What To Watch Out For When Purchasing A Foreclosure Home?

Foreclosure homes are very enticing BECAUSE of their area and price. However, one thing foreclosure companies are notorious for doing is dropping the price low to intice a bidding war between buyers.

The first thing to ask your mortgage lender is which of these three types of loans do you have:

1) FHA
2) VA
3) Conventional

If you have an FHA or VA loan, the house must be in pristine, move in condition. Both of these programs are government backed loans. The only exception to this rule is if you have a FHA construction loan, which is rather rare in this market climate. Your mortgage brokers FHA / VA appraiser will be able to tell you the qualifications for FHA / VA loans.

If you have a conventional loan, the criteria will be less strict because the loan is coming from a private party or a corporate lending institution, in most cases. But you will need to find out what your lenders specific qualifications are.

All foreclosures are listed with Realtors, and all Realtors are required to recommend that you obtain a home inspection. As a matter of fact, you have to waive your rights to a home inspection by signing a form if that is your choice. But it is strongly recommended that you obtain a home inspection. All lending institutions require that you have a termite inspection.

The cost for a home inspection can range between $200 to $400 dollars, and termite inspections are between $150 to $250 dollars, depending on the size of the home.

We all wish it were as easy as driving through the neighborhood with some high powered x-ray goggles. That would save all of us a lot of money! But the truth is, you never know what you are going to get when you purchase a house, and this is especially true for a foreclosure. And since purchasing a home is one of the biggest financial investments you will ever make in your lifetime, spending a little extra to make sure you aren't sinking your funds into a money pit is well worth it. And of course, some lending institutions require this measure before they will back you on purchasing the home.

But even if you are spending cash, do not skip this important step!

Hope this helps!

Call or text Rose Wilkinson @ 405-881-5958

What Are Popular Areas In Oklahoma City For Young Urban Professionals?

A really up and coming area in Oklahoma City right now is Paseo / Central Park Addition. If you look on the tax records, you will notice that most of the people who own properties in this addition are also owner occupants, which is a really good sign for stability and resell value.

The price range of the area is between $75,000 all the way up to $160,000 for all the extras and amenities, including stainless steel appliances, crown molding, granite countertops, refinished hardwood floors and basically a complete remodel.

Most of the homes were built between 1929 and 1940, and are 1,500 square feet or less. This is a perfect size for a young professional couple starting out in life with no children.

Within walking distance, there is a little alley way where a lot of neat shops and restaurants are located. Every May, there is an arts festival in this alley way where local artist set up shop to feature their art work. There is also an art gallery right around the corner from the alley way that is exquisite.

The pride of ownership truly shows in Paseo / Central Park.

You might also want to check the Nichols Hills / The Village areas. There are many young urban professionals who reside there, because of it's close proximity to Chesapeake, which is one of Oklahoma City's biggest employers.

And of course, you could never go wrong with anywhere in Edmond, Oklahoma. Edmond is considered the "Beverly Hills" of Oklahoma, but is shockingly affordable. Homes range anywhere from $85,000 all the way up to several millions of dollars. And of course, everything in between.

Best of luck in your home search!