What's in the future for 2009?

A new year is upon us and the real estate market remains stale. Intrest rates are dropping and desire to buy a "good deal" is high. I find we have plenty of buyers out there but the problem lies in getting the loan. I have talked with many potential home owners with decent credit that can't get a bank or mortgage company to give them a second look. They may even have money down but a past ding on the credit scares them away. The "Zero" down loan is a gem of the past, but FHA is still going strong. If you are a first time home buyer this is your best bet if you only have little to put down. FHA requires 3.5% down of the purchase price. Now the sticky part comes with the home of your choice. There are those inspections that could send you on down the road. The major mechanicals have to be in working order and the home has to be practically in "move in" condition so you may have to pass up the "desirable priced foreclosure" with a "handyman special" tag. If you have cash in hand then the selection can be a fun playground for you. Foreclosures will increase in number if the government doesn't step in. Knowledge and information is your best bet when making your home choice.

Community Awarness

I am not for sure if the general public really understands what is going on with our property values and such. I get calls all the time asking "Can I do a short sale"? "What is a short sale"? "Can I buy a home on a land contract"? Financing has become near impossible to get unless you have perfect credit and money down, but there are still some options. There is no more "0" down loans or seller paid concessions. We are trying to find what little government programs are left if any. So what are your options? Along with Wells Fargo I am offering a Community Awareness meeting to answer these questions. It is free and it is just to let you know what is really going on and to answer questions. It will be held at the Dearborn Adult Center , Thursday Oct 16th at 6:00 p.m.

What everyone wants to know about!!!

Foreclosures! That's what I get most calls about.I have been in Real Estate since 1994 and I have seen good and hard times. I know it will get good again. Until then we must all hang in there. I property manage many of the foreclosures here in Southeastern IN. I am going to share with you the process as I know it. When a mortgagee gets behind the bank may threaten foreclosure or attempt a "workout", which means change the terms of the loan in hopes the mortgagee can catch up and avoid foreclosure. Not all banks or mortgage companies will offer a"work out". If the mortgagee does not catch up a "Foreclosure" will occur and the home dwellers must leave or get evicted. The property will go to "Sheriff Sale". Typically the mortgage company will buy it back. I will be contacted to do a "Brokers Price Opinion" which is like a mini appraisal. The property can sit vacant 6 months to a year or more. Then I get a notification to start the process to get it marketable. We try to price it very attractive so it sells FAST! You can get quite a deal if you are quick enough. I usually have offers pouring in right away. If I know a potential buyer for a particular property I will call them.So let me know what you are looking for. On my next post I will talk about financing a foreclosure.