by Tammy Halterman on June 24, 2010
| Buying A Home in Muskegon? I Can Help…
 Hi, I’m Tammy Halterman, and if you’re looking for a new home – or your first home – now’s the time to buy. We’re in the middle of a historically unprecedented housing market shift, and if you’re a buyer, that’s good news for you.
My clients are my priority and I believe in true customer service.
In this challenging market, there are opportunities for buyers which may never come again. From HUD homes to larger properties, prices and mortgage rates are favorable to buyers like never before. Acting now could save you many thousands of dollars over the course of your home ownership, and I’d like to help you make the dream come true.
If you’re looking for the perfect home for your family, seeking investment or rental properties, looking for a HUD home, thinking about renovating a home to flip or just looking ahead, I can help. I have contacts with lenders and finance institutions, inspectors and contractors that can help you every step of the way.
I can help you find the perfect home for you and your family – and help you navigate your way smoothly through what may well be the most important (and largest) purchase you’ll ever make. |
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| Name: |
Tammy Halterman |
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| Title: |
Sales Rep. |
| Franchise: |
EXIT LAKESHORE REALTY |
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| Address: |
975 W. Broadway Ave., Suite A
Muskegon, Michigan 49441
United States |
| Mobile Phone: |
231 638 3090 |
| Alternate Phone: |
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| Email: |
t.halterman@exitlakeshorerealty.com |
| Website: |
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by Tammy Halterman on July 6, 2009
I met Norman and Annette at a HUD property they wanted to see yesterday. They had several questions about the home, including whether they could borrow extra money to add a pole barn.
They have FHA financing so they could borrow extra money for repairs or renovations through either a 203K or a 203B FHA loan but that money cannot be used to build a garage or a pole barn.
Another question they had was what happened if they bid more than full price on the home, some of the HUD homes are priced very well and bidders will offer higher than full price when they know there will be a lot of competition.
The answer to that question for an FHA borrower is, yes, you can bid more than full price but you have to be prepared to make up the difference in cash. On a HUD property, an FHA appraisal is done when it's put on the market, therefore your lender will have to use that appraisal for the value of the home.
If your financing is conventional your lender will do their own appraisal and if they determine the property is worth what you offered than they will lend that amount. Of course, a cash offer has no restrictions as there is no lender or appraisal involved.
A conventional loan on a HUD property can have it's own set of complications. If you offer on a property that needs repairs, the appraiser will come and look at the home and sometimes call for repairs that need to be made before the loan can close.
On a HUD property or any other foreclosure the properties are sold in "as is" condition and the sellers will not do repairs. The buyer is not allowed to do repairs on the property until it closes, so you become stuck in a Catch 22 situation.
There are good deals to be found in both HUD properties and other foreclosures, and with the help of a knowledgeable Realtor and lender, you can own one of these homes. If you understand the complexities involved – and there can be many – this is an excellent market for buyers.
