Beware the surprises, hidden in flipped homes. Dismantled HVAC systems and electrical boxes, wood hardener over rotten wood, fresh paint over stained and moisture damaged sheet rock! Are you ready for the surprises of home ownership? Get your home inspected by a qualified professional home inspector.
YES it is the BEST time in our lives to buy a home. And YES you can buy MORE square footage for your dollar. And YES you should buy a home now if you can afford one.
But, DONT buy a foreclosure pre-owned house if you think it is like every other home on the market! A foreclosure has been lived in and in most cases, not maintained. Home maintenance is always an issue in the final few months of the foreclosure process. Which means that YOU will have to start everything up again. Plumbing (water heater & lines), electric, gas, HVAC (heating and air conditioning), roof etc. When you are buying a foreclosed / pre-owned house, most of the parties involved will NOT prepare you for the expenses that will hit you. Will they tell you about the mortgage? Yes. Will you be told about the insurance? Yes. What about the association fees? Yes, probably. Property taxes? Of course. But what about the $700 for a new water heater 8-months after you buy the home? Are you ready? Or how about the termite letter/bond that is due 1 year after you move in? Will you remember? Do you have the cash to replace $5000 furnace AND put gas in the car?
My best advice is to buy NOW but plan for those unforeseen expenses. Everything is expensive when you buy a home; most expenses around the home are $500 or more. Plan for the inevitable folks.
If you have to put up your existing primary residence. You better be ready. If you have been in that house for over 5 years, its not the same old market! Get a really good realtor, get your home inspected FIRST and get things repaired, replaced or upgraded. Yea I know, that’s a lot of money. But if you have to sell right now, you better have the “diamond” of the block. There are so many other homes out there that are vacant, but they have already been upgraded or were custom from the start. It should be no surprise that you wait and wait and wait but no one buys your house. You drop your price, and no one comes. You change your Realtor and still no interest. Why? Because the inventory is so great and the buyers are more knowledgeable. The market has changed. Short sales and auctions are here to stay. Another problem, the owner/bank that holds the property. They move slow, they take multiple offers, and then sucker or push up bids. Is there anyone watching all this? My opinion…stay where you are unless you can AFFORD to move…just my .02.
Will someone please explain how Numb3rs gets canceled and Fringe stays?
In his speech last night, Mr. Obama told small business leaders in America that he wants local banks to begin to lend them money again. Just what a small business wants, more debt! He does not get it. The average small business owner needs customers and from customers he gains profit. Profit is good! More credit and interest does not get you customers. Put consumers back to work and they will begin to buy again. Tax businesses and consumers less and watch how quickly the unemployment rate plummets and the free market reacts. He wants to introduce a “Small Business Tax Credit” but again it misses the mark, it’s just words because he knows that most of the small businesses don’t directly pay taxes anyway. The owner pays on his personal return! A better plan is the FairTax and it must be taken seriously. If getting Americans back to work is what Obama wants, he would call for immediate action on the FairTax. Full employment is not really what I he wants, he loves the turmoil, it makes him important and give his administration power to make “changes”, but thats another topic for another day. See ya!