 |
|||||||||||||||||
| Description and Features | |||||||||||||||||
| Three bedrooms plus a bonus/loft. With some fresh paint and carpet, this will make someone a beautiful home. HUD is asking $122,500 but all prices are negotiable. Call Rhonda today or your broker of choice. |
|
||||||||||||||||
| Location | |||||||||||||||||
| Links | |||||||||||||||||
 |
|
| Description and Features | |
| Are You underwater in your home? Has your equity disappeared and now you owe more than your home is worth? Is a foreclosure date quickly approaching? Are you unable to sleep at night because of you don't know where you and your family will live? You do have options! | |
| Links | |
Buying foreclosed properties is getting more popular and more profitable every day. There are dozens of foreclosed properties hitting the Nashville real estate market every day. These properties can be both gold mines and land mines. In this article, we'll go over several simple tips to help ensure that your first foreclosure purchase is a successful one.
Opt for a Low-Repair Property for Your First Deal
We've all heard about people who make thousands of dollars buying fixer foreclosures and fixing them. The reality is, however, that doing such a deal requires a high degree of expertise.
Do you know how to fix a broken roof? Can you estimate how much it would cost to replace an entire shed? Can you estimate how much the repairs will cost and compare it to your selling price in the end?
Although you can make a lot of money doing fixers in Nashville, TN; you can also make a lot of money just by buying foreclosed properties, doing minor cosmetic repairs and selling them again. For your first foreclosure deal, look for houses that don't require much work so you can get some experience under your belt.
Research the Markets Surrounding Nashville Real Estate Market
There are generally three reasons you'd buy a foreclosure in Nashville, TN: To rent out, to sell or to live in. If you're buying to repair and rent out or sell, then market research is absolutely essential.
If you're buying to rent, it's important to know what other properties in the Nashville, TN real estate area are renting for. It's also important to know what the vacancy rates are. Based on these numbers, you can accurately predict what your cashflow will be like.
If you're buying to sell, it's important to know what you can expect to sell your property for once your repairs are completed.
You should know these numbers before you make your purchase. Remember that with any real estate investment in Nashville, TN, the profit is made on the buy end, not the sell end. You must know how much your property is worth or how much you can rent it out for before you can make a profitable investment.
These tips will help you avoid some of the biggest pitfalls beginning investors tend to fall into with their first investments. Foreclosures can be a very lucrative business, but it also has its dangers.
There is a lot of free information available to you about buying, selling or investing in the Nashville, TN real estate market. For complete information about the Nashville, TN real estate market including current homes for sale, foreclosures, property values and more, please visit the most complete website online dedicated to everything Nashville, TN real estate at www.RealtyWorldNashville.net.
 |
|
|
www.RealtyWorldNashville.net Certified Short Sale Specialist serving all of the middle Tennessee communities.
Nashville Real Estate, including Antioch, LaVergne, Smyrna, Murfreesboro, Mount Juliet, Brentwood and Franklin
In today's market, you need a reliable and knowledgeable real estate professional. Rhonda Burgess is a Tennessee real estate broker who services the Nashville real estate market including Antioch, Lavergne, Smyrna, Murfreesboro, Franklin, and Mount Juliet. As a native Nashvillian and with more than 12 years experience in the Nashville real estate market, Rhonda has the knowledge and skills to benefit everyone from first-time buyers to experienced investors.
Visit Rhonda's website where you can search the Nashville MLS. Whether you a first-time buyer, or relocating to middle Tennessee, or just looking for Nashville area information, you can find what you are looking for on her website.
Contact Rhonda for all of your real estate needs.
Nashville Real Estate Communities
Rhonda Burgess is a Certified Short Sale Specialist. Rhonda has had extensive training from the Harris Real Estate University on how to effectively and quickly perform a short sale. Bad things happen to good people everyday, from a job loss to health issues to a divorce. These things do not define who you are. Or maybe because of the current market conditions, you are able to pay your mortgage but your neighborhood has severely depreciated in value and you are now "under water" in your property - owing much more than the property is worth. There are solutions to help you.
If you qualify, a loan modification can adjust change the terms of your mortgage, such as the interest rate and the number of years of the loan. These changes can make your monthly payment much more affordable. Most of the time if you are behind in your payments, a repayment plan can be included with your modification, allowing you to get back on track with a lower payment. With a modification, you have to have the ability to make the new mortgage payment. If you are unemployed or do not the income that you previously had, you may not be eligible for a modification.
With a short sale, you are selling the property for less than what is owed on it. Your mortgage company(s) agree to accept less in order to avoid foreclosure. A typical foreclosure costs the mortgage company anywhere from $30000 to $60000 depending on the circumstances. During the time that the property is in foreclosure and awaiting sale, the mortgage company is having to pay for the lawn maintenance and utilities as well as risking the chance of the property being vandalized while it is vacant. The banks and mortgage companies prefer a short sale because even though they are losing money, a short sale loss is less than the foreclosure costs. With a properly done short sale, the sale can be completed and closed in less time than the foreclosure process.
Short sales have a less devastating effect on your credit. With a foreclosure, credit scores normally drop anywhere from 200-300 points. A short sale shows on your credit report as "paid in full" or "paid in full for less than full amount". Either way, your score is not affected near as much as the damage a foreclosure does. With a successful short sale, you can be eligible to purchase another home in as little as 24 months. With a foreclosure on your credit report, you are looking at a minimum of 3-5 years before you are eligible to purchase another home.
When you are working with a Certified Short Sale Specialist like Rhonda, the process is full explained to you. Rhonda will handle all of the bank/mortgage company negotiations. Rhonda will price your property to sale, effectively market your property, and get the deal to closing in a very timely manner. You will be kept "in the loop" along every step of the way. At the same time that your property is being marketing, Rhonda can help you secure a new rental property or even purchase a new home if you are in the position to do so. Rhonda strives to make the process as painless and stress-free as possible. All of your information is kept confidential and the transaction is handled with the utmost diginty and respect.
For a free confidential consultation to go over all of your options, please give Rhonda a call at (615) 751-6234 or email her at Rhonda@RealtyWorldNashville.com
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
