Jolan, Future Owner of U R HomeBuyers have been asking Jolan about Special Grants, Government Loans, Tax breaks on buying a Home. Buyers told Jo they wanted to buy Short Sales and Foreclosures. Buyers also said to Jolan that they wanted to offer prices far lower than what the asking price was.
Jolan responded to the many questions
Buyers have had with the following answers:
Government programs and grants as of 2011 are over, for now with the exception of a few grants for Teachers/Police etc.
Short Sales are a nightmare for Agents, Buyers,Sellers and Lawyers. Jo said, U R Home has listed and sold Short Sales and have still more properties not yet sold.
Banks often have to accept far less than what is owed. The paperwork involved is a tremendous amount.
Banks won't even look at an offer once it's received for at least 30 days. The Home owner has to submit personal information,tax returns, hardship letters,pay stubs and so much more for the Bank to even look at what the Buyer is offering. It's like the Homeowner is being disqualified to buy their own home so a Buyer can buy it? Yes it makes no sense.
The Bank will send out their inspectors,
The Buyer has to have all his paperwork ready. If the home has PMI insurance then the deal will not happen in most cases, some banks will, however most do not, also you as a Buyer must know Short Sales are sold in As is Condition.
The Bank will not make repairs. If Buyers can wait, sometimes as long as 6 months before you will get a yes or no answers, then you as a Buyer can expect to get good deal with a short sale property, provided it hasn't been vacant the entire time you've been waiting to buy. Often times water pipes issues,furnace,infestations etc can occur.
Short Sales should actually be named Long Difficult Sales!
Jolan was asked about Foreclosures. Jo said, Foreclosures are OK, however again with Foreclosures it's As is Condition.
In Today's Foreclosure Market U R Home is seeing some Foreclosures get reclaimed by the Original Owner causing havoc on the New Owner. Jolan has also heard that when the Buyer buys a foreclosure their stuck getting the Tenant's or Old Owners out, usually resulting in months and months of eviction process. Also possible title issues with the property.
Jolan told his Buyers that properties listed today NOT in foreclosure or short sale are priced under what they would of been listed for prior to 2008 and 2009.
An example is a home today listed for $200,000 would of been listed in 2006 for $265,000. How can a Buyer go wrong buying today? Saving $65,000, being able to get a tax break every year you own the home, and gaining equity.
The best, easiest and worry free Homes to buy are those who are NOT in short sale or foreclosure.
Call U R Home Realty Today! 908-707-8900
Tell Them Jo sent you!
U R Home has nearly 20yrs experience.
We have Brokers/Realtors on hand 24/7 to help you buy or sell your home or investment property.
U R Home Realty is serving the Central Jersey Area
U R Home Realty L.L.C
We believe in not just listing or showing properties in the town we are located in but being very familiar with all of Central Jersey.
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