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Get Organized Before You Shop for a Home

by Masha Halpern

The process of buying a home has gotten more complicated in recent years. To make sure everything goes smoothly, you’ll want to get organized before you even begin to look for a house. Once you’ve taken care of these things, you’ll be ready to shop for the home of your dreams.

Check Your Credit Score. Examine and fix any blemishes on your credit score, before you apply for a loan. Also, avoid taking on any new debt at this time. This includes buying a new car or other large item on credit.

Look at Your Finances. Take an honest look at your budget and figure out how much home you can afford. There are many online calculators available to help you with this. In general, most loan programs require that your mortgage payment be no more than 28% to 31% of your gross monthly income.

Beef up Your Savings. You should have enough cash saved up to cover your down payment and closing costs. Depending on your mortgage, you’ll need anywhere from 3.5% to 20% down, plus money available for closing.

In addition, mortgage lenders like to see borrowers with a healthy savings account. This shows that you have enough money to pay for your closing costs and any incidental expenses, as well as enough to live on once you move in. Savers aren’t likely to be living paycheck to paycheck, and are good candidates for a loan.

Apply for Your Mortgage. Get preapproved for a loan before you even start to look at homes. Applying for a loan first gives you a definitive answer on how much mortgage you can afford, and ensures you have financing ready when you find your dream home.

Refine Your Shopping List. Finally, think about the features you really want in a house. You’ll probably live in this house for several years, and you want it to serve your needs the entire time. After all, if you change your mind in a few years, you may not be able to sell this house quickly.

Shopping for a home is exciting. Take the time to organize and prepare before you look at properties, so you can be ready to make an offer when you do find a home that you love.

 

Masha Halpern, Broker, CLHMS, GRI
Keller Williams Realty
Masha@MashaHalpern.com
919-414-0337  

Get your latest Home Value
Receive Your Personalized Listing Alerts

Masha Halpern and The Smart Move Team is your ultimate real estate resource for Chapel Hill, Durham, Carrboro and surrounding areas. Visit my website for detailed information regarding today’s real estate markets.

Masha is a certified member of The Luxury Home Marketing Institute, participates in its annual Leaders in Luxury Conference, and works with The Institute’s thousands of members worldwide to share information about current listings.

Masha is also a certified member of Keller Williams Luxury International and is also a member of Cyber Stars International – Top Realtors Using Technology – a group dedicated to taking the best and latest technological advances and applying them to real estate advertising and marketing for her clients in all price points. Masha Halpern can be contacted for a private consultation by calling 919-414-0337 or by visiting www.TheSmartMoveTeam.com.

Photo courtesy Kristja, Stock.XCHNG

Easy Ways to Go Green in Your Home

by Masha Halpern

The term “green living” means a lot of things. Mainly, though, it’s about living in a way that’s friendly to the environment. When you think about a green home, you may think of solar panels, wind turbines, grey water recycling, and other expensive projects. An environmentally friendly home doesn’t have to be expensive, however.

Homeowners that want to go green on a budget have many different ways to do it. With some time and a little work, you can go green in your home without spending a lot of cash.

You can get a big bang for your buck from basic maintenance projects around your home that make your home more energy efficient. Using less energy to heat and cool puts less strain on natural resources. Some of these projects include weather-stripping your doors and windows, plugging leaks in your walls and foundation, switching to low flow shower heads, and fixing dripping faucets. Each of these tasks only takes a few minutes and costs very little. However, they can significantly cut your energy use.

Going green is not just about energy savings, however. It’s also about using products that have less impact on the environment. Green up your shopping by buying products that use less packaging, buying local so that less fuel is used to transport items, and switching to household cleaners and detergents that are environmentally friendly. You may end up buying fewer things overall, which can save you money as well.

There are many other simple things you can do green up your home, including:

  • Install a programmable thermostat, and set it so your air conditioning doesn’t run when you are not home.
  • Switch to energy-efficient LED light bulbs.
  • Plant landscaping in your yard that will shade your house in the summer but allow sunlight through in the winter.
  • Replace old appliances with a newer, energy-efficient models. This is an investment, but can save you money in the long run on your utilities, which will help offset the cost.

You don’t have to shell out thousands of dollars for new solar panels on your roof or a wind turbine to go green. There are many other ways you can green up your home and routine. Remember, every time you make an environmentally friendly choice, no matter how small, you make a difference.

Masha Halpern, Broker, CLHMS, GRI
Keller Williams Realty
Masha@MashaHalpern.com
919-414-0337  

Get your latest Home Value
Receive Your Personalized Listing Alerts

Masha Halpern and The Smart Move Team is your ultimate real estate resource for Chapel Hill, Durham, Carrboro and surrounding areas. Visit my website for detailed information regarding today’s real estate markets.

Masha is a certified member of The Luxury Home Marketing Institute, participates in its annual Leaders in Luxury Conference, and works with The Institute’s thousands of members worldwide to share information about current listings.

Masha is also a certified member of Keller Williams Luxury International and is also a member of Cyber Stars International – Top Realtors Using Technology – a group dedicated to taking the best and latest technological advances and applying them to real estate advertising and marketing for her clients in all price points. Masha Halpern can be contacted for a private consultation by calling 919-414-0337 or by visiting www.TheSmartMoveTeam.com.

  Photo courtesy B Cleary, Stock.XCHNG.

THERE’S A CHILL IN THE AIR!

by Masha Halpern

The hardy mums are making an appearance and a light jacket has become necessary for the crisp morning temperatures.  Both are sure signs that fall is upon us.  Although some of us hate to see the summer come to an end, there is no avoiding the onset of fall.  The change of seasons generates an inventory of chores that must be completed prior to the commencement of winter.  Routine fall maintenance must be performed in order to ensure a healthy yard come springtime.  In addition, your house must be protected from the harsh elements that winter brings.

Let’s begin on the outside and work our way in.  Fall is the best time of the year to give attention to your lawns and landscaping.  Fertilization of your lawns will provide necessary nutrients for the winter months to come.  In the spring your lawn will grow lush and green. And, don’t be mournful of the loss of color in your landscaping.  There are a variety of plants that can be incorporated to provide brilliant color through late November.  These plants include:  autumn crocus; strawflower; variations of aster; coleus; and dianthus.  Fountain grasses, burning and blueberry bushes will also add bursts of color.  All are easy to care for and will deliver great curb appeal.  Be sure to weed your gardens well in the fall, to minimize new growth in the spring. 

It is imperative in fall to trim your trees back.  Any branches hanging low, too close to the house, or near electrical wires can be weighed down by winter snow or ice wreaking havoc once broken.  Rake away all tree debris, leaves, and other forms of rubbish from the foundation of your house.  Make sure there are no entry points for animals seeking warmth.  If you have a crawl space, close the ventilation hatches keeping the cold air from entering underneath your house. 

Next we need to make sure that all of our outdoor tools are in good working condition and ready for action.  Rakes, snow shovels, and snow blowers should be inspected, cleaned, and all kept in one easy access location.

Gutter maintenance is also critical.  Clean your gutters and downspouts thoroughly and check for proper anchoring to the house.  Melting snow and freezing rain must have an easy escape route from the roof, into the gutter, down the downspouts and away from the foundation of your house.  You do not want the formation of ice dams to occur in your gutters.  The dams prevent water flow, and the water has nowhere to go but behind the gutter, seeping into your walls and ceilings. 

Moving from the outside in, it is paramount to have your furnace inspected and cleaned.  Having this service performed now, will be cheaper than waiting until the winter season hits.  Furnace upkeep is also vital for safety precautions.  Placing a carbon monoxide detector near your furnace is also a good idea.

Here are some other important chores to execute inside:

  • Locate your water main so in the event of an emergency it can be shut off
  • Insulate any exposed pipes (perhaps in the basement)
  • Ensure that there is adequate insulation in your attic
  • Find your air conditioner shut-off valve and turn it to the off position
  • Drain the air conditioning pipes to prevent freezing
  • Install weather stripping around all windows and doors in prevention of cold air drafts
  • Replace screen doors and windows with storm doors and windows

Finally, we all love snuggling up in front of the fireplace on cold winter nights.  Fall is the ideal time to guarantee the safety of our chimney.  Make sure the chimney cap on the outside is secure, and have a certified chimney company come out and inspect for soot and creosote buildup.  The chimney professional can also ascertain that your chimney damper is opening and closing properly.

I know what all of you readers are thinking right now.  “I don’t need to attend to these projects today.  It still feels like summer.”   However, all too often, summer turns to fall, and then very quickly to winter, and we don’t know where the time has gone.  Do not find yourself outside braving the winter elements to enact on what can be accomplished during the beautiful fall season.  Preventative maintenance is necessary in safeguarding your lawn, landscaping, and house from the harsh winter conditions.  It is better to be prepared today than to pay the consequences tomorrow.

Masha Halpern, Broker, CLHMS, GRI
Keller Williams Realty
Masha@MashaHalpern.com
919-414-0337  

Get your latest Home Value
Receive Your Personalized Listing Alerts

Masha Halpern and The Smart Move Team is your ultimate real estate resource for Chapel Hill, Durham, Carrboro and surrounding areas. Visit my website for detailed information regarding today’s real estate markets.

Masha is a certified member of The Luxury Home Marketing Institute, participates in its annual Leaders in Luxury Conference, and works with The Institute’s thousands of members worldwide to share information about current listings.

Masha is also a certified member of Keller Williams Luxury International and is also a member of Cyber Stars International – Top Realtors Using Technology – a group dedicated to taking the best and latest technological advances and applying them to real estate advertising and marketing for her clients in all price points. Masha Halpern can be contacted for a private consultation by calling 919-414-0337 or by visiting www.TheSmartMoveTeam.com.

Getting a Mortgage Loan when You Are Self-Employed

by Masha Halpern

The thought of qualifying for a mortgage can be stressful for many prospective buyers. If you are self-employed, you may have even more concerns. Even if you do not have a regular W2 or tax form from an employer, you can still qualify for a mortgage. There are some tips to follow, however.

Prior to the housing crisis and recession, many self-employed home buyers could simply attest to the amount of money they earned and that was it. Today, that is no longer the case. You will need to provide additional evidence beyond stated income. In order to document your income, you may be asked to provide business and personal income tax returns for the past two years along with financial statements. Documentation is critical when you are applying for a mortgage as a self-employed individual. Ensuring that you have all of the relevant documentation gathered together prior to applying for your mortgage loan can be a critical element in ensuring a fast turnaround. If any additional documentation is requested, provide it as quickly as possible.

You may also find that your chances of being approved for a mortgage loan increase if you are able to demonstrate that you have access to financial reserves in the event your business experiences a downturn. In the end, the lender simply wants to be assured that you can afford the home you are planning to purchase. Paying off consumer debt or consolidating your debts to a lower interest loan may also help in improving your cash flow while providing the lender with greater peace of mind regarding your ability to repay your mortgage loan.

If you are purchasing a home with your spouse who has a regular job, your chances may also be improved if your spouse applies as the primary borrower. You can then be listed as the secondary applicant. If that is not an option, you might consider asking a parent to co-sign the mortgage for you. It should be kept in mind that if you are not able to keep up with your mortgage payments, the co-signor will become responsible for the loan.

Although it is more challenging to obtain a mortgage loan today if you are self-employed, it is not impossible. With some careful advance planning, your dream of becoming a homeowner as well as a business owner can become a reality.

 

Masha Halpern, Broker, CLHMS, GRI
Keller Williams Realty
Masha@MashaHalpern.com
919-414-0337  

Get your latest Home Value
Receive Your Personalized Listing Alerts

Masha Halpern and The Smart Move Team is your ultimate real estate resource for Chapel Hill, Durham, Carrboro and surrounding areas. Visit my website for detailed information regarding today’s real estate markets.

Masha is a certified member of The Luxury Home Marketing Institute, participates in its annual Leaders in Luxury Conference, and works with The Institute’s thousands of members worldwide to share information about current listings.

Masha is also a certified member of Keller Williams Luxury International and is also a member of Cyber Stars International – Top Realtors Using Technology – a group dedicated to taking the best and latest technological advances and applying them to real estate advertising and marketing for her clients in all price points. Masha Halpern can be contacted for a private consultation by calling 919-414-0337 or by visiting www.TheSmartMoveTeam.com.

Thinking about Renting Instead of Buying? Think Again

by Masha Halpern

The housing market has been through a hard time recently. Home values declined for several years, and many places are just starting to recover. Because of this, many potential buyers are nervous about home ownership.

It’s not surprising that many would-be buyers are thinking about staying on the sidelines and renting for a while. After all, to many people, renting seems far safer bet right now than buying a home.

Are you are wondering if you should rent your next home or take the plunge and buy? If so, you should consider a recent report by the National Association of Realtors® (NAR) before you make your final decision.

The NAR released its quarterly commercial real estate forecast in August. In it, they predicted that apartment rents will rise by about 4% in 2013, and another 4% next year. That means the cost of rent is rising faster than annual wage growth and other consumer prices.

Construction has picked up, but is still not keeping up with demand for new apartments. Inventories of available apartments to rent remain low, while demand is high. Low apartment inventories indicate that we are in a landlord’s market right now. The competition makes renting difficult and expensive, and is keeping pressure on rents to keep rising.

In addition, owning your home provides benefits you can’t get from renting. If you buy your home now, you can take advantage of historically low mortgage interest rates, as well as bargain prices. Owners can build equity and get tax deductions. Owners also get the benefit of being able to renovate their homes to save money, such as making changes to increase energy efficiency.

If you are looking at moving to a new home, carefully consider your options before you make the decision to rent. It may well be a better option to buy right now, especially if you are planning to stay in your home for a long time. This could be one of the best times to invest in a new home.

Masha Halpern, Broker, CLHMS, GRI
Keller Williams Realty
Masha@MashaHalpern.com
919-414-0337  

Get your latest Home Value
Receive Your Personalized Listing Alerts

Masha Halpern and The Smart Move Team is your ultimate real estate resource for Chapel Hill, Durham, Carrboro and surrounding areas. Visit my website for detailed information regarding today’s real estate markets.

Masha is a certified member of The Luxury Home Marketing Institute, participates in its annual Leaders in Luxury Conference, and works with The Institute’s thousands of members worldwide to share information about current listings.

Masha is also a certified member of Keller Williams Luxury International and is also a member of Cyber Stars International – Top Realtors Using Technology – a group dedicated to taking the best and latest technological advances and applying them to real estate advertising and marketing for her clients in all price points. Masha Halpern can be contacted for a private consultation by calling 919-414-0337 or by visiting www.TheSmartMoveTeam.com.

 

Tips to Stage Your Home for a Fast Sale

by Masha Halpern

Buying a new home is exciting. If you have to sell your old home to be able to move, however, it can be a lot less fun. Home prices have stabilized and more people are buying, but selling your home in today’s market can still take a lot of time and effort.

Fortunately, you can give yourself an edge in the marketplace when you sell your home. There are several things you can do before you list your home that will to increase your chances of success when trying to sell your home quickly. Here are some tips to stage your home to look better to buyers and hopefully, sell faster.

Get rid of your stuff :Buyers need to be able to picture themselves in your house. To help them with that, you should remove as many personal items as you can. You should also get rid of extra furniture and clutter. Rent a storage unit to hold your belongings while you are selling your home.

Hire a professional to stage your home for you: Professionally staging your home to be attractive to buyers can bring you top dollar in the final sale. It can also make your home sell faster, saving you months of mortgage payments. Before you try to do it yourself, think about how many hours it takes to properly stage a home. A professional can do the job for you, saving you time and stress.

Lighten up: Open up your drapes to let in natural light, and paint the walls with light, neutral colors. Remove any large, dark, or heavy furniture. A home that seems bright and airy will likely sell faster.

Listen to your Agent: Your Realtor® is an experienced professional who knows what it takes to sell a home in your market. Listen to their suggestions and follow them. They will help you sell your house quickly and for the best price, so you can move into the home of your dreams.

                                                                                    Photo Provided by:Stock.XCHNG

Masha Halpern, Broker, CLHMS, GRI
Keller Williams Realty
Masha@MashaHalpern.com
919-414-0337  

Get your latest Home Value
Receive Your Personalized Listing Alerts

Masha Halpern and The Smart Move Team is your ultimate real estate resource for Chapel Hill, Durham, Carrboro and surrounding areas. Visit my website for detailed information regarding today’s real estate markets.

Masha is a certified member of The Luxury Home Marketing Institute, participates in its annual Leaders in Luxury Conference, and works with The Institute’s thousands of members worldwide to share information about current listings.

Masha is also a certified member of Keller Williams Luxury International and is also a member of Cyber Stars International – Top Realtors Using Technology – a group dedicated to taking the best and latest technological advances and applying them to real estate advertising and marketing for her clients in all price points. Masha Halpern can be contacted for a private consultation by calling 919-414-0337 or by visiting www.TheSmartMoveTeam.com.

 

How to Successfully Approach the New Market

by Masha Halpern
Is now the right time to purchase a home, or should you
continue to wait and see how the market fares in the future? According to the latest reports, real estate markets in many areas are nearing a return to normal. With a combination of rising prices and declining foreclosure rates, many prospective buyers feel the time for waiting is over. In fact, according to a survey conducted by Trulia, 75 percent of people believe it is better to buy now rather than wait another year. Not all sellers agree, however. Only about one-third of sellers feel that now is the right time to sell. As a result, buyers who are ready to take the plunge are now facing a combination of low inventory levels and rising prices for the first time in years. In our area we are 39% down in inventory from this time last year. Click the video to see what local appraisers and our own MLS reports
 
 
What exactly does this mean for you? It is only natural for prospective buyers to be concerned.
While it is important to avoid the temptation to make snap decisions, working with Masha you will be given the most up to date real estate statistics to help you understand if moving quickly- and at what price point, you ought to be considering to make THE smartest move for you and your family.
 
 Make sure to take the time to analyze your financial situation carefully. By understanding where you
stand in terms of finances and looking at the statistics of your potential home's recent sales history provided by Masha Halpern, you may find that you are better able to afford a home that is more in
line with your needs and Masha will help you purchase it.
 
In addition, it is important to make certain you are working with a qualified agent. As
multiple offers become the norm and inventory becomes more limited, it is imperative that you
work with an agent who is knowledgeable regarding the local market. When working with Masha you will find she is  highly resourceful and reliable.  Masha will also be
able to guide you in best practices for making your offer stand out from the crowd if you do find
yourself in a multiple offer situation. 
 
The local real estate market IS evolving, requiring a change in how you approach home
buying. Call us so Masha can help you get started on the right path to home ownership.

Masha Halpern, Broker, CLHMS, GRI
Keller Williams Realty
Masha@MashaHalpern.com
919-414-0337  

Get your latest Home Value
Receive Your Personalized Listing Alerts

Masha Halpern and The Smart Move Team is your ultimate real estate resource for Chapel Hill, Durham, Carrboro and surrounding areas. Visit my website for detailed information regarding today’s real estate markets.

Masha is a certified member of The Luxury Home Marketing Institute, participates in its annual Leaders in Luxury Conference, and works with The Institute’s thousands of members worldwide to share information about current listings.

Masha is also a certified member of Keller Williams Luxury International and is also a member of Cyber Stars International – Top Realtors Using Technology – a group dedicated to taking the best and latest technological advances and applying them to real estate advertising and marketing for her clients in all price points. Masha Halpern can be contacted for a private consultation by calling 919-414-0337 or by visiting www.TheSmartMoveTeam.com.

Tips for Selling in a Slow Market

by Masha Halpern

Chapel Hill home sellers are finding that selling their home is more and more challenging everyday as they are in steep competition with new home foreclosures. So how do you get your home off the market and into contract? Here are five tips to getting your home sold quickly and the price you’re looking for:

  1. Pick the agent who is right for your market.  Your first plan of action should be to locate an agent with proven results with sales. Keep in mind you should also work with someone that you feel comfortable and confident with.at has a good track record with sales in your market range and neighborhood. Good sales stats in your price bracket demonstrate that the realtor knows what buyers are looking for and how to move property similar to yours. A great agent can help you move your home, even in a tough market.
  2. Know your market. Understanding the ‘comps’ in your area will help you reach a realistic asking price and get a better handle on the competition. Ask your realtor to provide this information and also take opportunities to visit open houses for homes that are comparable to yours. Do your homework and get familar on info on staging, pricing and what buyers are looking for..
  3. Keep up with repairs and maintenance. Don’t hesitate to make necessary repairs and maintenance to your home when you are ready to sell. You don’t have to undergo major remodeling or expense. Simple updates like fixing broken steps, touch up painting and keeping your lawn-mowed and flower beds cleaned out will really go a long way in making your home look move-in ready.
  4. Be flexible. From having your home ready to show at a moment’s notice to your willingness to negotiate, the key to selling your home in a slow market is flexibility and responsiveness. Going the extra mile for prospective buyers can really make a difference in getting more people through the door ready to make an offer.
  5. Add value. Remember that you are competing with short sales and foreclosures, so any extra value you can add to your home can make it more attractive. Whether it’s an appliance, patio furniture or a simple cost concession, small items can add up to big pluses when prospects are evaluating the total value of your home.

In a slow North Carolina market, you need to get your home noticed quickly and be willing to negotiate so that prospective buyers see a great value in your property. Don’t stop looking for ways to make your home stand apart from the competition!

 

 

KH & Co.

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Waiting to Purchase a New Home?

by Masha Halpern

We are all aware that the Real Estate Market is slow in some areas of North Carolina. At the same time, housing is still at its most affordable level in years. So why aren't buyers purchasing more homes?

1. One reason is how much credit is available to buyers. There are more hurdles in obtaining a mortgage than before. In addition to showing that you can afford to buy a home, even if you have a lot in savings, banks want to see income. Lenders want to see W-2 forms.

2. Some buyers think prices will fall even lower.  Home prices are low now, mortgage rates are low as well. Interest rates will slowly start to creep up. Don't put off until tomorrow what you can do today. Now is a great time to BUY!!

3. Buyers are not confident in the economy. Unemployment is high and even those who have jobs don't feel a sense of job security. The more insecure people are in making purchases, the slower the economy grows.  It's a catch 22. Another reason to BUY a home; to help jump start the economy!!

I think once consumers regain confidence and banks increase lending to those who qualify, buyer activity should pick up.  In the meantime, SELLERS be patient. Your home will sell, all you need is one buyer.

 

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4 Tips for Buying a HUD Home

by Masha Halpern

A HUD home is nothing more than a house that was purchased with an FHA loan that has since fallen into foreclosure.

(I’m not sure why these homes aren’t called “FHA foreclosures,” which would be more intuitive for home buyers and investors, but the Department of Housing and Urban Development [HUD] is the federal office that takes ultimate responsibility for FHA and its home loans gone wrong.)

Buying a HUD home is different from buying another type of foreclosed property. For starters, HUD homes are sold exclusively online in an auction process known as an “offer period.”

You may make an online offer during the offer period. At the end of the offer period, all offers are opened and considered to be received simultaneously. The highest acceptable net bid is then accepted, and the buyer’s agent is contacted.

If the home isn’t sold in the initial offer period, buyers may submit a bid any day of the week, including weekends and holidays. Bids are opened the next day.

What you probably don’t know is that if no one makes an offer for a HUD home within a certain amount of time, HUD lowers the price. The price of the HUD home continues to drop until an offer is made and accepted.

How do you find out if your bid was accepted? It’s your agent’s responsibility to check the website to see if your bid was accepted and to complete all the necessary paperwork.

Companies like PEMCO Ltd. are direct contractors with the government. They list and sell these homes online from HUD. Only agents who are registered with HUD may represent buyers and investors in the purchase of these properties.

There used to be a different site for different areas of the country, but it’s been consolidated into one website: www.hudhomestore.com.

How can you navigate the website and find the right home to buy? Follow these four tips for buying a HUD home:

  1. Find the right real estate agent. Only real estate agents who are registered with HUD may represent home buyers and investors in the purchase of HUD homes online. But just because an agent is registered with HUD doesn’t mean he or she is going to be the best agent to represent you in the purchase of a HUD home. To find the right agent, you can search through the website that lists HUD homes in your area and find out which agents represented the most winning bids. Interview the top two or three agents. Be sure to ask how long the agent has represented buyers and investors, how the process typically works, whether the agent will accompany you to inspect the property, and what special knowledge the agent has garnered from writing so many winning bids.
  2. Inspect the property before making an offer. The local listing broker (who should be listed on the HUD home website) can gain access to the property and show it to you. However, you don’t need to call the listing broker to see the house with your agent. Any HUD registered agent can gain access to a HUD home. When you’re inspecting the property, take a lot of notes and photos of the property so you can be mindful of any improvements that need to be made when constructing your offer.
  3. Make an offer. The offer process on a HUD home is probably different from what you’re used to. Offers can be cancelled with no earnest money forfeiture. Once an offer is submitted, it can be cancelled before the HUD agent opens the bid electronically, or after by sending an email to the company managing the home. Until the contract is signed, the earnest money is not in jeopardy, so there are a few days after the bid is accepted to cancel.
  4. Be ready to close on your HUD home. Right now you might forty-five to sixty days to close on your HUD home, but HUD is moving toward 30-day contracts so get your financing together ahead of time. You may be able to qualify for FHA financing or special FHA deals, like the $100 Down Payment Incentive program or the Good Neighbor Next Door program, which offers a discount for HUD homes to law enforcement officers, teachers, firefighters, and emergency medical technicians who meet eligibility requirements. But it helps if you get your loan documentation together ahead of time, including your W-2; your paycheck stubs; your tax returns; copies of your savings, investment, and retirement accounts; and documentation of other assets and liabilities. You’ll need to provide copies of your driver’s license and other identifying information. Create a file for these documents so they’re ready when you are. You will also have to submit a prequalification letter with the sales contract in order for it to be accepted. The letter must indicate the buyer is qualified for the amount of the contract, the type of financing and any assets that have been verified for closing.

For more details, check out this HUD home FAQs page, or start your search for a HUD home in your state.

Thanks Ilyce Glink for sharing this information with us.

 

 

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Masha Halpern - Boutique Real Estate
Keller Williams Realty
101 Cosgrove Avenue, Suite 200
Chapel Hill NC 27514
Direct 919-951-1780
Toll Free 877-478-4669
Fax: 919-928-9030




Masha Halpern of Keller Williams Realty provides real estate services in the Chapel Hill, Carrboro and Durham, North Carolina area including real estate services for buyer, sellers and those relocating to the surrounding areas of Apex, Bahama,Cary, Efland, Hillsborough, Holly Springs, Mebane, Raleigh, and Wake Forest. Search for homes in Chapel Hill, Carrboro, Durham or the surrounding communities.  Request a market analysis for your North Carolina property.  I list and sell residential real estate, investment property, vacant land, lots for sale in Chapel Hill, Carrboro and Durham, North Carolina area.

Chapel Hill, Carrboro and Durham, North Carolina real estate and homes for sale in North Carolina - Masha Halpern & The Smart Move Team