tag:blogger.com,1999:blog-337717322024-03-14T02:55:17.351-04:00Rhode Island Real EstateMusings and Ramblings on Real Estate in the Ocean State. And whatever else comes to mind!Karen Hurst, Realtorhttp://www.blogger.com/profile/16895880510571649271noreply@blogger.comBlogger83125tag:blogger.com,1999:blog-33771732.post-80079403133296298622017-07-28T11:28:00.001-04:002017-07-28T11:28:07.636-04:00Hot Rhode Island Real Estate Market?<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://2.bp.blogspot.com/-kkJJKHc-V5Q/WXtSeXKPq3I/AAAAAAAAXJc/CSPKtfBcV6gnecsKLIuCvs6vIH8WzGtegCLcBGAs/s1600/block%2Bisland%2Bview.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="768" data-original-width="1024" height="240" src="https://2.bp.blogspot.com/-kkJJKHc-V5Q/WXtSeXKPq3I/AAAAAAAAXJc/CSPKtfBcV6gnecsKLIuCvs6vIH8WzGtegCLcBGAs/s320/block%2Bisland%2Bview.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Block Island by Karen Hurst<br /><br /></td></tr>
</tbody></table>
There are market reports everywhere and I as well as everyone else am getting blurry eyed reading them. Everyone, from the National Association of Realtors to millions of Real Estate Companies across America has an opinion.<br />
<br />
What you need to keep in mind is that Real Estate is local and that it changes from month to month.<br />
<br />
I just read a market report about Warwick, Rhode Island. It clearly stated that in June 2017, homes were selling at above rates of June 2016. Okay, that sounds good, but if you get past the headlines, you will see that it goes on to say that home sales in warwick RI have dropped from May 2017, while still being higher than last years June total, they are lower than this Mays total!<br />
<br />
As a Realtor in Rhode Island that works full time (and more), I can see the subtle changes going on in the market. It also helps that I like to spend endless hours poring over data! So I am going to make a hesitant prediction! Hesitant, because so many variables drive this market, but I am confident in my own research as well.<br />
<br />
I see July and August also on a lower end from May sales. I am speaking of Rhode Island, not any where else. In September and October, there will be a slight upswing and then the market will level out until next Spring. What happens next spring is way too early to predict! <br />
<br />
So, if you want to buy, then in the next couple of months it will be a close proximity to a buyers market. Certainly not like what we have seen over the past five years or so, but a definite change from a sellers market that is now in progress.<br />
<br />
Everyone knows as its been blasted all over...Now is the time to sell! Multiple offers on your home!! Yes this does happen. However, everyone thinking about selling during this last Real Estate crisis, are now listing their homes. Sooner or later demand and supply will level. Days on market is the best indicator of prices starting to level off.<br />
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Happy Selling and Happy Hunting!<br />
<br />
<br />
<br /><div class="blogger-post-footer"><script type="text/javascript"><!--
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First, this website will let you know the new RULES regarding everyone involved in Short Sales, the Realtors, Attorneys, etc and what they can and can not do. You need to be aware that not all providers know what they are doing. <a href="http://business.ftc.gov/documents/bus76-mortgage-assistance-relief-services-rule">http://business.ftc.gov/documents/bus76-mortgage-assistance-relief-services-rule</a><br />
<br />
Second, if you live in Rhode Island and have not managed to get your mortgage loan modified, and feel you have a legitimate reason for being behind on payments, be sure to use a HUD approved counselor. Here is the page for Rhode Islands' hardest hit. Names, numbers, faqs....all are here. Don't wait until it's too late.<br />
<a href="http://www.hhfri.org/HHFRI_Default.aspx?id=10737418257&ekmensel=c580fa7b_10737418238_10737418239_btnlink">http://www.hhfri.org/HHFRI_Default.aspx?id=10737418257&ekmensel=c580fa7b_10737418238_10737418239_btnlink</a><br />
<br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://lh5.googleusercontent.com/-kEOjqYUmmhU/TW_Kq7SCOUI/AAAAAAAAATI/K8opvVinzlw/s1600/DSCN0304.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="180" l6="true" src="https://lh5.googleusercontent.com/-kEOjqYUmmhU/TW_Kq7SCOUI/AAAAAAAAATI/K8opvVinzlw/s320/DSCN0304.jpg" width="320" /></a></div><div class="blogger-post-footer"><script type="text/javascript"><!--
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</div><div style="text-align: center;"><span style="font-size: large;"><span style="font-family: Arial;"><span style="font-family: Arial;"><span style="font-size: small;">Great opportunity to own in Warwick, RI!</span></span></span></span></div><div style="text-align: center;"><span style="font-size: large;"><span style="font-family: Arial;"><span style="font-family: Arial;"><span style="font-size: small;">This home has a lot of potential. A large attic can be expanded to be another bedroom. </span></span></span></span></div><div style="text-align: center;"><span style="font-size: large;"><span style="font-family: Arial;"><span style="font-family: Arial;"><span style="font-size: small;">This home is FHA insured and qualifies for 203K Rehab loan. </span></span></span></span></div><div style="text-align: center;"><span style="font-size: large;"><span style="font-family: Arial;"><span style="font-family: Arial;"><span style="font-size: small;">Home is sold as is, and is available to owner occupants up to 2/12/2011</span></span></span></span></div><div style="text-align: center;"><br />
</div><div style="text-align: center;"><span style="font-size: large;"><span style="font-family: Arial;"><span style="font-family: Arial;"><span style="font-size: small;">For further details see <a href="http://www.hudhomestore.com/">www.hudhomestore.com</a></span></span></span></span></div><div style="text-align: center;"><br />
</div><div align="justify" style="text-align: center;"><span style="font-size: large;"><span style="font-family: Arial;"><span style="font-family: Arial;">To see a tour of this home, <a href="http://karenhurst.point2agent.com/Listing/VirtualTour.ashx?ListingID=32553982">click here</a></span></span></span></div><div align="justify" style="text-align: center;"><br />
</div><div align="justify" style="text-align: center;"><span style="font-size: large;"><span style="font-family: Arial;"><span style="font-family: Arial;">Karen Hurst is the <strong><em>Neighborhood Listing Broker</em></strong> (NLB) for <strong>Hud</strong> Homes</span></span></span></div><div class="blogger-post-footer"><script type="text/javascript"><!--
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</div><div style="text-align: center;"><strong><em>See you in January. It's definitely time to buy your new home before the mortgage rates get any higher! And if you are thinking of selling, there are buyers out there.</em></strong></div><div style="text-align: center;"><br />
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<strong><span style="color: #cc0000; font-size: large;">UPDATED 10/08/2010</span></strong><br />
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<strong><span style="color: #cc0000; font-size: large;">All 50 states are now being affected by BOFA and some others.</span></strong><br />
<strong><span style="color: #cc0000; font-size: large;">This should "not" affect short sales.</span></strong><div class="blogger-post-footer"><script type="text/javascript"><!--
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</div><div class="separator" style="clear: both; text-align: center;">Happy Independence Day Warwick</div><div class="blogger-post-footer"><script type="text/javascript"><!--
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I have always thought that the job market had a direct relationship to the Real Estate market. Below is an article that backs up my opinion. Rhode Island is once again near the top!!! (and as usual, not in a good way)<br />
<div style="text-align: center;"><em><strong>We need jobs to encourage this economy and not minimum wage jobs but good paying jobs!</strong></em> </div>The banks are now looking at potential home buyers with so much scrutiny, that it is making it nearly impossible to get a mortgage. There are a large percentage of Rhode Islanders' that are either going through, or have just gone through a short sale or a foreclosure! These people will not be able to buy at least for 3 years! <br />
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The few that can afford to actually make a mortgage payment and still continue to exist need to know that they will be getting periodic raises and have some kind of security regarding their place in the <a href="http://www.bls.gov/eag/eag.RI.htm">job market.in Rhode Island</a><br />
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I am just a Realtor in Rhode Island. I do not know the answers on what to do about the job market. I do know that most of the industry in Rhode Island has disappeared. We are now a hospitality state, which would be great if the beaches remained open during the summer, at least.<br />
<br />
Here is the article<br />
<a href="http://agentgenius.com/g-rants-insanity-more/does-length-of-unemployment-indicate-the-real-estate-sectors-health/">Does length of unemployment indicate the real estate sector&#8217;s health?</a><br />
<br />
Meanwhile, I am here to help people find homes. Rhode Island has the potential to be one of the nicest states around! <br />
<br />
Photo by Karen Hurst of former <a href="http://rockypointfoundation.org/">Rocky Point</a><div class="blogger-post-footer"><script type="text/javascript"><!--
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<br />
My dad fought in World War II. He still has horrible memories and he lost his brother during the war in the Fiji islands. Yes my uncle received a Purple Heart for his bravery. Of course, I never got to meet him.<br />
<br />
So to my uncle Robert Cole and my dad George Cole, and all the soldiers whether dead or alive, fighting now or years ago, thankyou for fighting for my freedom!<br />
<br />
<br />
Peace to all on Memorial Day!<div class="blogger-post-footer"><script type="text/javascript"><!--
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<br />
<br />
HUD has announced that it's changing how it defines foreclosed to include properties in default and abandoned with lingering code violations. Effective immediately, HUD is classifying any property that is at least 60 days behind on the mortgage or the property owner is 90 days or more delinquent on tax payments as a "foreclosed" home.<br />
<br />
<br />
<br />
In addition, HUD is expanding the definition of an "abandoned" property to include homes where no mortgage or tax payments have been made by the property owner for at least 90 days or a code enforcement inspection has determined that the property is not habitable and the owner has taken no corrective actions within 90 days of notification of the deficiencies.<br />
<br />
<br />
<br />
HUD officials say the new definitions will help communities acquire, rehabilitate, and re-sell foreclosed and abandoned properties more quickly under the Neighborhood Stabilization Program (NSP) and help prevent further decline in hard-hit neighborhoods.<br />
<br />
<strong>Also, the FHA has a moratorium in RI for three months on foreclosures due to the flooding.</strong><br />
<br />
<br />
<br />
Source DS News<div class="blogger-post-footer"><script type="text/javascript"><!--
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<br />
<strong><em>There will be an open house at 71 Lowell Street, West Warwick RI on Sunday March 14th from 1pm to 3pm.</em></strong><br />
<br />
This house is an incredible opportunity at a newly reduced price of $151900!<br />
<br />
Yes it needs some work, but the basics are all there.<br />
It needs painting, a few new doors inside and general updating. Nothing major. It boasts vinyl siding, newer windows and roof. <br />
<br />
This is your chance to get a nice ranch on a corner lot in a quiet neighborhood for a very reasonable price!<br />
<br />
email me with any questions karenhurst @ rihome.net Realtors see mls # 959459 See you on Sunday!!<div class="blogger-post-footer"><script type="text/javascript"><!--
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<br />
Some of the highlights<br />
1) <strong><em>Mortgage insurance premium (MIP) will be increased</em></strong> to build up capital reserves and bring back private lending. <em><strong>The first steps will include raising the upfront MIP to 2.25%</strong></em> and secondary steps will involve shifting some of the increase to the annual MIP. An official mortgagee letter on this particular guideline is scheduled to be released tomorrow.<br />
<br />
This is for buyers without enough down payment. You will now be required to pay more upfront (however, I believe you may still be able to wrap it into your new mortgage(<br />
<br />
2) Update the combination of FICO scores and down payments for new borrowers. <strong><em>New borrowers with less than a 580 FICO score will be required to put down at least 10</em></strong>%. <br />
<br />
<br />
This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.<br />
<br />
<br />
3) Reduce allowable seller concessions from 6% to 3%. (for instance a seller may concede to pay for closing costs where before you could ask for up to 6% of the price, now you will only be able to ask for 3%)<br />
<br />
<br />
This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer. <br />
<br />
<br />
4.) Increase enforcement on FHA lenders.<br />
<br />
FHA is the Federal Housing Administration<br />
<br />
<br />
Here is a <a href="http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-016">link to the press release</a> if you would like to read it yourself.<br />
<br />
<strong><em>Bottom line...buy your new home before the April 30th cutoff for the tax credit and try to get it all done before these changes take place!</em></strong><div class="blogger-post-footer"><script type="text/javascript"><!--
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<br />
This is actually "great news" for first time buyers and owner occupant buyers. This program is somewhat similar to the HUD program which gives owner occupants a 10 day running start.<br />
<br />
In my experience, many owner occupants have been "outbid" or even underbid by investors with Cash. The listing Banks preferred to take the cash instead of waiting out the the possibilites of the owner occupant getting a mortgage. <br />
<br />
With this new Fannie Mae First Look program coming up in 2010, if you are going to occupy the home yourself and even if you need a mortgage to do so, you will now have the first shot!<br />
<br />
Here is the <a href="http://www.fanniemae.com/newsreleases/2009/4868.jhtml?p=Media&s=News+Releases">link to the Media announcement from Fannie Mae</a> to learn more about this program.<br />
<br />
Keep tuned to this Rhode Island Real Estate blog to find out more, as it happens!<div class="blogger-post-footer"><script type="text/javascript"><!--
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</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div style="text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><a href="http://3.bp.blogspot.com/_h1wgN16pJRs/SxPbiYLUHDI/AAAAAAAAAQ8/PlGx9x-1S2Q/s1600/goodneighbors.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://3.bp.blogspot.com/_h1wgN16pJRs/SxPbiYLUHDI/AAAAAAAAAQ8/PlGx9x-1S2Q/s320/goodneighbors.gif" yr="true" /></a><span style="background-color: #f3f3f3;"></span><br />
</div><div class="separator" style="clear: both; text-align: center;"><span style="background-color: #990000; font-size: x-large;">To all our Agents, Clients, soon to be clients, Friends and Family.</span><br />
</div><div class="separator" style="clear: both; text-align: center;"><span style="background-color: #990000; font-size: x-large;">We wish you a peaceful and prosperous Holiday Season!</span><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div style="text-align: center;"><br />
</div><div class="blogger-post-footer"><script type="text/javascript"><!--
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<br />
Now, according to CNN News Rhode Island again is in the top ten. It seems we are always in the top ten of something! This time, it's our financial problems. I clearly remember the reason our governor ran for this position. He ran a business and knew how to manage money!! You can go <a href="http://money.cnn.com/2009/11/11/news/economy/states_economies/">here to see </a>the CNN article<br />
<br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://3.bp.blogspot.com/_h1wgN16pJRs/SvwbyFPMMAI/AAAAAAAAAQU/DSp-mOTEFoo/s1600-h/chart_states_fiscal.gif" imageanchor="1" style="clear: right; cssfloat: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" sr="true" src="http://3.bp.blogspot.com/_h1wgN16pJRs/SvwbyFPMMAI/AAAAAAAAAQU/DSp-mOTEFoo/s320/chart_states_fiscal.gif" /></a><br />
</div>Here is the chart for "states in fiscal peril" <br />
<br />
<br />
<br />
So, what does this mean for the housing market here in Rhode Island? Well one could say that yes, it is still a good time to buy. We now have an extension on the tax credit and an additional incentive for people who may have wanted to list their homes and make a move, but were afraid to because of the volatile market. Now if you wanted to list you would have a better chance of a buyer actually considering your home and when you moved, you would also be able to collect a few thousand (above and beyond). This is nothing to sneeze at and will be ending April, 2010.<br />
<br />
However, who is to say that homes will not continue to decline? We are all hearing those rumors about the foreclosures stuck in the "pipeline". In my business, I do a lot of traveling throughout Rhode Island and I see many, many unoccupied homes. Are they future foreclosures? And why are they not on the market now? What is holding up the banks in these instances?<br />
<br />
Also, anyone who has had the <strike>misfortune </strike>opportunity to be on either side of a short sale, already knows how futile they can be. Yes, a buyer can get a really good bargain. (Better than a foreclosure because the plumbing is usually still in the house). However, that buyer needs to excersise extreme patience because it can be months and months before they even hear back from the bank. Why? <br />
<br />
I would venture to say that if you now want to <a href="http://www.stonehurstrealty.com/">list your home</a>, it would be a pretty good time to do so.<br />
<br />
I am a Realtor. I write about Rhode Island. Rhode Island has some beautiful coastline and picturesque country. I live in Rhode Island and grew up here. But, we are in financial trouble. This is a good time for someone from out of state to come in and snap up a waterfront or bayside home. Our beaches are now sporting some great home deals! These homes were once coveted and now are on the market. Rhode Island's troubles are someone elses' gains, as is the case with just about everything. <br />
<br />
Here's hoping Rhode Island gets back on its feet and shows its stuff. We have a lot of great places here. All we need is jobs!<div class="blogger-post-footer"><script type="text/javascript"><!--
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<br />
--------------------<br />
<br />
<br />
WASHINGTON - Key Senate leaders agreed yesterday to extend a popular tax credit for<br />
first-time home buyers and to offer a reduced credit to some buyers who already own<br />
houses.<br />
<br />
The tax credit provides up to $8,000 to first-time home buyers, but it is set to<br />
expire at the end of November.<br />
<br />
Senators agreed to extend the existing tax credit for first-time home buyers while<br />
offering a reduced credit of up to $6,500 to repeat buyers who have owned their<br />
current homes for at least five years, said Regan Lachapelle, a spokeswoman for<br />
Senate majority leader Harry Reid, a Democrat from Nevada.<br />
<br />
The home buyers’ credit would be available to individuals earning up to $125,000, or<br />
$250,000 for couples, up from $75,000 for individuals and $150,000 for couples under<br />
the current law, Lachapelle said.<br />
<br />
The agreement was announced after the Commerce Department said sales of new homes<br />
unexpectedly fell in September.<br />
<br />
Lawmakers want to keep home sales from slipping as the economy struggles to recover<br />
from the worst drop in prices since the Great Depression. Economists say a recovery<br />
in housing is a key to rebuilding the confidence and finances of American consumers,<br />
whose spending makes up 70 percent of the world’s largest economy.<br />
<br />
The tax credits would be available to home buyers who sign sales agreements by the<br />
end of April. They would have until the end of June to close on their new homes,<br />
said a congressional aide, who spoke on condition of anonymity because he was not<br />
authorized to discuss the deal.<br />
<br />
Senator Christopher Dodd, a Democrat from Connecticut, has been negotiating for<br />
several weeks with Senator Johnny Isakson, a Republican of Georgia, to craft the<br />
extended tax credit. Senate minority leader Mitch McConnell, a Kentucky Republican,<br />
agreed that most lawmakers support the homebuyer measures.<br />
<br />
Senators were still negotiating the expansion of a separate tax credit that lets<br />
money-losing businesses get refunds for taxes paid in previous years, providing them<br />
with a source of cash.<br />
<br />
Senators in both political parties were hoping to add both tax provisions to a bill<br />
that would give people running out of unemployment insurance benefits up to 20 more<br />
weeks of federal aid. The Senate could vote on the overall bill as early as today,<br />
but lawmakers were still haggling over several unrelated amendments last night.<br />
<br />
If the Senate passes the bill, it would go to the House, which passed a similar bill<br />
extending unemployment benefits last month. House leaders have hinted they would<br />
support extending the tax credit for home buyers.<br />
<br />
Lawmakers didn’t release a cost estimate for extending the tax credit, though<br />
similar proposals were projected to cost about $10 billion.<br />
<br />
Industry representatives said uncertainty about the tax credit is hurting new home<br />
sales. September’s decline was the first since March.<br />
<br />
It takes 45 days to 60 days to close on a house, making it unlikely a sale made<br />
today would be consummated by the end of November, said Lucien Salvant, spokesman<br />
for the National Association of Realtors. “Buyers right now have an incentive to<br />
hold off, not knowing whether the credit will be extended,’’ Salvant said.<br />
<br />
Purchases of new homes dropped 3.6 percent last month to a 402,000 annual pace,<br />
which was lower than the most pessimistic economist’s forecast, according to<br />
Commerce Department figures.<br />
<br />
Material from Bloomberg News was used in this report. <br />
<br />
© Copyright 2009 Globe Newspaper Company.<div class="blogger-post-footer"><script type="text/javascript"><!--
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</script></div>Karen Hurst, Realtorhttp://www.blogger.com/profile/16895880510571649271noreply@blogger.com0tag:blogger.com,1999:blog-33771732.post-57748810659171737152009-10-23T11:57:00.000-04:002009-10-23T11:57:04.863-04:00Short Sales in Rhode IslandHave you been thinking about using a Short Sale to sell your home before it goes into Foreclosure? Stonehurst Realty can help you. Please email us or call for a confidential (free) consultation. We have all the necessary means to list and sell your home with a miminal amount of stress!<br />
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Even if you're unsure, or just wondering about short sales, drop us an email. We are here to help.<div class="blogger-post-footer"><script type="text/javascript"><!--
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</script></div>Karen Hurst, Realtorhttp://www.blogger.com/profile/16895880510571649271noreply@blogger.com0tag:blogger.com,1999:blog-33771732.post-82926738713314660322009-06-26T12:09:00.001-04:002009-06-26T12:10:54.438-04:00RI Market Update by KarenOnce again the market in Rhode Island has stumped even the most long term astute professionals. While everyone knows about the economy, school and church consolidations, high unemployment and numerous short sales and foreclosures that have racked Rhode Island for the past 4 years or so, no one could predict the current market. <br /><br /> Earlier this year there was a flurry of home buying, mostly bank owned homes, or fixer uppers. This flurry led to an increase in sales as was reported by the NAR. Then in spring, another small flurry took place, this time first time home buyers were coming out to try and take advantage of the $8,000 tax credit and the unusually low interest rates, combined with the monthly dropping of prices. This really was an excellent time to buy. <br /><br />The biggest problem being that most of these homes needed work and rehab, thereby cutting out the first time home buyer who was looking in their price range and then would have to add an additional $10,000 to $30,000 to get the home up to par. Even with all the new programs, first time home buyers are still at a disadvantage when it comes to buying bank owned homes. The selling banks, 90% of the time, will accept a lower offer as long as the offer is CASH and AS IS. A first time buyer, especially one going through FHA, has to offer higher and then has to be able to finance the repair items. Most selling banks do not want to sit and wait for this to happen.<br /><br /> Another major problem, that I have seen repeatedly, is the Title's of many of these bank owned properties not being clear to close. Once this happens, extensions need to be signed and discussed, some lasting 3 months or more after initial closing date, forcing some buyers to have to back out of the contract. An important note to this is that Rhode Island prices have been dropping so quickly, that the house you bid on in January and waited for it to close for three months is now worth less than you bid!!<br /><br />All these are daily happenings and all contribute to the disillusionment of buyers. It becomes a vicious circle and right now there is no end in sight. I spend most of my time searching for "deals" for my clients. It takes diligence and hard work and patience, but eventually we find the one.<br /><br />Yes, everyone knows the market will eventually come back, but the damage done in this particular market has been almost devastating.<br /><br />For the rest of this year, I would advise First time buyers to act quickly, not only to take advantage of the lower rates (which will definitely go back up), but also to take advantage of the tax credit. This is probably the best time you will ever see to purchase a home. Yes, it's a lot of work and somewhat disappointing to not get the house you bid on, but if you are diligent, your home will appear and it will be the right one.<div class="blogger-post-footer"><script type="text/javascript"><!--
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