Buy a HUD Home: FHA Homes for Sale

HUD offers a lot of FHA foreclosed homes with a reasonable price. A HUD Home refers to a property bought with an FHA mortgage which will then be foreclosed and the ownership will be transferred to the Department of Housing and Urban Development (HUD). The HUD now owns the property and opens it for sale to make up for the loss during the foreclosure.

A HUD Home can be bought if one has enough money or you qualify for a home loan to buy the property from the HUD. Although HUD doesn’t offer direct home loan, there are lots of lenders who offers home loan and FHA also offers home loan. It is first sold to people who will make it their primary residence. However, if the property is not bought by an occupant, it will then be sold to all buyers including the investors.

HUD Homes are sold through a bidding process which requires you to have your very own real estate agent who will do the bidding for you. If your bid wins, your real estate agent will be notified. If the offer period is done, your real estate can still submit your bud if the property is not yet sold.

Keep in mind that HUD Homes are sold in an “as-is” condition and the HUD is not responsible and won’t shoulder should a repair is needed in the home.

http://www.sdhudhomes.org/ provides best HUD Homes to Homeowners, Buyers and Investors.

Porama Srijinda, MBA.

REALTOR®, CIPS

Broker Associate at Keller Williams Realty.

Authorized HUD  Agent. Short Sale and Equator Experiences,

Ca. DRE. Lic# 01838443

Presentation: San Diego is the Best Place

San Diego is the Best Place

View more presentations from SD Hud Homes.

Frequently Asked Questions When Buying a HUD Home

What is a HUD Home?

 A HUD Home happens to a property when a person with an FHA insured mortgage cannot settle the payments, the lender will then foreclose the home wherein the HUD will pay the lender of the owed amount which makes the HUD the property owner. After the HUD owns the property, HUD will now sell the house to bring back the huge loss of the foreclosed property. The HUD will sell it at market value as soon as possible. This is how a home becomes a HUD property.

Are HUD Homes only sold to people with low income?

HUD Homes vary in prices, depending on the area, although most HUD Homes are affordable.

I’ve heard that I can buy a HUD Home for a dollar, is it really possible?

HUD sells the property at market value which means that the amount will be of the same price of the same houses sold in the area.

How can I buy a HUD Home?

Before you can buy a HUD Home, you have to start by choosing a trusted real estate agent. Your real estate agent can then submit your bid. If your bid will be accepted, your real estate agent will then be notified.

Where can I find HUD Homes for sale?

You can ask your real estate agent in your area that shows HUD Homes for sale. They can help you find the right HUD Home for you.

Can I invest in HUD Homes?

Majority of HUD Homes are initially offered in a priority basis to home buyers or occupant purchasers that will make it their primary residence. After the priority period, those HUD Homes that were not sold will then be available to all the buyers and investors.

http://www.sdhudhomes.org/ provides best HUD Homes to Homeowners, Buyers and Investors.

Porama Srijinda, MBA.

REALTOR®, CIPS

Broker Associate at Keller Williams Realty.

Authorized HUD  Agent. Short Sale and Equator Experiences,

Ca. DRE. Lic# 01838443

Tips for Buying a Home

Owning a home is a good thing but buying one is not easy. It requires a lot of work and you’ll have to make one of the biggest decisions in your life, to make your dream house come true.

   Here are tips you should be reminded of before making that big step:

credits to http://resources.newhomesource.com

1.  Be sure to have yourself a buyer-broker who solely works for you. Your broker can communicate with the real estate agents of the seller.

2.     Don’t buy a house right away. Do a thorough canvassing of house prices before you invest in one. You might save yourself from spending too much for a house.

3.     Have a licensed home inspector to survey the house you want to buy before you agree to the terms of the seller.

If you are shopping for home mortgage:

4.     Do your homework by researching in the current interest rates of housing properties. Read the newspaper, check the web or call the lenders.

5.   You can save thousands of dollars by getting the shortest-term mortgage that you can afford so check for the interest rates.

6.  Don’t focus on one lending company, compare multiple lenders and get the Annual Percentage Rate that will summarize the points, broker fees and other credit charges for a whole year.

7.     Determine whether the interest rate is fixed or adjustable. Adjustable rate mortgage loans can raise your payments by hundreds of dollars in just a month. You don’t want to pay more than what you get.

8.     If your loan has an adjustable rate, ask how much it would change.

9.     Ask how much down payment is required as some lenders require as much as 20 percent of the properties purchase price. Lenders may also require that you have your own private mortgage insurance if you fail to pay or get behind the payment.

10.  Lastly, ask if you can pay the loan ahead of time and if there are any consequences for doing so.

Porama Srijinda, MBA.

REALTOR®, CIPS

Broker Associate at Keller Williams Realty.

Authorized HUD  Agent. Short Sale and Equator Experiences,

Ca. DRE. Lic# 01838443

5 Things You Should Know Before Buying HUD Homes

For sale HUD Homes: What You Should Know Buying a HUD home

The HUD homes for sale are FHA insured loans that were foreclosed and HUD has taken the ownership of the HUD Property. To make a profit out of it, HUD then assigns the HUD home to a Management and Marketing Contractor which will then clean and beautify the house and will have it appraised by and FHA appraiser.

Different rules apply when buying a home and a HUD home. This is for those who wants to buy a home and not for investors. These are the five things you should know before you make a bid in buying HUD homes.

1.   Anyone can buy a HUD home that’s for sale as long as you can get a mortgage or you have the money. There are no restrictions on who can buy HUD homes.

2.   You should take responsibility in making your own financing arrangements by having your loan pre-approved. A pre-qualification letter from your lending company or proof of cash is needed that is greater than the HUD homes you are buying. The HUD will not do your home so you can purchase HUD homes for sale.

3.   Be sure that you want the HUD home you are buying because a HUD home is sold in an as-is condition. What you see is what you get. Unlike in buying a regular house which you can do a meticulous inspection in almost everything, in buying HUD homes, you are not permitted to do a full inspection. A contract should be signed and accepted before you can test and inspect everything.

4.   There is an earnest money requirement which differs depending on the list price of the HUD home. However, if you don’t like the HUD home listing, the return of the earnest money is not automatic.

5.   You need to have a real estate agent in order to place your big on HUD homes for sale. You should choose a trusted and experienced real estate agent in buying HUD houses. Because if you pick the wrong real estate agent, you will be wasting a fortune.

Porama Srijinda, MBA.

REALTOR®, CIPS

Broker Associate at Keller Williams Realty.

Authorized HUD  Agent. Short Sale and Equator Experiences,

Ca. DRE. Lic# 01838443

Foreclosure Homes Affecting San Diego

credits to http://matthackettrealestate.com

Porama Srijinda, MBA.

REALTOR®, CIPS

Broker Associate at Keller Williams Realty.

Authorized HUD  Agent. Short Sale and Equator Experiences,

Ca. DRE. Lic# 01838443

San Diego is the Best Place

San Diego is the best place in the World,

If God wanted a second home He would should

                                  San Diego.         

If you agree! follow me on twitter.

Pick your neighborhood in San Diego.

    Sunset Cliffs Blvd, Point Loma panoramic ocean front yard across the street. surrounded by luxury homes with ocean front lots in Point Loma. Sunset Cliffs is a place that for surfing enjoy, you can see the La Jolla and Coronado Island. Your Dream Home is available here! Where the sunset’s with a warm glow; Right in front of your castle! And the Ocean Waves kiss the golden shores.

     Electra Condominium, is one of the famous Highlight buildings. It’s part of Down Town San Diego. Luxury residential abodes are located on West E. St. Downtown San Diego. Architecture composed of Town Homes and Tower Buildings, Close to Ball Park, Conference Center and Embarcadero. Walk to business Centers, shopping mall, theaters, entertainment and morning breakfast in an open air sidewalk café.

More

http://poramasrijinda.yourkwagent.com/atj/user/AdditionalGetAction.do?pageId=266307

741 Sunset Cliffs Blvd, San Diego Ca 92107

Huge Lotto build.249 acre w/ Panoramic ocean front view, Lot has plenty of street access. Lot is surrounded by luxury homes: one of the very last ocean front lots in Point Loma. Located at the end of Sunset Cliffs near stairway to the beach. Plans for a home of approx. 6,000sf with guest home are optional, height restriction 30'. Not split able. Seller will consider carrying The financing with 20% or More down. terms are negotiable. For more information call agent. Thank you for showing.

http://www.mlsfinder.com/ca_sandicor/poramasrijinda/index.cfm?action=listing_detail&property_id=090061649&searchkey=be50dc69-ee14-5311-d95e-3b855429c252&npp=8&sr=1

Porama Srijinda, MBA

 

Broker Associate, REALTOR®,CIPS, GHPSS.F.R Short Sale & Foreclosure Resources

H.E.L.P Certified SpecialistVA and FHA Experiences
CA.DRE. Lic #: 01838443

www.AsiamericaRealty.com

www.PoramaSrijinda.com

 

 

Green Home

credits to http://www.gtworkshops.com

Buyers look for green home and energy efficiency appliances  

Energy efficiency and conservation of natural resources, using sustainable products that are good for our planet is our way of educating the future generation for better living. Consult your appliance dealers for tips on how to make your home more green and energy efficiency.

Energy cost efficiency

·         More insulation in the right places helps reduce energy and heating costs.

·         Check all the areas where caulking and weather stripping are applied and replace where necessary.

Low-flow water fixtures such as faucets and showers, and dual-flushing toilets reduce water consumption.

·         Unplug electronics when not in use; it reduces utility bills;

·          Potential buyers will check for these kinds of details.

·          Many electrical units use power when plugged in, even if they're not turned on form a habit of unplugging them.

 Moderate-cost green updates

·         Earth-friendly materials such as wood alternative flooring, furniture, cabinetry and other materials made locally, can reduce carbon, smog, and pollution buildup.

·         High-efficiency HVAC units can replace heating and cooling systems. Purchase ENERGY STAR appliances, which use up to 40 percent less energy than conventional appliances.

·         Install a high-efficiency water heater and keep the setting down a few degrees. Many local and state governments offer incentives for purchasing energy-efficient appliances. 

 Increase your home's appeal more green.

credits to http://www.constructionweekonline.in

Remember the 60-second rule: That's all the time you have to create a winning first impression. Here are some simple to significant ways to maximize your home's appeal. 

Exterior

* Keep the grass cut and remove all yard clutter.

* Weed and apply fresh mulch to flower beds.

* Apply fresh paint to wooden fences.

* Tighten and clean all door handles.

* Clean windows inside and out.

* Powerwash home's exterior.

* Ensure all gutters and downspouts are firmly attached and functioning.

* Paint the front door.

* Buy a new welcome mat.

* Place potted flowers near the front door.

Interior

* Evaluate the furniture in each room and remove anything that interrupts "the flow" or makes the room appear smaller. Consider renting a storage unit to move items off-site.

* Clean and organize cabinets, closets and bookshelves.

* Clean all light fixtures and ceiling fans.

* Shampoo carpets.

* Remove excessive wall hangings and knick-knacks.

* Repair all plumbing leaks, including faucets and drain traps.

* Make minor repairs (torn screens, sticking doors, cracked caulking).

* Clean or paint walls and ceilings.

* Replace worn cabinet and door knobs.

* Fix or replace discolored grout.

* Replace broken tiles.

* Replace worn countertops.

Special details for showings

* Turn on all the lights.

* Open all drapes and shutters in the daytime.

* Keep pets secured outdoors.

* Buy new towels for bathrooms.

* Buy new bedding for bedrooms.

* Replace old lamps or lampshades.

* Play quiet background music.

* Light the fireplace or clean out the ashes and light a candelabrum.

* Infuse home with a comforting scent, such as apple spice or vanilla.

* Set the dining room table for a fancy dinner party.

* Vacate the property while it is being shown. 

The Truth About Fannie Mae and Freddie Mac Properties

credits to bizjournals.com

Rumor has it that Fannie Mae and Freddie Mac were going to unload foreclosed properties on renters and have now, at long last, put together a wonderful program.

News broke in that the Obama Administration has proclaimed about the “Pilot Program” that’s in hand and the foreclosed properties that Fannie Mae and Freddie Mac owned will now be available to fascinated investors, in bulk, who’s interested to rent the refurbished properties.

The foreclosed properties of approximately 250,000 homes ($11 trillion) all throughout the nation need to be cleaned up to stabilize their value and renew the community to be a brighter place to live. The properties would be sold in bulk according to their location and will be focused on the hardest hit community on the pilot program. The investors are offered to buy above 50 properties at one time and they would refurbish the homes that will be conducive for the people to live in so they will be happy to rent them.

Although the government already announced about this good news, finding the right financial guidelines in buying the properties would be a great challenge. Investors are interested to buy the foreclosed properties but banks will not lend the money right away.

Anyhow, if the lending companies and the government will come in terms to go with selling the properties in bulk, there are still a lot of things that the investors would need to think of. They would need a lot of landlord to handle tasks which of course raise the renting price so they should be vigilant and practical in buying the right houses in the right places.

The purpose of this pilot program shows where foreclosed properties will be in the coming years and how to keep loses at minimum. This would serve as tool for investors to guide them on selling the properties and this will help bring back the capital in the real estate market.

If you are interested with the Fannie Mae and Freddie Mac Properties, you can find them through Fannie Mae REO Listing and then enter your zip code. Freddie Mac also has his own website name Home Steps where you can find real estate agents to help you. It also has online support called the Home Detective that will notify you if an entry is made that matches up to what you’re looking for.

If you buy the Fannie Mae and Freddie Mac Properties, it would be a great investment that you can flip and sell. You can buy HUD, FHA and VA foreclosed homes that you can use as your home residence or for selling purposes.

Porama Srijinda, MBA.

REALTOR®, CIPS

Broker Associate at Keller Williams Realty.

Authorized HUD  Agent. Short Sale and Equator Experiences,

Ca. DRE. Lic# 01838443

Short Sale: Is It Right For You?

   How a Short Sale Happens?

       When the lenders provide the option to sell the burrowed property to a third party at a lower price than what they actually owe on their loan, it is called a real estate short sale. To illustrate further, if the mortgage is $200,000 and the market value of the property has dropped to $185,000 an amount of $15,000 is short excluding the real estate commission, title charges and other similar contingencies. If the lender accepts the above short price instead of the full loan amount the transaction is called a short sale. Lenders often resort to short sale in order to avoid foreclosure and consequent financial burdens.

What are the Steps in a Short Sale?

       The short sale process is not as easy as some people may think. The lender has to approve the process; the homeowner has to convince the hardships to the lender leading to the short sale. The following steps are involved in a typical short sale. The seller or the homeowner signs a listing agreement with the real estate agent. The agent negotiates with a buyer who is willing to buy the property for less than the total mortgage loan amount.  If the seller is satisfied with the amount purchase offer is agreed. The lender accepts the purchase offer made by the buyer. When funds are delivered by the buyer to the lender, the transaction is closed.  Finally the lender releases the lien on the property and the new deed is made in favor of the buyer.

How a Person Qualifies for the Short Sale?

     

    A borrower if wants to qualify for a short sale should satisfy the lender the circumstances that have lead to last step of ending in short sale of the property. Generally the following situations are accepted by the lenders as valid reasons for making a short sale.

•      Unemployment and critical illness of the borrower.
•      A drop in market value of the property.
•     Mortgages in continuous defaults and the recovery of funds not optimistic according to the lender.
•      The property becomes in poor condition either by its own or due to natural calamities.
•      The area or neighborhood has started decreasing trends in property value.

     In addition to the borrower reasons, the banks and other lenders may have their circumstances to think in favor of short sales to sustain the business. These includes,  Increasing defaulting loans that decrease the confidence of the shareholders and REO being a liability rather than an asset, many banks avoid the complications that come later.

      In any case the seller needs to submit a hardship letter explaining the circumstances that prompt for a short sale. The letter should state the incapacity to make monthly loan dues and also the inability to pay the difference upon short sale. The homeowner may be required to submit the financial statements, tax records and all other documents in support of his hardship. Some of the valid reasons for accepting hardship are,

• ·       Unemployment.
• ·       Divorce.
• ·       Acute Illness.
• ·       Bankruptcy
• ·       Death

The below mentioned situations do not constitute hardship.

• ·       Spending on luxury when there is an acute shortage of income.
• ·       Personal problems with the neighbors.
• ·       Relocation of the house simply to abandon the present house for seeking comfort.
• ·       Pregnancy is not considered a hardship.
• ·       Buying another home because of the poor condition of the present home.

       In short it is very important to convince the lender the reasons for seeking short sale. If the lender discovers that the homeowner has enough income to repay loan, short sale may not be granted. In some cases the lender may grant a short sale to a homeowner with some assets but he or she may be required to pay back the short fall. The seller is not entitled to make a profit or receive a portion of money from the short sale.

The Consequences of a Short Sale:

       Even if the hardships are acceptable to the lender, there are few things that must be taken into account when planning a short sale. A short sale happens only when a buyer agrees to buy the property and therefore confirmed decision to buy the property is very important. Besides the lender has to accept the offer to get final approval of the short sale.

         In a short sale, the homeowner owes the difference between the mortgage balance and the discounted amount. The lender may issue a 1099 for the difference but according to the Mortgage Forgiveness Debt Relief Act of 2007 there are many situations where exemption can be granted for debt forgiveness. A short sale leads to negative credit score and therefore efforts should be made to get a positive feedback from bank stating that payment has been made in full.

Porama Srijinda, MBA.

REALTOR®, CIPS

Broker Associate at Keller Williams Realty.

Authorized HUD  Agent. Short Sale and Equator Experiences,

Ca. DRE. Lic# 01838443