Ready for a Foreclosure Purchase?
Wednesday, January 18th, 2012
Easy now...they aren't all like this!
Some of the best buys though, are much like the picture, beat up, rough to work on and in disrepair. On the other hand, most are very good buys! If you lack construction skills, no worries, there’s always the FHA 203k finance program; you can hire a certified contractor to do the work and add the cost into your loan…sweet deal, sweet as it can get!.
While the market threatens to continue on a down-slide and rates are the lowest ever, many would be buyers are still fighting lenders about their qualifications. If that applies to you…know this; you have to have a practiced, skillful advocate to get you approved. This is something we do all the time. When you land here, you benefit from our years of experience and connections with outstanding Loan Officers. We’ll get you to the sources you need.
Buyers are getting absolutely remarkable deals and terrific rates. Buy now if you can! don’t wait, thinking you save if prices continue to drop. Prices will continue to drop but distress homes are disappearing fast too.
It was surprising to see that Lowes, posted a 44% earnings drop in Q3. With all the foreclosure homes being repaired, I’d expect to see the supply chains showing huge sales and profit increases.
Fannie also posted a Q3 loss of 51.1B. Wow! It plans to get 7.5B from the govt ’cause it needs to pay the govt dividends for money it borrowed before. It owes 2.5B for dividends. Huh? Borrow another 7.5B so it can pay 2.5B out?
Then…there’s the FHA, the agency that insures loans for the banks. This agency pays a % of loans that default, back to the bank. Nice…’cause if they didn’t do this, the banks would make even fewer loans. But…who’s watchin the cash register? Do you know about the FHA’s “Infinite Budget Authority?” No? You should…you’re involved, if you’re an American tax payer. It’s really cool, here’s how it works: If the FHA messes up, you know, runs out of dough, they can draw on funds from the Treasury Department. So who, you ask, monitors this activity? What arm of the govt has to approve these draws? Well…no one…they can just take the money, no congressional appropriation needed. Wow! Wow! Anyone know where a guy can get a small business loan like this? No worries though. Financial pundits expect the FHA will lose as much as another 50B in the coming years. Nice to have this drawing account in place, ‘eh?
At least there’s an uptick in commercial building, and uptick to keep pace with the demand for more rental housing, as people continue to spill out of their homes via foreclosure. Think it can’t get worse? What do you think? Drop us a line on all this, we’d love to hear from you!



…They think you should pay through the nose….and…for what?

