offers additional living space or a fourth bedroom. The large basement is finished throughout and offers a 300 amp service panel to support the professionally installed Internet and phone system that was previously used for a large business. This basement is equip for the next business savy buyer needing extra power, internet speed and phone lines. Newer heat, central air and hot water heater are great additions to this home that have been replaced within the last few years. Finally the side porch leads to the rear patio with a brick entertaining area and a grass gardening level. This home is in move in condition and just awaiting your furnishings. Located just a few blocks from Ewing and a few streets away from Halo Farms and the Trenton Farmers market, this property is conveniently located near shopping, public transportation and major highways. Diamond in the market, don't miss out.

Contact me today for a showing! 267.­243.8939

Monday, May 1, 2017

What's my Home Worth?

Real Estate Property Values are on the rise again and that means many home owners are taking advantage of cashing out. This past weekend ABC news discussed the impressive 13% increase in national property values.  Are you ever curious about the market in Bucks County?

There was a time not long ago where conversation was about values peaking out at the top of the market back around 2006-2007.  In this appreciating market, these home owners may have finally realized the opportunity to also cash out their equity.  A sellers market is the perfect storm for sellers trying to squeeze every dollar of value out of their property by having multiple buyers compete for inventory in many different price ranges and locations.

Many of these homeowners will try to figure out their home value by using online value tools such as Zillow, where the zestimate is hardly accurate, they use an average of sales from 6 months prior and do not take into account any your gorgeous upgrades and custom changes to your home.

Looking to find ways to maximize your investment? Freshening things up a bit always helps bring the highest dollar.  Minor things from a new coat of paint, to deep cleaning and fresh flowers in the garden really help showcase your property and can bring better bids from anxious buyers.

Do you want to know what your home is worth?

Fill out the form below to get a Free Home Value Report customized to your home from our current market data.

Online contact and registration forms from Wufoo.