LOUISVILLE KENTUCKY HOMES FOR SALE- BUYING FORECLOSURES
EVERYONE WANTS A DEAL
Short Sales ( property sold by the owner with bank approval)
Pre-foreclosures ( property sold by the owner before the master commissioners auction)
Foreclosures (also called REO- real estate owned by the bank)
HUD ( real estate acquired by the Department of Housing and Urban Development through a FHA insured loan foreclosure)
Distressed sale vs. normal sale conditions
SHORT SALES/ PRE-FORECLOSURES - Lender must agree to take less (short of the payoff) than the buyer will pay. Often it is because the market value has dropped.
Owner is trying to sell the house before the lender can foreclose on it. Home owner is probably still living in the house and overall condition is better.
Time is a factor in a short sale as negotiation could take weeks or months. Submission of the offer package could take 4-8 weeks, then waiting for bank to get back, then when the bank finally agrees, they give you a 10-14 day deadline to close. You really need to have everything in place to get the closing done on time.
FORECLOSURES - Lender has purchased the house at the Commissioner's Auction, taken title, assessed the property and placed it back on the market through a REO broker.
Foreclosures are often sold for less than you could have bought it through a short sale and the response time is often quicker from 1-7 days.
A low price will generate several offers and the lender will ask for your "highest and best," so you end up bidding against other buyers. The good thing is that the answer comes quickly, sometimes the same day that the offers are due.
HUD PROPERTIES - are priced at market price and offered on a ten day bidding period. Owner occupants are given priority in the bidding period. All bids are opened on day eleven and the bid is awarded to the bid that is the best net to HUD.
Foreclosures are great if you have
1 A larger down payment
2 Cash
3 Time to repair or remodel
4 You like fixing things up or have someone who can.
LOUISVILLE KENTUCKY HOMES FOR SALE-BUYING FORECLOSURES
$8000 TAX CREDIT FOR FIRST TIME BUYERS
COME TO ONE OF OUR HOME BUYERS WORKSHOPS www.buyerstaxcredit8000.com
Keith Pound, Realtor/Auctioneer, Exit Realty Crutcher, Louisville, KY 502-645-5950
LOUISVILLE MLS WWW.POUNDREALTY.COM
Investment property, real estate auctions, HUD homes, relocation services to Louisville and Lexington Kentucky, give me a call, I love referrals!
Copyright 2009 by Keith Pound, All Rights Reserved. * LOUISVILLE KENTUCKY HOMES FOR SALE - BUYING FORECLOSURES*
LOUISVILLE KENTUCKY HOMES FOR SALE-BUYING FORECLOSURES
What to expect:
1 The property will be vacant.
2 The property is being sold "as is."
3 Utilities have been turned off (water, gas, electric).
4 The plumbing has been "winterized" (water turned off--pipes drained and antifreeze installed).
5 It smells, the house has been closed up for weeks, even months.
6 Carpet is dirty, worn, ripped, may need replacing.
7 Paint is dated, writing on the walls, drywall repair is needed.
8 New appliances will probably be needed.
9 Kitchen cabinets need repair or replacement.
10 In some areas, the property could have been vandalized. Copper pipes, air conditioner units, furnaces, windows, doors, lighting fixtures are gone.
11 The bank owns the property, so it is a business decision to accept or reject your offer.
FINANCING
12 Earnest money deposit normally $1000 or 3% of the offer.
13 Preapproval letter should be submitted at time of offer. A You must be preapproved for financing.
B Paying cash, you must show proof of funds.
14 Normally, there are seller addendums you must sign and agree to that supersede the local real estate board contract (more paperwork).
THESE ARE JUST A FEW QUESTIONS YOU NEED TO ANSWER WHEN YOU ARE CONSIDERING PURCHASE OF A FORECLOSURE.
LOUISVILLE KENTUCKY HOMES FOR SALE- BUYING FORECLOSURES
$8000 TAX CREDIT FOR FIRST TIME BUYERS
COME TO ONE OF OUR HOME BUYERS WORKSHOPS www.buyerstaxcredit8000.com
Keith Pound, Realtor/Auctioneer, Exit Realty Crutcher, Louisville, KY 502-645-5950
LOUISVILLE MLS WWW.POUNDREALTY.COM
Investment property, real estate auctions, HUD homes, relocation services to Louisville and Lexington Kentucky, give me a call, I love referrals!
Copyright 2009 by Keith Pound, All Rights Reserved. * LOUISVILLE KENTUCKY HOMES FOR SALE - BUYING FORECLOSURES*
LOUISVILLE KENTUCKY HOMES FOR SALE-THE CONTRACT TO CLOSING
So you have found the perfect house, now what do you do? Make an offer and wait for it to be accepted.
Some times the answer to your offer is yes and you have a contract, some times the answer is no, but the seller will make a counter offer. You want the house, so you continue to negotiate until you come to a final agreement and then you have an accepted contract.
These are some of the many things to get the CONTRACT TO CLOSING.
· All contract and addendums signed
· Earnest money deposit delivered to listing company
· Apply for loan
· Early loan disclosure papers signed
· Appraisal fee check
· Order appraisal
· Order title report
· Order survey
· Sign seller disclosure papers
· Inspections (including home inspection, termite, radon, mold, lead based paint, square footage)
· Loan package to underwriter
· Home insurance
· Utility inspections (gas, water, electric, sewer, septic)
· Request for repairs, corrections or replacements
· Final stipulations from underwriting
· Set up closing
· Order closing documents
· CLOSING DAY
There's a lot to do to get your home from CONTRACT TO CLOSING, but well worth the effort.
LOUISVILLE KENTUCKY HOMES FOR SALE-THE CONTRACT TO CLOSING
$8000 TAX CREDIT FOR FIRST TIME BUYERS
COME TO ONE OF OUR HOME BUYERS WORKSHOPS www.buyerstaxcredit8000.com
Keith Pound, Realtor/Auctioneer, Exit Realty Crutcher, Louisville, KY 502-645-5950
LOUISVILLE MLS WWW.POUNDREALTY.COM
Investment property, real estate auctions, HUD homes, relocation services to Louisville and Lexington Kentucky, give me a call, I love referrals!
Copyright 2009 by Keith Pound, All Rights Reserved. * LOUISVILLE KENTUCKY HOMES FOR SALE - THE CONTACT TO CLOSING*
LOUISVILLE KENTUCKY HOMES FOR SALE-HOME INSPECTIONS
A home inspection is like a physical for your house. You are looking for a home with a clean bill of health, including:
· Termite inspection
· Radon testing
· Mold inspection
· Septic system checked
· Lead based paint inspection
Just a few of the many things that are checked while doing a HOME INSPECTION:
· Roof, vents, gutters, chimney
· Basement, foundation and crawlspace
· Heating and cooling systems
· Water, electric, electrical service, breakers and fuses
· Insulation and ventilation
Most provide you with computerized home inspections reports complete with digital pictures.
Home inspectors are CERTIFIED by the state of Kentucky.
They help you gain insight into maintenance and find out about energy conservation.
From the roof to the basement and everything in between, your prospective home is usually checked in about 2-4 hours to give you an overall picture of the condition of the house.
The time and money spent on this inspection is well worth the price to give you assurance and peace of mind and to take the stress out of your home purchase.
Buying a home:
FOR YOUR PROTECTION, GET A HOME INSPECTION
Check out this government form: HUD-92564-CN
COME TO ONE OF OUR FREE HOME BUYERS WORKSHOPS www.buyerstaxcredit8000.com
LOUISVILLE KENTUCKY HOMES FOR SALE-GETTING APPROVED TO BUY
LOUISVILLE KENTUCKY HOMES FOR SALE-HOME INSPECTIONS
Keith Pound, Realtor/Auctioneer, Exit Realty Crutcher, Louisville, KY 502-645-5950
LOUISVILLE MLS WWW.POUNDREALTY.COM
Investment property, real estate auctions, HUD homes, relocation services to Louisville and Lexington Kentucky, give me a call, I love referrals!
Copyright 2009 by Keith Pound, All Rights Reserved. * LOUISVILLE KENTUCKY HOMES FOR SALE - HOME INSPECTIONS*
LOUISVILLE KENTUCKY HOMES FOR SALE-GETTING APPROVED TO BUY
· Are You Ready to Make Your Next Home Purchase?
· Have You Been Preapproved?
· Do You Know Your Current Credit Score?
· How Much House Can You Afford?
· What Range of Monthly Payments Are You Looking For?
· Have You Saved Up Money for a Down Payment?
· Do You Have a Good Faith Estimate of Your Closing Costs?
· Will You Have Any Money Left Over After Closing?
THESE ARE JUST A FEW QUESTIONS YOU NEED TO ANSWER WHEN YOU ARE GETTING APPROVED TO BUY.
If you would like to find out more about buying a home,
give me a call 502-645-5950
COME TO ONE OF OUR HOME BUYERS WORKSHOPS www.buyerstaxcredit8000.com
LOUISVILLE KENTUCKY HOMES FOR SALE-GETTING QUALIFIED TO BUY
Keith Pound, Realtor/Auctioneer, Exit Realty Crutcher, Louisville, KY 502-645-5950
LOUISVILLE MLS WWW.POUNDREALTY.COM
Investment property, real estate auctions, HUD homes, relocation services to Louisville and Lexington Kentucky, give me a call, I love referrals!
Copyright 2009 by Keith Pound, All Rights Reserved. * LOUISVILLE KENTUCKY HOMES FOR SALE - GETTING APPROVED TO BUY*
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AUCTIONEER, CERTIFIED ESTATE SPECIALIST, REAL ESTATE BROKER, GREATER LOUISVILLE ASSOCIATION OF REALTORS, NATIONAL REALTORS ASSOC., KENTUCKY AUCTIONEERS ASSOC., NATIONAL AUCTIONEERS ASSOC.
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