Facebook Feed

Charles Dobish - Is Beaver County preparing to come out of it's Shell?! http://triblive.com/mobile/5952982-96/shell-plant-beaver

Meetings on proposed Shell 'cracker' plant in Beaver County lure 1,000 triblive.com

More than 1,000 people flocked to two informational meetings on Monday to hear about Royal Dutch Shell's proposed petrochemical plant in Beaver County, but they ...

22 hours ago

Charles Dobish - Thinking about selling your house? Here's why you should do it sooner rather than later.

Thinking About Selling Your House? Here's Why You Should Do So Sooner Rather Than Later www.fool.com

The dynamics of the housing market are currently great for home sellers in most major cities. However, there's reason to believe this could soon change. - John Maxfield - Financials

4 days ago

Charles Dobish - Check out my latest blog post on my website: http://www.charlesdobish.com/?p=89

The Ugly Truth About Foreclosures www.charlesdobish.com

Real Estate is no different than any other walk of life where if something looks too good to be true, odds are it probably is. Everyone wants a deal, so searches for foreclosed properties are extremely popular but do you know what you’re getting in to? Sure, the sales prices make foreclosures attr...

5 days ago

Charles Dobish - "It was a pleasure & I'm humbled..." on Teri Daley's post on Charles Dobish's wall.

1 week ago

Twitter Feed

The Ugly Truth About Foreclosures

April 13th, 2014 by Charles Dobish

Real Estate is no different than any other walk of life where if something looks too good to be true, odds are it probably is.  Everyone wants a deal, so searches for foreclosed properties are extremely popular but do you know what you’re getting in to?  Sure, the sales prices make foreclosures attractive to buyers but there are also additional hurdles to jump through such as: acquiring all municipal requirements, dye test certification & additional responsibility of the repairs that come with it, ordering & paying for HOA Resale packets, all for a property that is being sold AS-IS.

Without deep pockets, the know how to make repairs (or having someone you know willing to do the work inexpensively), these homes are not for the average or first time home buyer.  With the vast majority of foreclosures having issues with the roof, mold, peeling paint, no appliances, not to mention the buyers inability to have utilities turned on to test the furnace/AC unit, the costs to make the home move-in ready can add up quick.  FHA financing (the most popular style of mortgage for young first time home buyers due to the low 3.5% down payment requirement & allowance for up to 6% in seller assistance) is MUCH more difficult to acquire on these properties because of the safety checklist that comes along with it, leaving buyers with cash offers or conventional mortgages as their only option.

There are diamonds in the rough out there, but buyers need to do their homework on the property & be realistic about their financial position to make the best possible decision!