7 Questions to Ask Before Buying a Condo

RISMEDIA, May 21, 2010–You’ve found your dream condo, and you’re ready to relax among the mango trees and swaying date palms. Hold everything. To keep from getting stuck with a lemon, you’ve got to do some homework. Here are the seven most important questions you need to ask before buying a condo.

1. “What’s the Beef?”
Take a look at the minutes of the condo association board meetings to see what the owners have been griping about. If everyone was complaining about the faulty plumbing or the gardener’s absence, you know that the complex is having management difficulties. Even if there aren’t any complaints, reading the minutes will reveal the sorts of projects that are under way at the complex — projects the seller may have neglected to mention.

READ MORE -

http://rismedia.com/lowes/8355/8546

Did you know that if you are a senior borrower, aged 62 and over you can use a reverse mortgage to purchase a home? Many seniors are still unaware of the fact that they can purchase a new home or second home/vacation property using a reverse mortgage. This enables borrowers to purchase the home, you don’t have to pay 100% cash for the home and you still never have to make a mortgage payment for life!

Many senior borrowers are set with their current homes and have no desire to move. However, there are also a growing number who need to downsize, have decided that their current home just doesn’t fit their needs and can’t easily be changed to do so (like wheel chair access or multiple stories) or have amenities that they wish to get away from that they no longer desire (like large lots with pools and excessive landscaping, etc). Some wish to keep their current homes but want a second home near children and grandchildren, near favorite activities, or in climates more favorable during certain times of the year. But with no steady income streams and the fear of starting again with mortgage payments, many have thought that they just can’t buy the properties they want. Some are almost in a position to buy these homes, but it would take all their available savings and they do not want to use all their funds. The reverse mortgage has become an excellent tool for these seniors to purchase the homes they desire without qualification requirements and with no payments for life – all without having to pay for the homes outright.

So if you or a loved one are 62 or older and are looking to buy a new primary residence or second home or always wanted to downsize but never thought you could actually do it and still get a home you would be happy with, give me a call and I’ll be happy to answer your questions.

ANSWER: The answer is simple: Yes!

Despite the negative headlines over the past year, there’s actually plenty of money available for loans. In fact, reports indicate that over $2.7 Trillion in loans were originated in 2009. That’s over $1 Trillion more than 2008.

However, mortgages must make sense in today’s terms – not the looser standards permitted by lenders a few years ago.

What does this mean to borrowers today?

Lenders have returned to a pre-2000 mindset – a kind of “common-sense lending” that seeks long-term success versus short-term profits. That means lenders need documented evidence that a borrower is creditworthy and is likely to repay the loan. This creditworthiness is based on the four tenets of lending: the borrower’s ability to pay, willingness to pay, equity in the transaction, and the property itself.

With interest rates still near all-time lows and home prices at extremely affordable, low levels, it’s worth the time and effort to find out if you can benefit from common-sense lending in today’s real estate market.

My experience shows it all depends on where you live and I would love to do some research for you and send you an email that will tell you what homes are for sale now, what homes have sold recently and how long those homes are taking to sell in your neighborhood so you can feel secure in the knowledge that you have the most accurate information. This timely information will tell you right away how the market is right now.  I imagine that information would be valuable to you, would it not?

This is what I do for my friends, family members and people I care about.  Just send me an email and I’ll set you up to automatically answer the question, ‘how’s the market?’ each and every month.  And if you have a friend or family member who would like to get some research on what homes are selling for in their neighborhood, I’d love to provide that to them.

It’s not too late to find a house before the April 30th deadline.

Don’t miss out on this once in a lifetime opportunity.

Print Article

RISMEDIA, March 24, 2010—Buying a home is one of the biggest decisions an individual can make. So it’s understandable that one considering a home purchase may take their time to avoid rushing into such a large financial commitment. However, several factors might leave prospective home buyers who don’t purchase a property now wishing they had taken action sooner.

“Current market conditions have created a perfect storm of sorts that has made it an ideal time to purchase for first-time and trade-up buyers alike,” said James M. Weichert, president and founder of Weichert, Realtors. “Those who have the means and the desire to buy now but don’t, aren’t likely to see such a great opportunity again anytime soon.”

Specifically, Weichert offered three reasons why those who aren’t under contract to purchase a new home by April 30, 2010 might regret it.

1. They won’t receive a sizeable amount of money from Uncle Sam.

For the past two years, the federal government has offered a home buyer tax credit to help stimulate the economy. But that financial incentive is set to expire soon. First-time buyers who aren’t under contract to purchase a home by April 30, 2010 will leave the $8,000 that is available to them through the tax credit on the table. Meanwhile, repeat buyers will miss out on the opportunity to collect up to $6,500 from the government.

2. They might not lock-in on the historically-low interest rates.

Thanks to measures taken by the Federal Reserve including the purchasing of mortgage-backed securities, interest rates have remained historically-low for several years. With the economy beginning to show signs of recovery, it is widely believed that the government will soon put an end to these stimulus efforts.

If that happens, many economists believe we will begin to see a sharp increase in interest rates which could result in a much higher monthly payment for those who wait. For example, an interest rate increase of 1% on a 30-year fixed mortgage of $300,000 could cost a buyer $188 more a month or $67,000 more over the span of the entire loan.

3. They might miss out on record home price affordability.

Home price affordability is at its most optimal level in decades. As a result, those who wait to buy will likely pay more for the home they purchase than what that same home would cost right now. In fact, home prices have already begun to rise slightly in some markets. Instead of getting a better bargain, waiting to buy a home might net buyers a higher purchase price, less appreciation and less house for their buck.

“There is no time to waste for anyone who wants to take advantage of this great buying opportunity. Particularly for those who have a home to sell first,” added Weichert. “If you are prone to saying ‘what if’ and wondering what could have been, you will thank yourself down the road for buying now.”

Home sales in Salt Lake County are surging. Since October 2009, home sales have shown double-digit gains on a year-over year basis.

In fact, if you compare home sales from October 2009 through March 2010 with the same six-month period a year earlier, home/condo sales have climbed an astonishing 31 percent (5,230 sales vs. 3,990 sales)!

This year is indeed a turnaround from the past three years. The sales increases we’ve seen are in line with what economist James Wood predicted in a report commissioned by the Salt Lake Board earlier this year. Wood predicted that as many as 10,000 single-family homes could be sold this year in Salt Lake County, a nearly 10 percent increase compared to sales in 2009.

Much of the sales increases are due to low mortgage interest rates, more affordable home prices and the federal government’s home buyer tax credit.

These conditions continue to make this year the right time to buy a home. It’s a message all potential home buyers need to hear.

As you may already be aware, selling a property for less than what is owed requires expertise and time.  Our team of specialists are experts in short sale processing and negotiation.

What We Do:

•  Successfully negotiate short sale transactions with lenders and/or servicing companies on your behalf.

•  Assist you in avoiding foreclosure.

•  STOP the collection calls you’re receiving

•  Reduce your legal liability

•  Free up your valuable time

•  Eliminate stress and pressure

Once we have made contact with the Lender and/or Servicing Company, they will issue a work-out or negotiation package.  This is the lender’s list of requirements and instructions for considering a short sale.

The lender and/or servicing company will most likely require additional information throughout the process, which we will collect and review prior to submitting to the lender and/or servicing company.  At that time it is very important that you don’t discuss anything with the lender and/or servicing company from file submission forward.

Constant Contact:

You, the Escrow Company and the lender and/or servicing company will receive a real-time 24/7 website that provides constant contact, file updates, and feedback from all parties associated in the transaction.  The buyer’s agent will also have access to the website so they can keep the buyers up-to-date at all times as up-to-date buyers tend to stick around.

I’d be happy to email you the communication log from a short sale we’re currently working on.  Don’t you agree that constant updates would allow you do stop wondering ‘what’s going on with my short sale?’ and allow you to focus on moving on with your life.

Don’t wait!  Call us today at 801 243-3020 and let’s get started.

Steve Duke, Licensed Real Estate Agent
@Home Realty Network

Recently I’ve helped 5 families/individuals take advantage of the $8,000 tax credit being offered to first time homebuyers.

I would like to help 5 more families/individuals purchase a home and take advantage of the $8,000 tax credit before it expires on April 30, 2010.  (To qualify for the credit they must have a home under contract by April 30th and close by July 1st)

Here’s who I can help

My ideal client:

Hasn’t owned a home in the past 3 years.

Has household income over $50,000

Has excellent credit and little debt

Willing to use my preferred lender & home inspector so we can quickly get them pre-approved for a mortgage and the house professionally inspected before April 30th.

Willing to take a an afternoon/morning off from work to meet/look at homes (the $8,000 first time homebuyer’s tax credit makes it worthwhile to take a ½ day off from work)

Wants to buy in Davis, Salt Lake, Utah or Tooele County (I’ll refer them to a competent colleague if they want to buy outside of these counties.)

Thanks in advance for putting me in touch with everyone you know who fits this description.

They’ll be glad you did.

If you have owned 5 of the past 8 years you qualify for a $6,500 tax credit if you sign a real estate purchase contract before April 30th and close before July 1st.

First time homebuyers qualify for a $8,000 tax credit.

Yes, there are short sales that have already been approved by the bank that are waiting to be purchased before government’s deadlines.

Contact me to request a free list of properties of short sales that have previously been approved by the bank.