I know, its the first day of March, but better late than never.
Q. If you had a choice between buying a home owned by Fannie Mae or HUD, which one would you choose, all things being equal?
A. What is most important is finding a home you're crazy about in an area you like that is mechanical sound. That said, however, the advantage of HUD is that they are offering a $2,500 owner occupant incentive which is applied toward your either your closing costs, tax prorations & repairs to the home. If all other things are equal, that's pretty nice incentive.
When you couple that with the $8,000 tax credit given to first time buyers through the end of December, 2009 is a great time to jump into the housing market!
Not sure of the difference between a colonial style house and one that's called a cape cod? Can't describe what classifies a home as a Victorian versus a Craftman? Don't feel bad, you're not alone.
Q. I'm interested in a Westland MI home that's a short sale. Who pays for real estate city inspections and how do I know if one has been done?
A. Unless specifically negotiated in the purchase agreement, it's the seller's responsibility to schedule and pay for the inspection, which is $180 for a single family residence. A City inspector reviews the major mechanical systems, health & safety items, and any issues that violate the Property Maintenance Codes.
Call the City of Westland Building Department at (734) 467-3210 to see if the inspection has been completed. If it has, you can go into their office and review the report. If it hasn't, I'd have your agent call the listing agent to find out when they plan to do it.
Since it's a short sale, if there are any issues that need to be addressed from the inspection, the seller may not have the funds to address the issues. Because the inspection period can take 3-4 weeks, it's important that it be done ASAP so that the bank is aware of any issues that need to be addressed to sell the property.
Wayne County Sheriff Warren Evans has stopped all foreclosure sales because there is no way to know which homes are covered under TARP, the Troubled Asset Relief Program passed by Congress which supercedes Michigan foreclosure law.
photo credit: respres
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