earthtabi, Home Buyer in Overland Park, KS

is it better to buy a forclosure home or buy a regular house on the market, i am only trying to spend 60000, low budget with one child?

Asked by earthtabi, Overland Park, KS Tue Jan 8, 2013

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This question was asked from this property: http://www.trulia.com/foreclosure/3103999576--Quivira-Rd-Ove…

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0 votes Thank Flag Link Wed Jan 9, 2013
No matter what you buy...make sure you get a professional inspection. Homes deteriorate quickly when they are vacant for long periods of time.

Look at all homes within your budget. There are good deals to be purchased that are foreclosures, short sales and owner occupied homes. The condition of the home matters more than who owns it.

Let your realtor guide you to the best options for you. Thats our job.
0 votes Thank Flag Link Wed Jan 9, 2013
Foreclosed properties from Fannie Mae can be purchased through a Homepath loan which allows you to put down less (3% vs. 3.5%) and allows you to also purchase with no PMI. This can be a good money saver especially if they pay a portion or all of your closing costs. You can find the properties that qualify for this type of lending on Homepath.com *note .. not all properties on this site qualify for that type of loan.. but if you check the box for Homepath properties (not homepath rennovation).. it will pull only those up.

Foreclosed properties from HUD can be purchased with as little as $100 down with an FHA loan and will pay up to 3% of your purchase price in closing costs. The properties that qualify for this will have (insured or insured with escrow) in parenthesis next to the property... you can find these properties on the hudhomestore.com.

Other than these benefits alot of foreclosures are sold so that you are walking in with immediate equity.. but you need a good Agent that is experienced with foreclosures and make sure you are not getting in over your head on repairs as the previous Agent informed you of... this again is can be helped with an experienced Agent and Inspector.

There are many other types of foreclosures.. these are just a few.. feel free to call for more information.

Cammy Hinson
ReeceAndNichols.com
913-279-1673
Cammyhinson.ReeceAndNichols.com (Search for homes here)
0 votes Thank Flag Link Tue Jan 8, 2013
Well it depends. It is sometimes harder to get loans on any lower priced properties and even harder to get a loan on a property that needs alot of work. Some foreclosures look and are in really great shape and can sometimes be bought for almost 50 percent of what it sold for say 2 or 3 years ago. But any home that has set vacant may or may not have broken pipes, heating and air that doesn't work, etc. If someone loses a home to foreclosure they may not have had the money to get the roof fixed, the leaky faucet that ruins under the sink that ruins the flooring......You can get and pay for home inspections that will tell you what all works and needs fixed - if the lender will allow utilities to be turned on. So it depends - can you fix things? Can you handle more than normal surprises that comes with home ownership and can you get a loan for the repo? Talk with your lender and see what type of loans and properties you qualify for. Hope this helps.
0 votes Thank Flag Link Tue Jan 8, 2013
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