Repos, Short Sales, and Pre-Approval... What Every Buyer Needs to Know

OK....this is it. 2014. The year everyone says we will see more repos and ‘short sales' than in 2012 or 2013. As bad as that sounds, it's a huge opportunity for buyers. Unfortunately there are so many buyers who are totally unprepared to take advantage of a great opportunity when it comes along. They just don't seem to know where to start. If this describes you, read on...

Mortgage Choices: FHA 203k? ...or HomePath Loan?

If you are in the market to buy a home, chances are that you have seen at least one property that is either a short sale or a bank-owned property. And based on what I have seen, many short sales or properties that are currently owned by the bank are in need of a few repairs before anyone can live in them. (Read more...)

No Money Down Financing?

Yes! . . . and it is not a gimmick nor is it VA.  It is a little known federal program called USDA Rural Development.  Unlike most loans, a USDA-RD loan is unique in that the property itself is the primary qualifier, not the home buyer. Oh, you must definitely have a decent credit score and debt to income ratio (things better discussed with a lender), and there are some income limitations. But it is the location and condition (read more...)

Closing Costs

When planning to buy a home, most people save for their down payment, but give little or no thought to closing costs. . . or if a first time homebuyer, may not know what closing costs are.  Closing costs are expenses that must be paid at the closing. . . called the ‘Act of Sale’ here in Louisiana. Since those costs may be as much as, or more than the down payment, it’s important to understand what you are paying for and why. (read more...)

‘Bond for Deed' - A Type of Owner Finance

A Bond for Deed is actually a Deed in Trust and is used as a type of owner financing. It is in fact, an interim finance program whereby the deed is held in trust by a bonded attorney. Once all terms of the purchase contract have been fulfilled - the buyer has obtained his own mortgage, the seller's mortgage has been cancelled, and the seller has been paid off in full - then the deed will pass to the buyer.  Read more...

Who is a Likely Buyer for a 'Bond for Deed'?  . . . an important question if you are the seller

So many people with poor credit want to know if they can do a Bond for Deed. The short answer? NO ….at least not with my sellers. Although I am an advocate for Bond for Deed, the only buyer I would ask my seller to consider, is the buyer with relatively good credit, whose finance issues will be resolved in a foreseeable amount of time. Read more...