related linksRead more about mortgages and loans
FIND YOUR DREAM HOME OR APARTMENT
must-see on msn
I've been a professional Realtor (R) since 1979. I've sold exactly zero short sales and exactly zero foreclosures. If calls come in to list those properties I will turf them off to someone in the office who doesn't mind the frustration of working with lenders and the myriad people who ask for 'just one more thing'...or the lenders who conveniently lose paperwork....It is a nightmare. I've been thru three major Real Estate slowdowns, one of them when I was licensed in '79, the next one when President Reagan signed the Tax Reform act of 1986, and this most recent recession. My faith in the banks was never high, and my faith in the 'experts' is belied by what I see every day. Yet I keep on selling homes to nice people and enjoying that experience. Just not short sales and REO's. Ever. Leave that to the sin eaters.
The longer the house sits empty the more the banks lose everyday. The more it sits the more it deterriates and possibly vandalized. It becomes weathered outside and in. After awhile the house isn't worth buying to many costly repairs.
Too many people bought homes during the hype of the Industrial BOOM and now can't afford their home or anything else or their job. Living above their means. It is not the fault of the presidents past and present it is the fault of the people who haven't taken a finance course in high school or otherwise.
There are the hidden things that cost for repairs between the walls such as plumbing, heat ducts, rodents, bats, and the stinky skunk holes under the front steps.
Make sure the house has been tested for lead, radon, uranium vapors,water...water may be safe but not the pipes, paint...don't know if someone used old lead paint out of the shed, abestoes, how deep is the well and the sewer system if it has its own. Pet oders embedded into the wood floors. Test to see if it was a drug house...test to make sure it is drug/chemical free to make sure you get arrested later down the road. Was the house condemned at one time. Get a building inspector involved. Get to the the city/county tax office and assessors office on the house worth...get them to look at it again if feel it is to high, Check with the registar of deeds on the property and it should tell you of the previous owners and what they paid for it etc. DO YOUR HOMEWORK BEFORE BUYING it will save you headaches.
Take a camera paper and pen make notes on everything you see and take the time to look in corners vents windows, etc...get barginning tool. fresh coat of paint can make for moisture stain coverups as well as plaster. I have worked in the building trade for 20 plus years and have seen a lot of things hidden in a house. outlets and switches safely installed or not, installed.Electrical is a big thing to many do it selfers doing rewire. Also, check with insurance company on the cost of insurance for the house before buying, this can tell you a lot about the house, many will do a walk through quote.
Too Greencuda best advice, I did exactly like your advice and bought a foreclosure, fixed it up, gave local credit union my business with a line of credit, but I had excellent credit ( a must ) got a great rate, and now the house is making me money. Too Kevin you don't know what you are talking about or else you had a foreclosure, because it is not taking advantage of your neighbor, not someone else's fault that, they had to foreclose, and plus investors in a foreclosure are helping the economy, and the neighborhoods by improving homes that otherwise would have been run down or torn down and giving people great places to rent or own that they can afford.
Those are very good tips. Here are some other tips that work
very well in markets such as South Florida's, where you will encounter unethical practices and
1. If you don't have all cash, get pre-approved by at least two banks or mortgage companies.
1. Don't work with one realtor. Instead use internet sites like yellowkey to find the latest listings.
2. Contact the listing agents directly. They will give your offer priority because they stand to make the entire commission instead of half, if another agent makes the sale.
3. Make a list of the agents that seem to have most of the listing in the area where you are looking to buy, and contact them. Tell the what you are looking, and that you have cash, excellent credit, and that you have pre-approval.