BuyRenovatedForeclosures.com

Thanks to everyone who came out to our open house in Fredericksburg to see the results of all our hard work. We received many compliments on all the design changes made to the house, which made it bright, open and modern.

We also got a lot of positive feedback about the benefits of doing a preview open house instead of a traditional open house. With a preview event, all major work has been completed but the finishing touches–such as paint colors, carpet colors, and appliance models– are undone, which gives potential buyers the ability to customize their home so they don’t have to change anything after moving in. And one lucky family is doing just that!

Here are some photos from the open house:

I recently found a notice that The National Association of Realtors put out regarding using the $8000 first-time homebuyer tax credit for a down payment or closing costs on a FHA-insured mortgage.

According to the notice, 11 states — including Virginia — offer this program. For more information, visit www.realtor.org/government_affairs.

If anyone out there has used, or tried to use, this option, please comment or write us so we can share your experience.

I’m not an accountant, mortgage broker, attorney or any other type of financial advisor. I just saw this info and wanted to share it. If you want to take advantage of this option, you should get professional help–maybe start by asking your mortgage broker.

FYI:

The eligibility deadline for the $8000 first-time homebuyer tax credit is DECEMBER 1ST not DECEMBER 31ST!! I don’t know why they didn’t just make it the end of the year, but I have a feeling this is going to trip a lot of people up.

To take advantage of this great opportunity, you must be a first-time homebuyer and purchase a primary residence before December 1st!

For more information about this tax credit, visit http://www.federalhousingtaxcredit.com/2009/index.html.

We’ve also created a handy dandy countdown clock to keep tabs on the time running out (on the side bar to the right).

If you are looking to purchase a home for the first time, you only have about 3 more months to take advantage of this program. Don’t miss out!

With so many homes going into foreclosure these days, there has been a lot of attention to getting a great foreclosure “deal.” Let’s take a look at what is really going on with this latest real estate rush. I’d like to share my knowledge in order to help you make a smart foreclosure investment, and keep you safe from the common pitfalls of buying a foreclosure home.

Here is what I see from being out there every day looking at properties. The banks lent on all kinds of houses, both new and old. Many of the newer properties that are now bank-owned are in need of minor repairs: paint, carpet, a door here, a window there. You should always remember the saying “buyer beware,” as things like appliances, heating and air conditioning systems, roofs, gutters, garage door openers, and water heaters can go bad even in a newer house. But if you are handy, or have a brother-in-law like the guys on This Old House, you are probably good to go.

Unfortunately, most foreclosure homes are fixer uppers. If a homeowner was unable to make their mortgage payments, they probably weren’t able to pay for all of the necessary repairs or upgrades to their properties either. Sometimes when people realize they’ll be losing their home, they just give up and stop putting any more money into it, letting the problems with the property’s condition just compound. In the worse case scenario, they may even trash the house on purpose out of anger or frustration.

So here you are, all excited about getting a deal on a foreclosure. It is an old house and kind of had a rough life, maybe even some abuse by the previous occupants. Yeah, it is a little dated and the layout is a little obsolete, but your real estate agent told you it will only cost about $20,000 to make it a place of your own. Since you paid such a low price for the house, the extra money isn’t a problem. Piece of cake!

Ever had sheetrock or plaster dust with your morning cereal?

(more…)