New Construction

There are a lot of DEALS out there on newly constructed homes, along with many benefits.  There are even scenarios where purchasing new construction may be less expensive than some of the resale's in the same community. When purchasing a new home, (in most cases) the builder offers a one year bumper to bumper warranty. Anything wrong with the house, you just give them a call! Typically the second year is electric and plumbing followed by a limited 10 year structural warranty. 
Many builders will offer incentives, such as finance through one of their preferred lenders and we will pay for a portion of your closing costs. This amount can vary, but I have seen $3000 up to $6000 towards closing costs. They may also agree to pay 1 year of your Homeowners Association dues (if the community has one).
It is also important to use a Realtor when purchasing new construction. The sales person in the office represents the Builder/Developer, and it is important to have someone on your side.  Best of all, it costs you NOTHING!!
For more information on some of the areas that offer New Construction.

FHA Financing

Many of my customers are utilizing one of the best programs available to buyers at this moment: FHA Loans!
FHA Loans require ONLY a 3.5% down payment – so on a $150,000 home that is only $5,250. Combine this with the low interest rate and it is achievable – particularly for first time home buyers.  In many cases, you can negotiate with the Seller or Bank (if it is a bank owned) and ask for a contribution towards your closing costs (typically between 3 and 6% of the purchase price in many cases).
To qualify for FHA loans, borrowers must be able to document their incomes and assets and not have defaulted on student loans or other government-backed debt. They usually need credit scores of at least 580. Credit scores range from 300 to 850. Borrowers who don’t go the FHA route will face stricter credit requirements on conventional loans. The conventional loans depending on qualifications, typically require 5% or more.
It is a great time to contact us and we can put you in contact with a Mortgage Company that can help.

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Purchasing Foreclosures – Home Inspection

In reference to the (parenthesis) portion of my previous blog about obtaining a home inspection on a bank owned property, it is important to note that you can still order and complete a home inspection, but the contract itself will not be contingent on the results of the home inspection.
It is important to adhere to all the deadlines in your contract with regards to obtaining a home inspection. Once the inspection is completed, you will want to provide to the Seller in writing your acceptance of the inspection.

Purchasing Foreclosures

A foreclosed property simply means the bank has taken over the property from the previous owner. The bank is now in possession of the property and in most cases hires a Realtor to market and sell the property.
These properties are usually purchased As/Is.  Because the bank has not owned the property in most cases they will not provide you a copy of Sellers Disclosures. It is prudent that a buyer hire a licensed home inspector to thoroughly inspect the property. (Please note: Some banks may not make an offer contingent on a home inspection, so it is important to read any bank addendums and/or contracts thoroughly). In most cases however, the bank will allow the offer to be contingent on a home inspection. Typically you must complete these inspections within 7 to 10 days after acceptance of the offer.
For more information please visit my website at: www.DestinationCentralFlorida.com

Appraisals / Market Analysis

The housing market is changing on a daily basis.

It is important to work with a Realtor in the market in which you are looking to buy a home.

Once you have located a home you are interested in, it is important to understand the current value.

When financing a home, the lender will order an appraisal. However, if you are paying CASH for a home, I will still advise you to pay for an independent appraisal to ensure you are not paying too much for the home.

When preparing an offer we can write the offer subject to a satisfactory appraisal. This will allow you, the buyer, an opportunity to re-negotiate or to cancel the contract if the appraised value does not at least equal the contract sales price.

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Short Sales (Buyers Perspective)

There are many topics relating to short sales that I want to discuss, but I will touch on a few different thoughts/ideas.

One thing to understand about short sales is that many facets of the transaction are determined by the Sellers Lender. Such as the final purchase price, timeframe for acceptance of the offer, the closing date to name a few.

It is important to work with a Realtor that understands the process and can walk you step by step.

I have worked with many buyers purchasing short sales. Short sales may also be in a pre-foreclosure or foreclosure situation, depending on the seller’s situation.

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