Request a Free list of Fayetteville NC Real Estate foreclosures pictures included

In the near future I’ll be enhancing this post with video but for now if you want to search Fayettveille NC real estate for foreclosed, or otherwise distressed properties try using FavoriteHomeFinder.com This MLS based search tool is the most powerful engine available for the Fayetteville NC real estate market.

After the page loads look to the bottom right to select or de-select foreclosure status

Most homeowners don’t fully understand the risks associated with taking on alternative mortgages that allow interest-only payments or negative amortization. You may have seen or heard the ads for Quicken Loans or similar, just know this, with some of these loans the payments are really low but after several years of payments you may owe more on the house than when you bought it.

While rates are low most people are best served with a 30 year fixed rate. If the payments are more than you can handle then you should probably get a cheaper house.

I’m always tickled when I see the words great starter home or great investment in the caption describing a home in an ad or the multiple listing service. Why you ask? Because the house is almost always low priced, run down and ugly. Shouldn’t a great investment or starter house be good looking? If you’re buying an investment house do you really want to be in the low priced market? And If you’re buying a house to live in or as a rental do you really want to dump a load of money into it right off the bat? Sometimes it makes sense but when I see “great investment” or “great starter” I run the other direction.

I’m convinced most people, agents included, have no idea what makes a good investment property. Here’s an easy test; would you buy the house to live in? If the answer is yes then it’s probably worth a closer look. If not, keep looking. Your goal is to make money in investment real estate not lose your lunch money on the first house somebody else says is a great investment or a great starter house.

Thanks for reading

Ron

In the last week I’ve had a couple of customer/clients with credit commit credit faux pas. One customer paid old delinquent accounts to clean up the report. This made an old line new and more relevant and dropped the credit score 35 points. This was all done at the recommendation of a mortgage broker. It matters who you work with.

Another started shopping for a home and evidently much more. This client had almost 20 inquiries in the last month. Numerous recent inquiries will drop you score so if you are looking for a house don’t let anyone pull your credit. Lenders will scan your report at the application and just before the close. If your score drops you may not close.

Bonus Had a client earlier this year get approved to buy, find a house, get it under contract, and just before closing her score dropped. I thought the transaction was dead but my mortgage pro saved it, and skillfully I might add. Its not over until the deed is recorded.

Ron Allen, Fayetteville NC Real Estate Agent