Posted by Benjamin Ehinger on Friday, March 21, 2014 at 8:42 PMBy Benjamin Ehinger / March 21, 2014Comment
Are you tired of your current small home and considering a move into something larger?
Here's the top three signs that might indicate, that NOW is the time to move up into a larger home.
The number one sign that you need a larger home is that you're fighting with too many family members for use of the bathroom. This might mean you only have one bathroom at the present time. In which case, it's time for a second or possibly a third. Or you might have more than one bathroom but you're really tired of cleaning up after your spouse's/kid's toothpaste in the shared sink. Two sinks and at least two full bathrooms might be a MUST HAVE in your next home.
The second indicator that you're ready to move into a larger home is that you find yourself wishing, hoping, and praying for some extra space away from some of your other family members. I know you love your family, but sometimes it's healthy to retreat into another part of the home. This could be the man cave, sewing room, reading room, or movie room. In any event, you probably really love your family but just need a space to retreat once in a while. This extra space can be just what you need to bring more peace into your home.
And the third sign that you need a larger home is, that you honestly cannot remember the last time you invited over friends and family for a gathering. If your current house is too small, then you will probably feel very reluctant to bring over more people into your tiny space. If you're craving more family gatherings and potluck events, then maybe it's finally time to move into a larger home.
Posted by Benjamin Ehinger on Monday, March 3, 2014 at 7:42 PMBy Benjamin Ehinger / March 3, 2014Comment
Did you know that HUD homes can be one of the best deals in real estate?
What is a HUD home?
A HUD (housing and urban development) home is a 1-4 unit property that that went through foreclosure that was FHA-insured. When HUD becomes the owner, then it is listed for sale with a local broker. If the foreclosed property was insured by Fannie Mae or Freddie Mac, then it will be listed elsewhere.
You can search HUD homes for sale at HUDhomestore.com or you can usually find them listed on agents and broker websites listed as a "foreclosure" or "REO" (real estate owned or bank owned).
"I heard HUD homes are a money pit"
You may be wondering, "what kind of condition are these homes in?" As you can imagine, most HUD homes are just like other foreclosures and they probably need some repairs done. Some homes are like this moldy mess and other's are actually in very good condition, needing only paint or a good cleaning. However, it's probably best to budget for having to do some repairs, paint, and replace appliances/mechanicals. If you think about it, the previous owner was no longer able to stay current on their mortgage, which means that they probably didn't maintain the property as well as they should have.
Other things to know about buying a HUD home
The buying process for HUD homes is a little different than buying a traditional home in Wisconsin. First of all, the contracts are different than the normal state approved forms. This means that even savvy home buyers may want to bring the contract to an attorney to review. In fact, all Realtors in Wisconsin use state approved forms and may not be familiar with HUD forms. Since these contracts are different, it takes a little more thought and attention to detail. Hence this is one reason that HUD requires that all bids for...