Foreclosures

Are you considering buying a foreclosed home? A foreclosure may be a good deal or a really, really bad deal. The problem is that you usually don't know if it's a bad deal until it's too late.

If an owner was unable to make the payments on his or her home, how likely do you think it is that they made all the necessary repairs and performed the maintenance to keep the home in good shape? How much will you "save" on buying the foreclosed home vs. how much will you have to spend to make that home livable? Keep in mind, $25,000 to fix up a foreclosed home costs you $25,000 but $25,000 in purchase price only costs you about $140 per month at today's mortgage rates.

When buying a home, look for the best value not the best deal. What is important for you and your family excluding price? Start there then find a home that matches that criteria at a price you can afford. Mortgage interest rates are incredibly low, stretching your buying power. Now is definitely the time to buy but you have to buy right.

Remodeling Plans?

Do you have remodeling ideas for your home but don't know how to get started? The easiest way to get started is to meet with a reputable designer/contractor and share your thoughts.

Our custom home and remodeling company www.buckingham-properties.com offers a complimentary 1 hour session for homeowners. This meeting can take place in your home or at our office. We talk about your ideas, tastes, objectives, how you live now, how you want to live, budgets, the selection process, timing, financing options and more. We try to learn as much about you as possible so we can deliver the best finished product.

After this initial meeting, it can take weeks or even months to make all your choices and create the final construction schedule. So, even if you're not expecting to start the work until the spring, the time to start planning is now. We've always found that better planning yields a better finished product.

Some people are concerned about their ability to qualify for a mortgage today. Although there has been a lot of reporting on changes to the mortgage industry, people are still getting loans to buy homes. Don't disqualify yourself, talk to a lender and let them pull a credit report and let you know what loans are available out there. Chances are there's one that's a good fit for you.

The President and Congress have passed legislation giving 1st time homebuyers a $7,500 tax credit for purchasing a new home! There are some restrictions and limitations but this is a great opportunity that will not be around forever.