Buy & Rehab foreclosures and short sales with NO MONEY Down
I have been spending a lot of time working with first time buyers lately. One of the biggest issues that stands out is the terrible shape of our housing, especially those short sale and foreclosure types of properties that are priced where they are affordable to first time buyers (investors too). What has been even more frustrating is the lack of financing available to help buyers purchase these properties and then renovate them to a point where they are really livable. You know that point where pride of ownership kicks in and the owners become proud of what they have – where it is logical to assume that appreciation will once more begin to take place.
I have also been spending a lot of my time with the folks at Single Parent Properties, the organization that has tasked itself with assisting single parent households, as well as low and moderate income families with finding affordable housing. Many of the foreclosures and short sales that are available are in such terrible shape that they are no longer a suitable home.
With a lack of 100% financing and a lack of available rehab financing these properties are sitting on the market, reducing tax revenue for the various local governments, draining capital from the banks who must insure and maintain them while taking funds away from the prospective buyers who are in the market looking for a place to call home.
Clearly this situation can’t continue. After months of looking and talking to lenders, state and local housing officials, and representatives of the Federal government, we have discovered a solution. It is neither a one size fits all nor a perfect solution, but it is a very workable solution. We have discovered how to enable cash strapped buyers with fair to good credit to buy homes. It makes no difference whether they are owner occupied, short sales or foreclosures with no money down and with funds available to do the rehab work necessary to truly make these livable homes. The interest rates are highly competitive and the loan qualification process is no more difficult that a standard loan application. There are some extra steps involved and yes, it is a bit complicated, but don’t you think that it is worth the effort to be able to buy a home at substantially below market prices and rehab it into a home that you can be proud of for years to come? If you think that this might be a program that will work for you, I’ll be happy to discuss it in greater detail, just contact me at AdamD@SearchHaymarket.com.