mortgage louisville
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MICA (SuDoc FR 1.63/17:L 93/) … |
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The social and geographic distribution of home mortgage and home improvement loans in four Kentucky metropolitan areas: Louisville, Lexington, northern Kentucky, Ashland … |
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HMDA (SuDoc FR 1.63/17:L 93/) … |
A Few Things to Consider When Buying a Louisville Foreclosure
Louisville foreclosures can be a very shrewd investment for homebuyers as most sell well below current market conditions. Lenders who foreclose on and repossess homes would rather not be in the home selling business, and are often motivated sellers. However, if you’re thinking of saving money by buying a foreclosure in Louisville, let the buyer beware as the money you save upfront could very easily evaporate if you don’t do your homework.
On average, Louisville foreclosures sell for 20 percent or less than similar homes in the same neighborhood. The mortgage crisis here and elsewhere has created a huge inventory of foreclosed homes for buyers to select from, but many of these Louisville homes for sale are distressed properties that will need much more than cosmetic measures to make them livable. Foreclosed homes are usually sold as is and unless you’re a contractor or home inspector, you could miss very serious structural flaws that could transform your great deal into a great money pit.
Before signing any documents to buy a Louisville foreclosure, it is absolutely in your best interest to hire a licensed home inspector. Sometimes an owner will vandalize a home going into foreclosure in ways that may or may not be easy to see in an attempt to strike back at the foreclosing lender. This small extra expense could save you tens of thousands of dollars, because once you sign a purchase agreement, those liabilities become yours.
Next, if you’re buying a Louisville foreclosure it is a very good idea to hire a real estate attorney to ensure there are no secondary liens or claims on the home. Some buyers may view this as an unnecessary expense when the whole idea is to save money, but an ounce of prevention is worth much more than a pound of cure under these circumstances. If you buy a foreclosure with liens that the lender has failed to disclose, this is another case where those liabilities become yours.
Also, be aware that some Louisville foreclosure deals are no deals at all. While some lenders may be motivated to cut deals on foreclosed homes just to rid themselves of the liabilities, other lenders may be tough negotiators, depending on how much is owed on the property, and how interested they think a prospective buyer may be in one of their properties. Make sure to do your homework and look up how much the previous owner paid for the home when they bought it, and know how long the home has been vacant before contacting the lender. This information is very likely to determine your interest in the home and your offer.
About the Author
Louisville Properties LLC is a experienced Louisville Real Estate company offering buyers and sellers a wide range of realty services in the Louisville Metro, Jefferson, Oldham, and Bullitt County areas.
mortgage louisville Questions
Why are so many online mortgage companies based in Louisville, KY?
I recently filled out an online application at lendingtree.com and I was contacted by 14 brokers, all in Kentucky.
The mortgage brokers that respond are not “online mortgage companies” They are whomever pays lending tree for your information. (Are you in Kentucky?) Lending tree makes money collecting lead fees from brokers, not from actually getting you a loan. You would be better served by picking a broker yourself based on your own set of criteria than having Lending tree sell you to the highest bidder … and in their case … multiple bidders.
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|
MICA (SuDoc FR 1.63/17:L 93/) … |
|
|
The social and geographic distribution of home mortgage and home improvement loans in four Kentucky metropolitan areas: Louisville, Lexington, northern Kentucky, Ashland … |
|
|
HMDA (SuDoc FR 1.63/17:L 93/) … |
