Funchristian…, Home Buyer in 44056

Looking to buy a home in Stow, OH. What area would give me the best value for my money as I want to purchase a foreclosure?

Asked by Funchristianlife, 44056 Wed Feb 27, 2013

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Micah Riley…, Agent, Stow, OH
Wed Aug 14, 2013
There are a couple things to point out when purchasing a foreclosure:

1. What type of loan you are obtaining (if not paying cash). Some foreclosed homes do not qualify for a FHA 203B mortgage, therefore you will need to either obtain a Conventional or a FHA 203K rennovation loan.
2. Regarding area, you will have to find a Realtor to research information on areas that you might be interested in. There are homes with value in all areas, so it really just comes down to where you feel comfortable buying.
3. You have to act fast! Foreclosed homes are typically selling very quickly and sometimes for above asking price.

Call me with any questions.
Micah Riley, REALTOR
330.338.5130 cell
0 votes
Kimberly Law…, Mortgage Broker Or Lender, Fairfield, OH
Fri Mar 1, 2013
When buying a foreclosure, there are a couple ways you can do this IF you aren't paying cash.... you'd either finance it with a 203k OR buying a home currently owned by Fannie Mae. (Of course you'd have to qualify for either loan based on each program's guidelines.)

203k: You can, not only, finance the purchase price but you can also finance the improvements as well. This is great because you don't have to spend all of your liquid funds on those repairs. This can be on any home and the streamline offers $35,000 towards expenses for the repairs. There are guidelines for what types of repairs that qualify.

HOMEPATH: The other way is if the home is owned by Fannie Mae you can purchase it with the program's special terms: with low down payment (depends if you're purchasing for occupancy or for investment), with NO mortgage Insurance, no appraisal nor inspections are required. You can obtain both the appraisal and inspection if you'd like but neither are required for the program. You can find homes on http://www.homepath.com.

If you're interested in learning more about this OR if you need preapproved for any mortgage financing, in the State of Ohio, please call 888-659-3848 or if you'd rather you can apply online at http://kimlawsonloanofficer.com (no www.).

Best to you in your search,
Kimberly Lawson
kimberly.lawson@fpfmail.com
NMLS: 5601 OH.LO.004495.000

First Priority Financial, Inc.
"Where Open Minds Close More Home Loans"
748 N Court St Ste 201
Medina, OH 44256
MBMB.850147.001 NMLS: 3257
0 votes
Susan (Sawye…, Agent, Hudson, OH
Wed Feb 27, 2013
First you have to find a foreclosed home, then you have to determine how many repairs need to be made and how much that will cost. Next is to have your realtor give you sold comps for that home to make sure you are getting a good deal. I have seen foreclosed homes overpriced and some that were great deals. I would love to help you find the right foreclosurer to buy. Feel free to call, text or email me. Just click on my profile to learn more about me. I stay on top of new foreclosed homes on the market as sometimes they are sold quickly. The majority of foreclosed homes are listed by a local realtor and then are available for purchase.
0 votes
Cecilia Sher…, Agent, Rocky River, OH
Wed Feb 27, 2013
When it comes to foreclosures, area isn't always the best factor to determine the best deals. One home may need more work than another. One home may be priced lower by a bank than another in a different area. It will come down to the home itself, the work needed and your opinion on what you'd like to see in the home. (Example: some homes may have fresh paint and carpet, but you'd be changing it all. Other homes may need carpet, but you want the hardwood, etc.) That will play into your own personal preferences and budget.

Stow is pretty great throughout but there are certain streets/locations you may prefer over another. The best thing to do is determine your price range, your wants in a home, pull together a list and get out and see them. This way you'll get a good feel of what's out there and you can judge the street/area and home at the same time.

Having a great buyer agent to represent you is key. We work with bank owned homes and have often times know of them coming to the market before they go on the MLS. Feel free to contact us anytime to start the process. We're 100% free to work with. We don't charge our buyers "processing fees" so you automatically save hundreds of dollars by working with us. We look forward to hopefully assisting you!

Cecilia Sherrard & Andrew Ginter
440-781-8737
http://www.YouShouldOwn.com
Web Reference:  http://www.YouShouldOwn.com
0 votes
Richard Lubi…, Agent, Akron, OH
Wed Feb 27, 2013
I am located in Stow , and I would have to say there isn't any specific area that is best for foreclosed deals . Lucky for you they are everywhere in Stow, but they sell fast . Its best to have an experienced agent from that market who is knowledgeable on current and future foreclosed properties that will be hitting the market soon. Do you have a ballpark price range?
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