Buy a House Fast

Undoubtedly you’ve heard that the first-time home buyer’s tax credit has not only been extended but expanded to include current homeowners. If you are thinking of buying a home, this is good news, as you can qualify for up to $8,000 if you are first timer or up $6,500 if have owned a home within the last eight years and occupied it for at least five of them.  You will get some help to buy a nice house, whether you plan on applying the credit to the principle or use it toward the down payment by working with a housing agency which can make this happen for you.  You can also take the credit and apply it to the appliances, carpeting, drapes, furniture, and other things you would like to have in the new place once you get your refund check from Uncle Sam.

Here’s some information on the tax credit from Keller Williams:

Having the credit does not make you a millionaire; you still need to aim for an affordable house.  With the large number of foreclosed and bank-owned homes on the market in many areas, it is tempting to think about buying a distressed property that you can buy for less and renovate over time.  This can be a great idea for some people who have time and money on their side.

Is a Distressed Property for You?

Many bank-owned homes have been vandalized, trashed, or poorly maintained and may require you to replace major systems.  If you are looking for a house for your family to occupy immediately, a distressed property might not work out for you.  Families, especially young ones, don’t handle disruption well.  A place that needs basics like painting and replacing the carpet and appliances and can be made ready in short time frame with a finite amount of money might be a reasonable purchase, whereas a more damaged home may not.

Turning Dumps Into Dreams

In Washington, DC, Maryland, and Virginia, Express Realty Services provides a viable option. We provide renovated properties listed for our sister company, Express Homebuyers, the DC property company that virtually turns dumps into dream homes. We make sure everything is working, clean, and ready to occupy, plus put in the granite countertops, stainless-steel appliances, upgraded cabinetry, and wood or ceramic flooring that you want but didn’t think you could afford. These homes are aggressively priced and often cost less than non-renovated homes in the same neighborhood.

If you want to take on more, Express Realty Services offers many bank-owned homes and fixer uppers in need of some sweat equity too.  We will work with you to find the property that’s right for you and your family. Contact us today and harness the power of fourth-largest Keller Williams agency worldwide.

You’ve probably heard a lot of contradictory information about getting a mortgage loan lately.  Interest rates are low, but it is harder to get financing.  Part of the reason getting a mortgage is hard may center on your income or credit score, but there are often other reasons.

The culprit may be the house itself.

Right now, there are many housing bargains in the marketplace, especially on foreclosed property. The cheap price often reflects the condition of the place. Costs can add up when replacing appliances, windows, water lines, and pieces and parts often taken by former owners or vandals.  Some lenders refuse to finance these deals or may bail on a promise of financing once they determine the home’s true condition.  In some cases, a prospective owner might look for a 203k loan that wraps repair costs into the mortgage, but often these deals are cash only.  The amount required for repairs may put the value of the home out of sync with values for other homes in the neighborhood.  Lenders, already stuck with mortgages worth more than homes, don’t want more deals like this.

Some loans are turned down because the appraisal showed the home was worth less than the prospective mortgage.  Lenders won’t write loans where the appraised value is out of whack with the selling price.  (Why?  See above.)  Appraisers used to modify their estimates when needed, but new rules have limited communication between the appraiser and all parties in the sale.  After the fact, an appraiser might reassess if comparable neighborhood selling prices show he was too low, but he may not budge.  The buyer can request a second appraisal, at his own expense.  Bottom line, either the seller must agree to lower the price or the buyer needs to come up with more down payment if he wants the mortgage.

If you are buying a condominium or a co-op, your loan might be turned down because the bank doesn’t like how your condo is run.  Some banks won’t write loans if more than 10% of the units are owned by a single owner since this would increase their risk if that owner defaulted.  If a building has been converted to condos from apartments, if the owner has bought units back, or if the owner holds back some of the units for rent, many banks won’t finance the prospective owner of one unit.  Banks might also refuse loans if the association doesn’t have enough insurance to protect against theft by employees or enough reserves set aside for repairs.  Before you apply for a loan on a condition, make sure to check what the lender’s requirements for condo loans are.

Looking for a home in DC, Maryland, or Virginia? Express Realty Services will help you find a home you like and point you to a lender who can help you.  We specialize in selling remodeled, renovated, and refurbished homes acquired by our sister company Express Homebuyers.