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Featured Home! 3 Bedroom 3 Story HUD Owned Home For Sale in Wiltons Corner
3 Bedroom 3 Story Townhouse For Sale in Wilton’s Corner (IN5606851)
Location: Wiltons Corner
This HUD owned 3 bedroom, 2 1/2 bath 3 story townhouse is ready to move in. It is located in Wilton’s Corner and it has a large livingroom, with a dining area and large eat-in kitchen, there is a deck off of the lower lever family room in the full finished basement that has a gas fireplace with marble hearth, and a mater bedroom with its own master bath.
Information
Contact Information
Terry Iwaniw
Direct: 609-417-1086
Office: 856-795-3111 x263
Pricing
Price: $175,000
Additional Pricing Information: ALL PROPERTIES ARE SOLD IN ‘AS IS’ CONDITION.SELLER MAKES NO REPRESENTATIONS OR WARRANTIES CONCERNING THE CONDITION OF THE PROPERTY AND DOES NOT GUARANTEE THAT THE PROPERTY IS FREE OF HIDDEN OR VISIBLE DEFECTS. BUYER IS RESPONSIBLE TO TAKE ACTION TO SATISFY HIMSELF THAT THE PROPERTY IS IN A CONDITION ACCEPTABLE TO HIM. SELLER WILL MAKE NO REPAIRS. BUYER IS ENCOURAGED TO HAVE A HOME INSPECTION TO IDENTIFY ANY DEFECTS.
Property Location
Features
Bedrooms: 3
Bathrooms: 2.5
School District: Winslow Twp
Square Footage: 1160
Agent Name: Terry Iwaniw
Broker: R & I Realty, LLC
MLS #: 5606851
Will qualify for FHA loan w/o repairs: Yes
HUD will allow escrow for repairs: No
Deposit mount required at time of offer: 1500
Attributes
Appliances
Range/Oven
Full Refrigerator
Washer/Dryer
Dishwasher
Sink Disposal
Microwave
Interior Amenities
Fireplace
Basement
Exterior Amenities
Patio
Grass Lawn
Photo Gallery
NJHUDSALES.COM has been updated.
Are you looking for a bargain home? Then you may want to seriously consider purchasing a HUD owned home. Right up front, I have to state that some of these homes are not in the best condition. Some are in worse condition then others. But you may be able to find a hidden gem. Check out the current list of HUD owned homes we are marketing.
To better understand this you’d have to understand the process by which the Department of Housing and Urban Development (HUD) acquires these properties.
First of all, HUD does NOT foreclose on any home. HUD does not lend mortgage money but it does insure many mortgage loans. So, HUD owned homes are not foreclosed homes, in the strictest sense. HUD owned homes are properties that they acquire by paying off on a claim submitted by the mortgage lender after the MORTGAGE LENDER has foreclosed on the property.
At some point in time, this mortgage lender decides to file a claim against the FHA insured mortgage. They submit their claim to HUD and when HUD pays off on the claim, they acquire the property. The mortgage lender can’t get the benefit payment AND keep the asset. So, in return for receiving the payment they relinquish the property that they foreclosed on. Not all mortgage lenders will file an FHA claim. Many will try to sell the property if they weren’t able to sell the property at a sheriff’s sale/auction. That is the reason that some HUD acquired homes get into the condition that they are in. Mortgage lenders, while trying to sell these properties, do not do such a great job in keeping them maintained. They are usually vacant and anything of value has been removed. It is a rarity to walk into a HUD acquired property and find a refrigerator and/or dishwasher in the house. More times then not the mortgage lender turns over the property to HUD as it is.
So now, HUD has acquired the property. What happens next? Well, HUD sends its appaissor to the property to inspect and value the property. The valuation is done in it’s present condition. It is done this way because HUD will NOT do any repairs to the property except what is minimally needed to preserve the house from further damage. If there is a broken window, they will board it up. If the carpeting was removed, they will NOT replace it. If there is an oil tank in the ground, they will NOT remediate. There are certain cases where HUD will allow the purchaser to set aside (escrow) a certain amount of money to have minor repair issues to be done so that the home could qualify for an FHA loan. The appraissor also notes any and all damage that they can see and assign a dollar value to the repair. This isn’t done so that HUD knows how they’ll have to pay for repairs because HUD does NOT do repairs. What this total repair values denotes is if the property would be able to qualify for an FHA loan or not. HUD designates homes at 3 levels -
- Insured: There are no FHA required repairs needed to be done in order to qualify for an FHA-backed loan.
- Insured w/Escrow: The FHA required repairs total less the $5000 and HUD will allow the purchaser to borrow the extra money and put into escrow in order to insure that these repairs get done.
- Uninsured: The repair total is greater then $5000 and the home would not qualify for a standard FHA-backed loan. However, the purchaser would be able to apply for a 203K (Construction loan) or a Streamline K (similar to a 203K but with a $35000 limit) loans. These have different requirements and the purchaser needs to discuss these type of loans with their mortgage loan representative.
So, now you have a better idea of what you have to work with. The next series of steps involve submitting an offer (which is different then submitting an offer to a private owner) and after that you’ll need to know the steps you’ll have to follow after HUD accepts your offer.
If you are interested in purchasing any of these HUD owned homes, please don’t hesitate to give me a call.
Terry Iwaniw
REALTOR Associate
R & I Realty, LLC
Off: 856-795-3111 x263
Cell: 609-417-1086
http://www.snewjerseyhomes.com/
http://snjrealestate.ning.com
Connect On Facebook – http://profile.to/terryiwaniw
REDUCED! Classic Seashore Home For Sale – $369,900.
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Fireplace
NJAR® ENCOURAGES CONSUMERS TO EXPLORE SHORT SALES AS AN ALTERNATIVE TO FORECLOSURE
For Immediate Release:
February 18, 2009
(Edison, NJ) In today’s unsteady economy, many homeowners experiencing financial difficulty have turned to a short sale as a means of avoiding a foreclosure. In many cases, sellers who cannot keep up with their mortgage payments strike a deal with their lender to sell the home and payoff less than the total amount due on the loan. In some cases, the lender forgives the outstanding debt. A short sale can occur in any real estate transaction where the purchase price is less than the amount required to pay off the liens on the real property, such as mortgages, judgments, taxes, homeowner or condominium association fees, assessments, as well as closing costs including but not limited to brokerage commissions, realty transfer fee, and attorney’s fees.
There are key advantages to pursuing a short sale over a foreclosure. Depending on how the lender reports the loan, short sales can appear on your credit report as “pre-foreclosure in redemption,” not as “debt discharged due to foreclosure.” Thus, people who come to an agreement on a short sale with their lender do far less damage to their credit rating than those who go through a foreclosure. Additionally, a benefit to a short sale is that borrowers will generally face a shorter waiting period before they can obtain another mortgage.
“In general, a short sale can be much faster and less expensive than a foreclosure,” said 2009 NJAR® President Diane Dilzell, CRS, e-PRO. “Troubled homeowners should remember that a short sale is not a cure-all but the ramifications are less harmful to their long-term financial well-being.”
Homeowners who are having difficulty making their mortgage payments and who may be considering a short sale must generally meet three qualifying criteria: they must be behind on their payments, be able to prove a legitimate hardship, and have little or no equity in their home.
Sellers should be aware that a short sale is a complex transaction and can take several months to complete. A short sale also requires several parties to come to an agreement on negotiated terms. In addition, different lending institutions have different policies. Some lenders may agree to forgive the difference between what they are owed, while others may require repayment of the deficiency. If your lender “writes off” any portion of the amount owed it may be reported as taxable income. Therefore, sellers should always seek the advice of an attorney or tax professional.
Dilzell noted that a REALTOR® is a valuable resource to home sellers considering a short sale. REALTORS® can help consumers navigate the short sale process, as well as facilitate communication between interested parties.
“REALTORS® don’t just sell houses; we work to help people to afford to stay in their homes. In the end, we want troubled homeowners to know that a foreclosure might not necessarily be their only option. Whether it’s a refinanced loan or a short sale, resources are available to homeowners having difficulty making their payments,” concluded Dilzell.
For Sale: 18 Fillmore Way, Sicklerville, NJ
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