So Roswell, You Want to Buy a HUD home…

No, this property is a not a HUD home but for the longest time HUD foreclosures did have the reputation of looking like this.  HUD properties have become very popular for not only first and second time home buyers, but also with investors. HUD foreclosures come varying conditions.  I’ve seen some that are basically move-in ready and others that were barely habitable.  The overall consensus is that buyer’s can get a really good deal on a HUD property.  I am consistently asked about HUD homes, what they are and how does a buyer get one.  Here are a few general questions to hopefully shed some light:
What exactly is a HUD home?
HUD stands for the Department of Housing and Urban Development. HUD guarantees mortgages made using the FHA loan program. When a FHA borrower defaults, the home becomes a “HUD” home, which you can buy.
How do I get a list of HUD homes for sale?
Go to www.newbidselect.com.  This site is very user friendly and you can look up homes by city, county or zip code.  Best of all, this site is free and you don’t have to register to search from properties.  Keep in mind that HUD adds new properties to this list all the time, so you have to keep checking for new properties being added
Who can I buy a HUD home?
Anyone who has either been pre-approved for a mortgage or a cash purchaser. HUD homes are initially open to owner-occupant buyers only. If they do not sell during that initial period, then they are open to all purchasers, including investors. If you will be obtaining financing to purchase a HUD home, a copy of the lender’s pre-approval letter must accompany the offer package.
How do I bid on a HUD property?
You place an offer on a property through a HUD registered broker (fortunately, I am one).  The earnest money deposit must be held by the Broker in the form of certified funds in order to submit the bid.  Earnest money rarely exceeds $1,000.

Small Projects; More Bang for the Buck! Part Two

With the current economy making it’s slow but steady recovery, many Roswell homeowners are opting for smaller remodeling projects.   Below is part two of a two part series.  The good news is that these projects will give you more bang for your buck when it comes time to sell. 

6.  Freshen up the basement – Homeowners with cement block or poured concrete walls can have a contractor fill in cracks with hydraulic cement and then paint them with waterproofing paint.  Adding a topcoat of paint adds color.  Painting the basement floor with a good heavy-duty cement floor paint, really gives your basement (and garage for that matter) a clean look.

Experience Roswell’s Bristol Oaks

Not far from Historic Roswell and nestled among mature trees, sits one of my favorite Roswell neighborhoods.  Bristol Oaks is just off of Pine Grove and Hightower, one of those neighborhoods you just can’t help driving through when you see the entrance.  Once you’ve entered through the 1st entrance closest to Pine Grove, you’ll see the tennis court and swimming pool enjoyed by the many families who have established residence in Bristol Oaks.  Not too many though, there are roughly 117 homes in Bristol Oaks, just the right size!

Roswell Construction Alert

Great news Roswell!  This coming Tuesday, January 19th, Roswell’s Department of Transportation will begin an improvement project at the intersection of Crabapple and Rucker Roads.  The improvements will include left turn lanes and sidewalks at all approaches, traffic signal upgrades and waterline and storm drain upgrades.

The even better news is that all the work will take place between 9 a.m. to 4 p.m. so as to avoid morning and evening rush hours.
  
Construction is expected to be complete this summer.  But until then, expect delays along this corridor while the intersection improvements are being made.

New Changes From HUD in 2010

The U.S. Department of Housing and Urban Development (HUD) has approved two new forms which will play a major role in real estate transactions.  Both the Good Faith Estimate (GFE) and the HUD-1 Settlement Statement have changed dramatically.  These changes were years in the making and became effective as of January 1st, 2010.

Here is a short overview and how it effects you, the client:

Small Projects; More Bang for the Buck! Part One

With the current economy making it’s slow recovery, many Roswell homeowners are opting for smaller remodeling projects.   Below is part one of a two part series.  Part two will be posted in a few weeks.   The good news is that these projects will give you more bang for your buck when it comes time to sell. 

1.  Tidy up kitchen cabinets – Make no mistake, potential buyers open up kitchen cabinets and look inside.  Added rollout organizing trays let buyers feel like there’s lots of room for their stuff.

Home Healthy Resolutions

Hey Roswell!  Have you made you New Years resolutions yet?  Like most people, most resolutions involve some kind of health angle; like eating better, exercising more, but why not make resolutions that entail making your home healthy?  Below are some suggestions that you might want to consider:

Spring 2010
Clean your gutters   Backed up gutters create havoc on siding and cause flooding.  Scoop out leaves and debris with a trowel or hire professionals to do the job for you.

Check your roof.  Wintry weather may have damaged the surface, the first big spring rainstorm, left unchecked, could cause significant problems.  Replace shingles as needed.