Distressed properties normally go through 3 stages. Each has different advantages and disadvantages. 

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THE RISKS OF BUYING DISTRESSED HOMES, FORECLOSURES AND REOs!

It seems that every time we meet with new buyers, the first word that comes out of their mouth is “foreclosures”. Buyers have been bombarded with news about the “state of the market” and the amazing buying opportunities that are available to them. Many buyers are not aware that there are three “stages” that a distressed property goes through, and that each of these may present different challenges and opportunities. Here is a summary of these stages:

1.      Stage 1 – Pre-foreclosure

When the homeowners experience a hardship that prevents them from keeping current with their mortgage payments, they normally start exploring re...

Freddie Mac Summer Promotion on Foreclosed Homes

In an attempt to lower their inventory of foreclosed homes ASAP, Freddie Mac recently launched a promotion to attract buyers and their agents.

With this promotion Freddie Mac (Homesteps) offers to pay up to 3.5% of the purchase price toward buyer's closing costs and a bonus to their selling agent for contracts (from owner occupiers only!) ratified from May 16th until July 31st, 2011 that close on or before September 30, 2011. 

Also a two-year limited Home Protect home warranty that covers electrical, plumbing, air conditioning, heating and other major systems and appliances, plus up to 30% discounts on appliance purchases is available fo...

SAVE BIG on REOs!!

RealtyTrac reported today that Bank-owned home buyers saved an average of 36 percent in 2010:

"More than 500,000 buyers purchased a bank-owned home in 2010, down from 750,000 REO buyers in 2009. But 2010 REO buyers got better deals than 2009 buyers - paying an average sales price that was 36 percent below the average sales price of non-foreclosure properties. That was up from an average discount of 33 percent in 2009 and 28 percent in 2008, and buyers in some states saved more than 50 percent on average in 2010..."

Check out a list of foreclosed & distressed homes

Want to save BIG? Call us today 843-416-1434.

RealtyTrack, a service that tracks foreclosures in the U.S. reported that lenders foreclosed on 1 million properties in 2010, a record number since it started tracking foreclosure activity in 2005.

That's a huge number! It means that banks are now proud owners of 1 million homes which will come back on the market this year. In Charleston and Mt Pleasant, we are already experiencing an increase in the number of lender-owned (REOs) that are being listed. There are currently more than 400 homes listed as REOs, and this number is probably much higher, as some REO agents do not label their listings correctly. 

These properties will be aggressively priced, since banks will want to offload the...

Tips for Buying Lender-Owned Properties (REOs)

by Alan Donald, Team Leader, BuyHomesInCharleston.com

Every buyer in this market wants a bargain! And while you may want to hit the jackpot by buying foreclosed properties – those homes that are offered as real estate-owned (REO), lender-owned or corporate-owned properties - it is essential to understand the differences between buying a “regular” listing and buying an REO.

Lenders are not in the business of owning real estate. Once they decide to foreclose on a home and on-sell it, they are looking for:

In addition, you should know that:

This new SHORT SALE listing is a 3 bedroom, 2 bath Duplex in The Gates @ Wescott Plantation, Summerville. It just needs a little TLC (paint, cleaning) and you could buy this home and end up paying less than rent! Dorchester II schools, easy access to Charleston International Airport and Boeing. 

Great for investor or owner-occupier with patience - short sale may take some time...

More details...

The National Association of Hispanic Real Estate Professionals (NAHREP) published this interesting article on their blog about the role that minorities will play in helping the U.S. housing market back on its feet (click link to read article):

The Color of the Housing Resurgence by Alejandro Becerra

I believe that many people underestimate the power of demographics when it comes to real estate. It is always very important to keep in mind national, regional and local population trends.

Most national builders know this and hire bilingual site agents. However, many service providers and lending institutions in the Charleston area are still ignoring it - for example - in our area there are...

Charleston’s Real Estate Market Demise. The Silver Lining.

Don’t look now but the sky is falling . . . all around you.  Massive federal usurping of private capital, falling home prices, rising unemployment, and a marked decline in our buying power and international regard have Chicken Little screaming from every television, radio, and neighbor’s fence post.  But hold on because  there is a silver lining.

Brayden Capital would like you to know that, once again, Chicken Little is dead wrong and the reports of our country’s (and Charleston’s) demise are greatly exaggerated.  Here are the positives that don’t get enough coverage:

The mortgage industry has seen a bloodle...