Buying a home is a very involved process and the more you know the better your experience will be. Why? Because when you know the process you'll know what to expect and you'll be able to formulate a game plan. With a game plan in place, you'll be prepared for the worst and able prevent those avoidable buying mistakes.
1. Be an informed buyer...you're in the right place!
2. Find a Realtor that will educate you in the home buying process and stick by your side from start to finish, whether you qualify now or a year from now.
3. Find out what your credit score is...://www.experian.com, is a great resource and you get 1 free credit report a year.
4. Educate yourself with the mortgage process and what products are available in your area.
5. Get pre-approved before you start viewing properties. This can save you time and emotional stress. If you know how much you can afford, then you'll only look at those properties that you can afford, thus saving time and emotion. Your Realtor can give you numerous preferred lenders in your area. Your lender should be able to pre-aqpproved you over the phone, internet, or in person. Your lender should also give you an overview of all the financing options available to you, in your area.
6. Don't make any major purchases or changes to your financial picture without consulting your agent or mortgage lender. Major Purchases could throw off you ratio's and closing a credit card could hurt your credit.
7. Determine what you're shopping for...what you want and what you need.
Need help with your home purchase? Contact me. I'd be glad to help.
How to make your offer on a bank owned property stand apart.
1. Have a great Buyer's agent on your side, because the listing agent isn't going to negotiate for you!
2. Have your pre-approval letter ready when you present your offer.
3. Present the offer with 3% or more (of offer price) earnest money.
4. Have your agent include comparables sales if they support your offer.
5. Put together a list of repairs that need to be done to the property along with photos as evidence.
6. Pay all cash...if you can!
7. Make a clean, solid offer...the bank usually don't make repairs...so don't ask them to.
8. Make a clean, solid offer...with as few contingencies as possible.
9. Offer a quick closing...
For more information on Bank Owned Properties, give me a call.
www.connectrealtyhomesales.com
Whatcom County and the Bellingham real estate and market has held strong compared to most areas of the country in regards to home values and market conditions. Over the last 12 months our market has continued to see declines in housing prices and has experienced about a 10% decline in values from the same time last year.
Within the last few months preforeclosures have almost doubled, although the percentage of those that actually end up bank owned are definitely fewer. Short sales and bank owned properties are a big percentage of home sales these days. Which means overall they're bringing down home values in those areas.
For more information on Buying a Bank Owned Property, Short Sale, or other property give me a call.
Tara Camp
Search Greater Washington Bank Owned Properties at www.ConnectRealtyHomeSales.com
As a real estate professional I find it my duty...my job...my responsibility...my desire to know which financing options are available for my buyers in the Whatcom and Skagit County areas.
Although, I'm no expert on conventional financing, I know enough to keep my buyers informed. One of the more increasingly popular means of financing during these tight times is FHA financing. Find out more...FHA Financing - What it is and How it can Benefit you in today's Market!
FHA guidelines are one of the easiest forms of financing to qualify for these days.
FHA loan Qualification Guidelines
There are great options for FHA all across the board. Contact me for more information regarding financing options in this buyers market. Search for Washington bank owned properties, seller financed properties, lease options, and more.
One options is FHA financing. No longer are we seeing the strict guidelines of the FHA of yesteryear, but a newer program that's as almost as easy as subprime...o.k, just kidding,...but with insurance backed by the government and less predatory lending programs.
What is FHA?
FHA financing is financing provided by the Federal Housing Administration (FHA), which has existed as a government corporation since 1934. Established under the National Housing Act, the goal of the FHA is to stabilize the mortgage market by providing an adequate home financing system through mortgage insurances. The FHA does not loan money out to borrowers, rather it provides lenders protection through mortgage insurance which protects lenders from the home-owner defaulting on their loan obligations.
Benefits of FHA financing
***Lower down payment (3 percent)
***Down payments and closing costs can be covered through gifts
***These loans are available for all homebuyers
***FHA loans are available to individuals with less than great credit history
***Individuals purchasing a condo do not have to pay an upfront mortgage insurance premium
***There are no cash reserve requirements for a FHA loans on single family residences or duplexes
***FHA for rehab cost added to the loan...not limited to bank owned however!
***Great FHA financing for HUD properties and Bank Owned Properties
Assisting in all your Real Estate needs.Specializing in Bank Owned Properties, Short Sales, Lease Options, and Seller Financed properties. Whether you buying or Selling I can help achieve your goals.
In today's real estate market, it's important to have an agent that will look out for your best interest. One that will not pressure you to buy/sell quick, but rather allow you to ease into the process and do what's right for you. As your agent, my objective is to see you through a profitable, stress free transaction. To provide you with knowledge of the industry and all options available to you regarding buying and selling a property. Buying/Selling a home is one of the largest financial decisions you'll make during your lifetime, make sure you know your options!
As a Connect Realty agent all of your marketing needs will be addressed. Connect Realty provides advanced marketing material and technology to better serve you. With one giant support system, advanced technology, global MLS(eventually), 60+ search engine blast, and expansive agent tools you are getting more agent than ever before.
My focus in today's market is reaching the goals of my buyers and sellers with the many alternative ways of acquisition and finance. With the declining market conditions and tightening lending standards, I am able to creatively solve the problems of both buyers and sellers. When faced with our current conditions, buyers and sellers need to be open to creative real estate strategies in order to reach there goals. My objective is to educate both buyer and seller with all their options to a achieve their goals in order to make confident, well-informed decisions.
What most people don't know and realize is that creative real estate strategies can be very advantageous to both parties involved. For the seller it can mean the difference in thousands and thousands of dollars, the difference in an easy retirement or one of just getting by, or a child's college education. For the buyer it could mean the difference in renting for the rest of their life or having a place to call home, to gain self respect and raise their children.
My specialization is Bank Owned properties, Preforeclosures, Seller Financed Properties, and Lease Options. If your looking for a property why not try to get a great deal. Let me show you how!
My passion is what I do, and I do what I love. I'll bring that passion to your transaction!
I am an outdoor enthusiast! When I'm not eating, drinking, and breathing real estate I enjoy being surrounded by nature, getting physical. I can be found on a bike on Galbraith mountain, the inner urban trails of Bellingham, and biking up and down neighborhoods, checking out homes.
When it's cold and raining you can find me in one of the many terrific coffee shops around town reading or surfing. On a more adventureous day, I'll be found testing the snow conditions on Mt. Baker.
And when I have time to take tropical vacations I love to go on long cruises touring the world by boat, or going to Costa Rica to hit up some good surf. Boy, am I overdue!
My Community Associations:
Education Relating to Real Estate:
400+ hours of various training, taught by over 30+ instructors including but not limited to:
Testimonials
"One thing that set's Tara apart from other real estate agents, is that she was predicting and advising her clients that prices were still dropping and would drop significantly further when virtually all other agents were saying we've hit bottom and prices were ready to appreciate again. This gave me confidence that Tara wasn't trying to rush me into the market by raising my expectations beyond reality as so many agents have done these last several years. She helped me find my dream property at a price I believe reflects market conditions as they will be over the typical irrational exuberance, even despite the recent economic turmoil. Additionally, she's laid back yet diligent about staying in contact. She's all this on top of being a real pleasure to meet for property tours or just signing some paper work at the local ice cream shop. I hope to be fortunate enough to work with Tara Camp again in the future." J. Kraus
"Thanks so much for all the work you've done in helping us relocate. Moving to a new area is very stressful, but with the work you've done for us you've eliminated a lot of the stress. " C. Smith
"Although we didn't qualify for a home this go round, Tara has helped me get my ducks in a row, so that within 6 months we'll be able to buy our first home."
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