Buy a House Fast

With 4 days or so left to claim the Home Buyer’s Tax Credit, there is still time to cash in. Are you frustrated because you haven’t found your dream house and are feeling pressured to do so in this short time left? Here is a reality check for you: your first home is unlikely to be either your dream home or the last home you will own. According to the numbers provided by the National Association of Realtors (NAR), you will probably be on the move again in six or seven years. With this in mind, you should aim for a home that you like that will serve you and your family’s needs now and for a few years – not forever. Moreover, you should buy with an eye to move to your next home. Simply stated, you should have an exit strategy.

No one on Earth knows the future, neither yours nor that of the future housing market. With any home you like, you should ask the following questions in anticipation of reselling:

Is the price in line with the median price for the area? If not, your home may be ignored by the very group of people who would be good candidates for it.

How’s the location? People tend to look for good schools, closeness to transportation, and good local governments. If the home you are looking at doesn’t have these things, a large percentage of buyers might be turned off. Likewise, if it is across from a landfill, a single family home between two skyscrapers, or on an eroding hill, selling it may be challenging. You’re thinking of buying the place because you love it; but will lightning strike twice when you need to sell?

Does the home have unusual features that might make it hard to sell? Cut up space, a tiny kitchen, even lack of parking can limit the appeal. If the rooms are painted black, you can change that, but you can’t economically alter the layout of the home!

How have homes in the neighborhood traditionally sold? If you are in a neighborhood where homes have usually sold much slower than comparable properties in nearby neighborhoods, you might have a problem In the future unless something changes drastically. If you are buying a condo, check the turnover and the number of units available now.

If you ask yourself these questions, and come away feeling reasonably confident that the house could be easily resold, the home is a good buy. With your exit strategy in mind, you need to ask yourself if you like the home enough to live in it for a few years.

If your answer is “yes,” run, don’t walk to Express Realty Services. We specialize in getting the job done right and quickly. As the #1 Keller Williams franchise, we can help you have a signed contract by April 30 so act now. Just call us at 888-306-9450 or visit our website to chat with a representative about how to get started.

While investors are an important part of the housing picture, opening up home ownership to American families is the avowed intent of most Federal programs.  In the current environment, bank owned homes that are priced right to appeal to families are often the target of investors, who use their greater experience and greater pool of funds to outbid home owners.  This takes many homes out of the grasp of owner-occupants who tend to stabilize the neighborhoods.  Some investors buy homes to hold onto until the price increases, while buyers who live in the homes have a greater stake in maintaining them.

As a result of a new program unveiled in August by Fannie Mae (FNMA) in certain areas, individual home buyers, public entitles, non-profits, and certain for-profit entities that use public funds have the first option to look at and purchase FNMA properties during the first 15 days a property is on the market.  Offers from investors will be considered only after the first 15 days have passed.  After successful trials in Arizona, Minneapolis, and Florida, the program went public on November 24.

Some buyers who use Neighborhood Stabilization Program (NSP) funds from the U.S. Department of Housing and Urban Development’s (HUD) Community Development Block Grant (CDBG) program, HOME Investment Partnerships Program funds from HUD, local housing trust funds, or charitable foundation funds may also qualify for the following benefits:

In addition to First Look, buyers using NSP funds also gain a few other benefits:

• Deposit Waivers -Individual home buyers who have qualified for public funds  through NSP and want to purchase a Fannie Mae-owned property do not have to meet the usual earnest money/deposit requirement. Fannie Mae will now waive the earnest money/deposit requirement for public agencies who use public funds to purchase a Fannie Mae-owned property.    Deposits for these buyers can be as low as $500.
• Reserved Contract Period – Once seller receive an acceptable offer, buyers have the ability to renegotiate their offer after obtaining an NSP-required appraisal.
• Extra Time for Closing – Buyers receive up to 45 days to close — 15 days more than waht is usually allowed for purchases of Fannie Mae-owned properties.

See the Fannie Mae press release for more details.

This program provides prospective home owners with a clear shot to buy a foreclosed home, especially those who have been cleaning up their credit, saving their money, and positioning themselves to buy.  If you are interested in this program, Express Realty Services can help you find a qualifying property.  Aside from our foreclosure listings, we have a special stock of renovated, refurbished, or remodeled homes from our sister company Express Homebuyers.  Check out the many affordable home values we have to offer.