Spring Hill Florida Bank Owned

Homes: Buying Opportunity

“Fixers” Reward Patience, Prudence, and Realism

These days the words “bank owned homes” have become practically synonymous with a single word: “opportunity.” With prices and mortgage rates this low, first time home buyers, investors and seasoned property owners alike are looking at a raft of buying options unlike any Spring Hill Florida has seen in a very long time.

That option of buying a bank owned home has certainly opened a viable route for those looking to own a home at the fraction of what it cost just a few years ago. But not without a price: the best Spring Hill Florida bank owned home bargains are almost certain to fall into the ‘fixer-upper’ category. When considering the purchase of one of our Spring Hill Florida bank owned homes,

I’ve found that my most successful clients have a few qualities in common: – patience – they wait until they’ve found a house that suits all their needs – prudence – they resist the temptation to take out too big of a loan – realism – they know how much hard work they will be willing to put into the house.

Finding the right fixer-upper should be approached as a process: in other words, never buy the first home you see until after you’ve checked out some of its competition. There are more foreclosures on the market than ever – a phenomenon that works to your advantage. When you do find the right home, make sure to take out a loan that makes sense. Often people who are in a hurry to buy a house are tempted to take out a loan without giving enough consideration to its immediate and long-term implications. Being coolly realistic as you work out the numbers will pay off for a long time.
Once a bank owned home is officially yours, the hard (often fun!) work begins. Buying a home in need of repair has always been the surest way to find a deal, but it is also the way to improve or develop home maintenance skills, bond with family members, and keep a tight rein on the family budget. Here, too, you need to be careful not to get carried away– you don’t want to overbuild or overdevelop beyond what is appropriate for the neighborhood setting. In other words, keep your end goals in mind. My advice to clients varies depending on their individual needs: Is it an income property? Or the family home for the next 15 years? Foreclosures show no signs of slowing down in the near future, so this May’s buying market is opportune. If you’re considering buying a bank owned home in Spring Hill Florida, call me today to go over your options and to put a plan into action!

The Spring Hill FL Sales Team:
Professional Realtors
Agent Trust Realty
727-946-2348

Steve Fingerman:
President
E Loans Mortgage
727-946-0904
NMLS # 276682

The latest version of the federal Home Affordable Refinance Program went into full swing this week.

The program, which officially began in December but wasn’t fully available until this week, now allows homeowners to refinance at today’s low interest rates if they are current on payments and hold loans on which they are more than 125% underwater.

The program is limited to homeowners whose loans are backed by Fannie Mae and Freddie Mac. That means no principal will be reduced, but it may be possible to get a lower interest rate and a lower payment. Homeowners who aren’t eligible for HARP may be eligible for other modification programs.

To get a HARP 2.0 refinance, homeowners must have taken out their loan before June 1, 2009. You can read all the guidelines here . The plan will be effect until the end of 2013.

You can apply for a HARP Refinance at E Loans Mortgage.

The previous version of HARP limited the refinancing to homeowners who owed less than 125% of their home’s value.

• The enhanced HARP is one of a number of refinancing and mortgage-modification opportunities unveiled in recent months to keep more homeowners out of foreclosure and in their homes.

Economists believe putting more money into homeowners’ hands, through lower payments also will help the economy.

• As Mark Zandi and Cristian Deritis wrote in an analysis for Moody’s Analytics:

The economic benefit of a restrung HARP is clear. If more mortgages are refinanced, fewer borrowers will default, homeowners will have more to spend elsewhere and the fragile recovery will receive a quick and potentially sizable cash infusion.

If you think you want a HARP refinance, you should move quickly. Mortgage rates have already started rising, so you want to lock in a low rate while you can.