This is a fast and growing market for buyers with great opportunities if done right. Traditional owner-occupied homes have dropped in price 8% to 20% depending on where the property is located. That's still a good market to buy in but what would happen if you purchased 20% to 50% below market value! Yes, WOW! There are homes in everyone’s price range with a wide range of inventory to choose from; new construction, newer and older homes. Some just need a fresh coat of paint and cleaning. The key to purchasing one of these homes is knowing how and what to look for. This is why you need KUNO Real Estate!
A number of these homes are only a few years old. Sub-Prime plus other lending programs are the reasons for the surge in foreclosures. The most agressive period in lending was 2003 to 2006 which created the explosion in new construction and purchasing of existing homes.
If the property needs work that you are not comfortable in doing we can help you with that also because of our construction experience. This is why you should not be apprehensive in purchasing a foreclosure! Now you have an experienced Realtor that specializes in this market .
203K Streamline and Standard FHA programs are also available for this process.
The Streamline program will allow you to spend up to $30,000 in repairs with a 10% reserve cushion that will be added to the mortgage, maximum loan amount $35,000.
The Standard program is for major renovations, repairs, additions and up-grades. To be eligible, the property must be a 1-4 unit dwelling that has been completed for at least one year. Homes that have been demolished are eligible if some of the existing foundation remains in place. In addition to typical rehabilitation projects, the 203(k) loan program can be used to convert a one unit property to a two, three, or four family unit.
You can have as many as 5 draws, its similar to a traditional construction loan.
This is how Dave Kuno started his real estate investing career, buying foreclosures!
Please Read Below!
In 1995 Dave received his Real Estate License and began working as a Realtor. In that same year he started a construction company that purchased foreclosures. He has purchased dozens of these homes plus several 4-unit buildings at far below market value. These foreclosed properties needed more than just a coat of paint. They were older (1950’s to 1980’s) homes that needed total renovation. Once demolition was complete the only thing left was the wood framing and foundation. Each home had all new materials installed; electrical, plumbing, baths, kitchens, drywall, flooring, trim, paint, windows, siding, roof, furnace, hot water heater and central air. All the homes looked new again.
Foreclosures are “as is” purchases with no warranties or disclosures. Once you close the deal that’s it! This is why you need a Realtor like Dave KUNO which knows this market like the back of his hand. When you combine the construction experience and years of negotiating (banks agents) foreclosures this 1,2 puch will give you the best chance possible to get the lowest price and highest return in equity possible!
Dave will personally go through each property to let you know what repairs and up-dates are needed. Then he will give you an opinion on what price to offer. Sometimes he tells his clients not to make any offer because the repair costs are more than market values in that area. But it also depends on what you plan on doing with the property (short & long term). No Realtor has this experience period! He has saved thousands of dollars for his clients.
We can also help you purchase traditional non-foreclosures also!
The same experience and services that are explained above we apply in that market also.
Call us today and discover this fast and growing market. Do not wait on interest rates to drop. Instant equity out ways monthly savings (interest rates) in this market. You can always re-finance but you can not change the market. Just think 20% to 50% equity you can make right away!
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