One options is FHA financing. No longer are we seeing the strict guidelines of the FHA of yesteryear, but a newer program that's as almost as easy as subprime...o.k, just kidding,...but with insurance backed by the government and less predatory lending programs.
What is FHA?
FHA financing is financing provided by the Federal Housing Administration (FHA), which has existed as a government corporation since 1934. Established under the National Housing Act, the goal of the FHA is to stabilize the mortgage market by providing an adequate home financing system through mortgage insurances. The FHA does not loan money out to borrowers, rather it provides lenders protection through mortgage insurance which protects lenders from the home-owner defaulting on their loan obligations.
Benefits of FHA financing
***Lower down payment (3 percent)
***Down payments and closing costs can be covered through gifts
***These loans are available for all homebuyers
***FHA loans are available to individuals with less than great credit history
***Individuals purchasing a condo do not have to pay an upfront mortgage insurance premium
***There are no cash reserve requirements for a FHA loans on single family residences or duplexes
***FHA for rehab cost added to the loan...not limited to bank owned however!
***Great FHA financing for HUD properties and Bank Owned Properties
Many Bellingham residents are outdoor enthusiasts. They choose to live in Bellingham in order to be close to the water for sailing, kayaking, kite surfing, and fishing. They enjoy the areas parks and trail systems for hiking, mountain bike riding and running . Many residents also live in B-ham for the epic sking that Mt. Baker and Whislter provide in the winter. Anyway you look at it, Bellingham offers area residents a wide array of recreational opportunities.
Check out all Bellingham has to offer!
| Parks |
| Running / Walking Trails |
| Swimming |
| Golf |
| Soccer |
| Boating, Rowing & Kayaking |
| Skiing |
| Mountain Biking |
| Dog Exercise Areas |
| Fishing |
A bank owned property is a property that has been foreclosed on...has gone to auction and the bank has taken it back and now owns it. Often times the bank will make certain repairs to make the property more attractive. Once the property has gone through the foreclosure process, most liens attached to the property will automatically be wiped off or the bank will settle with the lien holders. This is an advantage over buying a pre-foreclosures.
Often times bank owned properties are priced at Fair Market Value, although they aren't in fair market value condition. Make sure you work with a Realtor that is willing to negotiate the correct market price for the property condition.
Buying Bank Owned real estate can be a great way to get a good deal on a home/property or it could be a nightmarish experience. In order to make sure it is a good deal you need to work with an agent who specializes in bank owned properties. There are many advantages and downsides of buying a bank owned properties, part two of this series will be Disadvantages of buying bank owned real estate.
Disadvantages
*Most often a lot more Due Diligence is involved. These days there are so many bank owned properties that we get a good mix of the good, the bad, and the ugly. There are some gems to be found underneath the rubble! You must have an agent that will educate you on the due diligence process!
*Counter Offers will be verbalized from the bank in most cases.
*Negotiations can go on for a while. The banks are swamped right now and sometimes they only answer offers on certain days or when they get around to it.
*Properties can be filthy, stinky, and vandalized.
*Sold "as is," banks will not fix problems associated with the property.
*Properties are usually winterized and it's up to the buyer to get the water turned back on to inspect the septic and water systems and quality.
*The property may have several offers on the table, make sure your agent educates you on how to make your offer strong.
*Your financing needs to be in place before you place an offer. A pre-approval letter needs to accompany your offer.
*Earnest money will need to exceed the norm...usually 3% rather than 1%.
*Your friends will be jealous when you get a great deal.
Specializing in Bank Owned properties, Preforeclosures, Seller Financed Properties, and Lease Options in Whatcom and Skagit Counties.
Buying Bank Owned real estate can be a great way to get a good deal on a home/property. In order to make sure it is a good deal you need to work with an agent who specializes in this arena. There are many advantages and downsides of buying a bank owned properties, part one of this series will be the advantages of buying bank owned real estate.
Advantages
* When you buy a bank owned property you are usually able to buy at a great sq. footage price, which is how you should buy any home if you're buying with investment standards. $100/sq. ft. is a great price!
* Once a property becomes bank owned, all liens that were a result of the foreclosure are wiped off and back taxes are paid.
* Banks will sometimes offer financing on the property with better terms than a normal buyer because they want to get rid of the property, but keep the asset and earn interest on their money.
Specializing in Bank Owned properties, Preforeclosures, Seller Financed Properties, and Lease Options in Whatcom and Skagit Counties.
Bellingham Realtor - Specializing in Bank Owned Properties, Short Sales, Lease Options, & Seller Financed properties.
In today's real estate market, it's important to have an agent that understands Bellingham's real estate market, as well as, financing programs & buyer and seller incentives. As your agent, my objective is to see you through a profitable, stress free transaction by knowing the market and providing you with great customer service. I will provide you with knowledge of the industry including information on bank owned real estate, short sale properties, & lease options. Our real estate market has changed, has your agent? Buying/Selling a home is one of the largest financial decisions you'll make during your lifetime, make sure you know your options!
My focus in today's market is Bank Owned properties, Preforeclosures, Seller Financed Properties, and Lease Options. Finding undervalued properties is like a treasure hunt & it's what I love about the business. Let me help you search out the next good deal. Whether you're looking to relocate, invest, or buy your first home give me a call to help with the process.
Equally important to your home purchase is the mortgage product you couple with your new home. There are many available and I can help you choose the right one.
Bellingham Real Estate
- Bellingham Real Estate - Bank Owned - under $199K - New Listings - Short Sales - $200 - $399K - Salt Waterfront - Lease Options - $400 - $599K - Lakefront - Multi-Family - $600 - 1Million - Luxury Homes - Condos - $1 Million + - Presale & Construction - Agricultural - Rentals - Manufactured Homes - Vacant Land
Ferndale Real Estate
- Ferndale Real Estate - Bank Owned - under $199K - New Listings - Short Sales - $200K - $399K - Salt Waterfront - Lease Options - $400K - $599K - Lakefront - Multi-Family - $600K - 1Million - Luxury Homes - Condos - $1 Million + - Presale & Construction - Agricultural - Rentals - Manufactured Homes - Vacant Land
Blaine & Birch Bay Real Estate
- Blaine Real Estate
- Bank Owned
- under $199K
- New Listings
- Short Sales
- $200K - $399K
- Waterfront
- Lease Options
- $400K - $599K
- Luxury Homes
- Multi-Family
- $600K - 1Million
- Presale & Construction
- Condos
- $1 Million +
- Manufactured Homes
- Agricultural
- Rentals
- Vacant Land
Lynden Real Estate
- Lynden Real Estate
- Bank Owned
- under $199K
- New Listings
- Short Sales
- $200K - $399K
- Waterfront
- Lease Options
- $400K - $599K
- Manufactured Homes
- Multi-Family
- $600K - 1Million
- Luxury Homes
- Condos
- $1 Million +
- Presale & Construction
- Agricultural
- Rentals
Everson Real Estate
- Everson Real Estate
- Bank Owned
- under $199K
- New Listings
- Short Sales
- $200k - $399K
- Manufactured Homes
- Lease Options
- $400k - $599K
- Waterfront
- Multi-Family
- $600k - 1Million
- Luxury Homes
- Condos
- $1 Million +
- Presale & Construction
- Agricultural
- Rentals
- Vacant Land
- Vacant Land
Want a custom Neighborhood Market Review?...give me a call or shoot me an email.
360-296-3244 or tara@taracamprealestate.com
I am an outdoor enthusiast! When I'm not eating, drinking, and breathing real estate I enjoy being surrounded by nature, getting physical. I can be found on a bike on Galbraith mountain, the inner urban trails of Bellingham, and biking up and down neighborhoods, checking out homes.
When it's cold and raining you can find me in one of the many terrific coffee shops around town reading or surfing. On a more adventureous day, I'll be found testing the snow conditions on Mt. Baker.
And when I have time to take tropical vacations I love to go on long cruises touring the world by boat, or going to Costa Rica to hit up some good surf. Boy, am I overdue!
My Community Associations:
Education Relating to Real Estate:
400+ hours of various training, taught by over 30+ instructors including but not limited to:
Testimonials
"Great.. I have to tell you. You have been one of the most "on the ball" realtors' I have worked with. Your quick, diligent, accurate, and most of all, you understand what economic state we're all in. It's been a real delight and I'm hoping that we can continue this relationship and make other deals." B. Anderson
"One thing that set's Tara apart from other real estate agents, is that she was predicting and advising her clients that prices were still dropping and would drop significantly further when virtually all other agents were saying we've hit bottom and prices were ready to appreciate again. This gave me confidence that Tara wasn't trying to rush me into the market by raising my expectations beyond reality as so many agents have done these last several years. She helped me find my dream property at a price I believe reflects market conditions as they will be over the typical irrational exuberance, even despite the recent economic turmoil. Additionally, she's laid back yet diligent about staying in contact. She's all this on top of being a real pleasure to meet for property tours or just signing some paper work at the local ice cream shop. I hope to be fortunate enough to work with Tara Camp again in the future." J. Kraus
Tara was an awesome real estate agent. We found Tara on the Internet as we had just moved up here and did not know many real estate agents. Tara made me feel comfortable from the beginning and I never felt pressured to rush. We worked with her for about 8 months before we saved enough and were able to find what we were looking for. During the buying process she was always calm and positive and with her help we found a house that fit us and we love! I would highly recommend Tara Camp to anyone looking to buy. B. West and D. Robbins
"Thanks so much for all the work you've done in helping us relocate. Moving to a new area is very stressful, but with the work you've done for us you've eliminated a lot of the stress. " M. & D. Gibson
"Although we didn't qualify for a home this go round, Tara has helped me get my ducks in a row, so that within 6 months we'll be able to buy our first home." S. Smothers
"Thank you so much. you are truly a God send to us. This will make our move so much easier if we can get everything in line before hand." T. Kimmer
"Thanks, Tara...this has been a learning experience for me. I appreciate the info you've given me." J. Carrie
"Thank you for all your hard work in helping us secure our home in Glenhaven. We did have access to the Internet and all the search engines for homes it provides. But we still needed a real estate expert to work with the seller, finance company, legal matters, inspections, home improvements, etc. You have made the process as smooth as possible. I will recommend your services to any one interested in buying or selling real estate". B. Albert
"Tara, You were choosen to be our realtor because you were warm friendly. You did not push anything on us. You would always go the extra mile, and even spent a whole day with us looking for homes. You are very special and really care about your clients. You are more like one of the family than someone trying to make a sale. You were very attentive and would always listen to us. I can't wait to start remodeling, You will be the first one we call." K. Albert
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