DEAN GRAZIOSI: DEAN GRAZIOSI REVIEW – REAL ESTATE FEED BY DEAN GRAZIOSI

If you are in the process of purchasing a new home, the amount of money needed for a down payment may be more than you expected.  There are some ways in which you may be able to get assistance with your down payment.  If you are in need of assistance with your down payment, there are many programs that may be able to help.

If you are a first time home buyer, there are many programs that may help.  A first time home buyer is anyone who has not had ownership interest in a home within the last three years.  First time home buying programs are not only for those who are purchasing their first home, but can also be applied to anyone who may have had a foreclosure more than three years prior to buying a new home.  This improves your chances of qualifying for assistance greatly.

There are also state agencies that were designed to help buyers with their down payment.  These programs consist of buyers acquiring a loan from the agency in order to cover their down payment.  The buyer is then responsible for paying the money back to the agency on a monthly schedule.  The interest rates on these types of loans are usually lower than what a bank would offer.

You may also qualify for grants that are provided by the state you reside in.  These grants were designed to assist home buyers who are not able to come up with all of the required down payment.  There are certain requirements that must be met in order for anyone to qualify for these types of grants.  Consult your realtor or mortgage broker; they may be able to provide you with more information regarding grants.

If you are a veteran and you qualify for a VA loan, oftentimes there is no down payment required.  The VA loan covers the closing costs and down payment.  If you are a veteran and would like more information on acquiring a VA funded mortgage consult your local Veteran’s Administration office and they will be able to explain what is required.  Your mortgage broker may also be familiar with the requirements of a VA loan and can tell you if you qualify. 

Don’t let you inability to come up with a down payment hinder your dream of purchasing a new home.  There are many programs and agencies that were designed to help people in your situation.  With a little research and legwork, you may be able to qualify for a home loan and have the money required for the down payment.  Coming up with a down payment can be a stressful undertaking, but with the help of the agencies that were put in place to help, it has just gotten easier to buy a new home.

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There is a growing trend for Realtors to specialize in one type of home or business real estate. The biggest disadvantage of working with a specialist is that you might not be able to see a variety of properties. Yet, there are many advantages of working with specialist Realtors.

Foreclosure Real Estate Specialists

A Realtor specializing in foreclosure real estate is a good person to work with if you want to invest. A foreclosure specialist will know all the places to find foreclosed properties. She will understand the pitfalls of buying properties through foreclosure auctions and the best ways to avoid them. She may have connections with banks so that she can list foreclosed homes very quickly.

Another type of foreclosure real estate is REO properties that banks hold on their books. The Realtor who specializes in REO deals will know how to find the best houses, how to evaluate the properties, and how to negotiate with the banks. You can work with an REO specialist and you will have all the benefits of her knowledge and experience.

Rental Property Real Estate Specialists

You may want to buy an apartment complex or a group of duplexes to add to your investment portfolio. Some Realtors specialize in just such properties. These specialists can help you find the best areas of the city to have a rental business. They can help assure that you get everything inspected and repaired to your satisfaction before you take possession.

Senior Housing Specialist

A senior housing specialist is a Realtor who works with older adults to find homes that suit their needs. If you are a senior looking for a good home for your retirement, you might seek out such a Realtor. The advantage of using a specialist in this case is that someone familiar with the needs of older adults will be quick to spot problem areas like steep steps, low toilets, and difficult maintenance requirements. She can help you find a solution or steer you to a home that is more suited to your age and condition. If you are in good shape physically and mentally, she can help you find a home that will accommodate your active lifestyle now yet still be suitable for you once you slow down.

Green Building Specialist

A Realtor who specializes in ecologically sound homes can help you tremendously if that is your priority. she should know all the features to look for in a green home such as good insulation, solar panels, and water conservation. Also, she should know green contractors who can be contracted to fix up the home before or just after you purchase it.

No matter what your needs, you can probably find a Realtor who specializes in that area.  It may be very helpful in many cases to have a general Realtor to show you a variety of properties and work with you on a number of different types of purchases. If you want someone with deep experience in a specific real estate transaction you want to make, though, you might want to work with a specialist.

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When the real estate market is down, finding foreclosed properties is simple. You can just drive around various communities and look for signs hanging from doors.When the real estate market is bad, foreclosed properties are advertised in the paper, on street signs and sometimes the news about foreclosed properties is even spread by word of mouth. However, what happens when the real estate market turns around? Where do you look to find foreclosures then?  The rest of this article explores ways to find foreclosed properties in any market. Weak Markets Usually weak markets have more foreclosures than strong markets. In a weak market, many homes once offered as short sales end up on the foreclosure listings and eventually deeded to the banks. Sometimes it is a good idea to wait until a property has hit foreclosure status. One reason is that your initial outlay of money could be lower with a foreclosed property. Yes, there is quite a difference in the amount of money you will spend on a home that is still being short sold versus one that has already been repossessed by the bank and is now up for sale. Finding foreclosures is as easy as looking through the classifieds. Most of the time, real estate agents specialize in one type of housing.  Another way to find foreclosures in a weak market is to drive around. Many banks or real estate agents will advertise a home that is in foreclosure openly. These signs along with droves of cars are good signs that a property is in foreclosure. Strong Markets Strong markets are different animals. When there are few foreclosures, it can be a little more difficult to seek them out, but it is not impossible. The trick with strong markets is to get an upper hand on other foreclosure investors. This can be done by calling a listed foreclosure agent and asking about other foreclosures that are not listed yet in the MLS (Multiple Listing Service) database. Many real estate agents will wait a couple of weeks before officially listing a foreclosure. This is so they can verify with the bank, the exact listing price they want on the property. By asking ahead of time, your agent can point out other foreclosed homes in your price range. Bank websites are another place to look in a strong market. Many of the national banks, such as Countrywide, Bank of America, and Chase list all of their current foreclosures on their website. While these are hit or miss, because they are on a national scale, it is a good place to start. 

No matter what market you are in at the present, finding foreclosures is not as difficult as you might think. With a little deductive reasoning and a bit of super sleuth work, you will be able to find the perfect house or project for your budget. Use those detective skills you practice while watching Law & Order to help you find foreclosure properties during a strong market. Just pay attention and you’ll find foreclosures in droves in a weak one.

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Every real estate investor knows that they need to do a lot of scouting to find good deals.  However, not every investor finds their deals in the same way.  With online sites such as Twitter, Ebay and Craigslist becoming the norm, the most popular method of scouting real estate these days is definitely the internet.  But keep in mind, there are many other ways to find real estate goldmines. 

Perhaps one of the best ways to find your million dollar deal is just to go driving.  Of course, for this to be effective, you have to know what you are looking for when you do it.  Scouting your neighborhood does not mean you should be looking for homes with “for sale” signs.  Instead, you should be looking for neglected properties.  Pay attention to homes that have overgrown bushes, weeds and lawns.  Look for garbage and a general “trashy” appearance.  You should also look for multi-units and apartment buildings that do not appear to have proper upkeep.  The point here is to scope out properties that appear to be falling by the wayside.  You will want to make sure that you do not make yourself highly noticeable.  Think of yourself as a detective and do not purposely interact with anyone on a property you are checking out. 

Once you find a property that looks like it may be a good investment, the next step is to get the parcel number from the local zoning office in your town.  Once you get the parcel number you can look up the owners’ information and prepare a professional letter to them regarding a possible purchase of the property.  If the property owners happen to live out of state, the chance of you working out a successful deal just got that much greater. 

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