January 19th, 2009 10:36 PM by Manuel Couto, CRS, CRB
so, as you read this hopefully you looked through the web site, looked for the homes that you may want, looked for the amenities you want, and the areas you want...
BUT.. did you call your mortgage Broker to see if you Qualify? I have been busy the last few months submitting offers and contracts. While many people place offers, few realize that the property condition dictates if they can get the loan. It's not that easy when they apply on line, or with a broker that someone recommended that does not ask the questions:
1. Is this a foreclosure?
2. is it being sold "AS IS"
3. Will the utilities, gas and electric be working?
4. Will YOU qualify for the home if it does not.
5. What kind of condition should the home be in for me to qualify.
YOU have to ask
1. Can you offer a rehab loan?
2. What are the conditions and parameters to get that loan. Can it be a two family or one family home only, What about a three family.
3. Costs? How much up front, how much per month, how much is/will be available for renovations.
4. Should I look for another home in better condition?
Yes, the foreclosure market has some great homes at great prices but they are not for everyone. End users have some wonderful homes that they have loved and taken care of that you can negotiate and buy. NOW is the time to take advantage of the market. NOW may still be the greatest and best time to buy a home.
Talk to your financial adviser, talk to your accountant, talk to your husband/wife or friends.. but remember that the time to make money is not when everyone is buying, but in buying right when everyone else is selling.