Recently, I had a client who could only afford about $120,000 to purchase a condo. She wanted to take advantage of the $8000 tax credit and use the Kiddie Condo program (FHA loan with a parent co-signature). The problem we ran into? In that price range, none of the available condos were “warrantable” (an FHA requirement). What this means is that the ratio between owner-occupied units to the number of rental units was less than 51:49.
If you want to look at condos at a certain price point, for a specific payment—Great.  However, keep in mind that you will also be paying an average, say of $140 month in HOA fees. If you figure out what $140 month equates to in terms of added purchase price – it is about $25,000.
So…an alternative to giving up the condo search in the lower price ranges, see if you can now afford a house if you have $25,000 more to spend!
Opening your mind to other possibilities could be the difference between ownership (with a $8000 tax credit) or renter-ship with no tax incentives!
www.RealEsateByDawn.com

Why Student Housing?
Here’s why:  Because of the economic down turn, it is, in many cases harder to find work.  People are going to school or returning to school to seek better employment.  So, there is a premium on education.
All these students need a place to live. Many will look into privately owned student housing options vs. dormitories or campus housing. 
For investors, this is a great thing! 
Maybe there IS a recession – resistant investment after all: rental housing for students!  
NOTE: Fannie Mae & Freddie Mac, for about a year, limited financeable investments to 4, now the number is 10! (some restrictions do apply).  www.realestatebydawn.com

With heavy losses in the stock market and economy, that has financial industries (and regular people like us!) worried, there is HOPE!
People “in the know”… wealth managers, financial planners, investors, etc. are looking toward real estate investments to build a more solid, stable portfolio.

Are you ready for GOOD News? 

The Fort Collins area has a stable housing market with less than 2% fluctuation in the cost of an average home over the last 2 years.
In addition, if we look at economic real estate trends across the country, we see Larimer County (our county) having the lowest “House Price Risk” of all—a 0-10% chance over the next 2 years of declining house values!

Now THAT is good news!

Overall, our market reflects a 6 month inventory…which is considered a “balanced market” between Buyers and Sellers – another bit of great news!Are you ready to be a part of this market??  NOW IS THE TIME!  www.realestatebydawn.com

People absolutely love Real Estate.  Even better…a great BUY in the Real Estate marketplace.     Many clients come to me wanting a great deal.  Good news…they are out there! Sometimes, these “great buys” are Foreclosure or a “short sale.”

I want to mention 2 broad categories of Foreclosures.

HUD Foreclosures (Housing and Urban Development)   These homes are foreclosed due to a default on an FHA loan.  To find these homes, your realtor can search the MLS and/or you can go to www.mcbreo.com.  This company is the intermediary for HUD.  They list properties, offer inspection reports, pictures, etc. on each property. These properties are sold through an on-line bidding process and require a HUD-registered real estate broker.

Foreclosures (other than HUD):      These homes are typically owned by Lenders and listed by a Realtor. Offers are sent to the Lending Institution – just as they would be with a homeowner.  The biggest difference is that you are buying from an Institution “as- is, where is.” Response time is from 2-3 days to several days .  The Institution “runs the show” – dictating time frame for inspections, loan commitment, etc, and the closing date.  Utilities are usually turned off in these homes. 

So…what is a “short sale?”    A “short sale” or “short pay” is a process by which a Homeowner may owe more than the home is worth. The Seller/Homeowner appeals to the lien holder(s) to accept LESS than what is owed on the property.  The property is usually in “pre-foreclosure” at this point.

The Seller still owns the home.

*If the Seller accepts an offer, the Listing Agent submits it to the lien holder(s). *Negotiations begin!  The Listing Agent may engage a 3^rd party to negotiate on behalf of Seller – to expedite the process. 

NOTE: This process can take 3-6 months.  As you can see, the term “short” does not refer to time frame!!!  There is NO guarantee that the lien holders(s) will accept the Buyer’s offer – even if the Seller did!

I hope this helps!  IF the most important thing for you is to find a GOOD home at a FAIR price, I encourage you to not exclude “other” homes that might better suit your needs.

For more information please visit my website www.realestatebydawn.com