Jeremy Drobeck ~ (269) 488-9494 ~ Apply Now ~ Contact Us

Great News!

Effective Oct. 1, 2016 HUD homes financed with FHA-insured financing are eligible to be purchased with only $100 down.  This sales incentive is for properties in Michigan and Ohio.  You can get a list of HUD homes for sale in your area at HudHomeStore.com or give me a jingle and I will hook you up with a local Real Estate agent that can get you into the homes.  We can use this program on a standard FHA 203b loan, FHA 203b with a repair escrow, or a FHA 203k Renovation loan.  More information about repair options click here.  Check out the video below for more info!  Visit our marketing library to download a flyer for this program!

 

Published in Jeremy's Blog

YTD Dollar Amount Of Repairs Completed:  $167,481.10

It seems that now days appraiser required repairs are almost the norm.  Looking back at the loans my team closed so far in 2014 over 40% had one repair or another required by the appraiser.  There is a misnomer out that that conventional financing is some how shielded from required repairs, that simply not true.  Now these transaction don't have to fall apart simply because there is a busted window or missing toilet, in fact I don't think any transaction should fall apart because of appraiser required repairs.  We have a number of options when it comes to seeing these transactions through to closing.  You can read all those options here.  I will say setting up a repair escrow is by far the most popular option.  In fact, 95% of the borrowers that ran into repair issues chose to deal with those repairs using a repair escrow.

If you have been following my previous post my team is playing a little game building a log home tracking how many loans we gets closed that have repairs.

 Each block on the house represents $500 worth of repairs we escrowed for and had completed after closing. 

With October over we only have 2 months left to complete the most important building "The Bar" slated to be constructed right next to the Real Estate Office.   I need your help to make this happen. If you have any repairs that need to be completed after closing give me a call!

 

Published in Jeremy's Blog

Fannie Mae has announced the discountinuance of special financing options for properties listed for sale at www.homepath.com.  More specifically the homepath financing and homepath renovation financing products for both home buyers and investors.  In order to take advantage of these programs with the current enhancements there must be a fully executed purchase contract dated on or before October 6, 2014. 

Don't worry we have lots of other options for home buyers and investors!  For buyer looking for low money down options check out Rural Development for example.  Got repairs?  Well we have renovation programs for everyone including investors.

At the end of the day the elimination of these programs is a good single that things are looking up for the real estate market and thats great news!

Published in Jeremy's Blog

When it comes to tax foreclosures real estate investor can find some great buys.  However often investors go in blind and don't find out about a major pitfall with tax sales until they go to resell the home.  In a previous post we did about the tax auction we explain the basic process of how to acquire one of these properties and with the sale right around the corner (Aug. 18, 2014) it time to hear the rest of the story.

Check out the video below where we interviewed some people who know first hand what's involved with passing clear title.

Most of the times a property purchased at the auction will have a clouded title.  The basic problem is that when the property is resold the title company wont insure it and therefor the buyers lender won't lend on it.  This is because the county didn't notice the previous owners property, well they did according to their rules, but not enough to get the title company comfortable issuing insurance.  The county is only required to mail out a notice, rather than have the previous owners actually sign acknowledging they received it.  So its possible to have someone comeback years later claiming they have an ownership interest in the property.  Not good!!

So what's the solution.  Really there are two options, if the county is willing to help, the investor can deed the property back to the county and the county can go in front of a judge and have things cleared (this takes about a month).  The other option if the investor doesn't want to hand the property back over the the county is to hire an attorney and private investigator to properly notice the former owners.  Assuming they don't make a claim the investor can get clear title.

At the end of the day none of this is all that big of a deal as long as the investor does all this upfront.  Investors should do the following:

  1. Budget for these expenses it can cost $1,200 to $2,000 to get clear title.
  2. Start the process right away - don't wait till the house is fixed up and you have a buyer to start what could be a 3 month process.  Start it immediately after purchasing the property.
  3. Do your homework - many title companies can help determine what steps will be necessary before you purchase the home.  So if you are drooling over a particular property talk to your local title company about it prior to the auction.

Check out our interview with Mary Balkema (Kalamazoo County Tresurer), Curt Dinkelmyer (head of Devon Title Company),  Jeremy Cole (Tax Auction Investor), & Martha Wilbur (home buyer).

 

To view properties for sale at auctions in Michigan visit www.tax-sale.info

Published in Jeremy's Blog

2014 Dollar Amount Of Repairs Completed:  $179,425.10

It seems that now days appraiser required repairs are almost the norm.  Looking back at the loans my team closed in 2014 over 33% had one repair or another required by the appraiser that couldnt be completed prior to closing.  There is a misnomer out that that conventional financing is some how shielded from required repairs, that simply not true.  Now these transaction don't have to fall apart simply because there is a busted window or missing toilet, in fact I don't think any transaction should fall apart because of appraiser required repairs.  We have a number of options when it comes to seeing these transactions through to closing.  You can read all those options here.  I will say setting up a repair escrow is by far the most popular option.  Infact, 93% of the borrowers that ran into repair issiues chose to deal with those repairs using a repair escrow.

So we are playing a little game building a log home tracking how many loans my team gets closed that have repairs.

 Each block on the house represents $500 worth of repairs we escrowed for and had completed after closing.  As you can see its the end of August and the log city is comming along nicely!

The bottom line if you "Got Repairs" you got to give me a call!

 

Published in Jeremy's Blog

Are you a buyer looking to purchase a HUD home or a Realtor looking so sell a HUD Home?  Eaither way, in this video we explain:

  • how to understand the financing options for puchasing HUD homes
  • how to understand www.hudhomestore.com
  • repairs on hud homes
  • bidding on hud homes
  • Low Down Payment Options
  • and so much more!

Print out with more info here

Also check out this video: Appraiser Nailed You With Required Repairs - No Worries!

Published in Jeremy's Blog

Buuuurrrrrrr! It's Cold outside! With all the cold weather + forclosures = FROZEN PIPES! We have a program to finance all that work into the loan. Its called our 203k renovation loan. Not only can we finance in busted pipes, but all sorts of things from kitchen remodels, bathrooms, addittions, finish basements, etc. . . the list goes on and on. Call me today or apply online to see if you qualify for our renovation loan program.

Published in Jeremy's Blog

*** Fannie Mae Has Discountinued This Program***

 

Look to buy a foreclosure? Here's a great program for you. This program is available on Fannie Mae foreclosures only. These homes can be found at www.homepath.com. Here are some highlights for the program:

  • 3% down for owner occupants
  • 10% down for investors
  • NO PMI (mortgage insurance)
  • No appraisal needed
  • Up to $35,000 in renovation money available

Give me a call to learn more about this unique opportunity to purchase a foreclosed home!  Jeremy Drobeck coming to you from Kalamazoo, MI 269-488-9494

 

Published in Jeremy's Blog

A bankruptcy or foreclosure filing delivers a devastating blow to your credit score, but it doesn’t mean you have to wait 10 years before you can qualify for a mortgage. Many consumers who have filed for bankruptcy have been able to obtain a mortgage as little as 2 years from the discharge and and 3 years from the sheriffs sale date in the case of a foreclosure. When it comes time to buy a home mortgage lenders are more interested in your recovery — what you’ve done since your filing. It won’t happen over night, but here are some tips and things to keep in mind when you inquire about a mortgage with a tarnished credit past:

Give explanations. No mortgage lender is going to ignore the fact that you’ve filed bankruptcy Click Here!and he or she will likely want to know the cause of the filing. Your lender will be particularly interested in whether the same situation could happen again. Your chances of being qualified are much better if your bankruptcy was caused by a single event such as a loss of employment or a death in the family, than if it was the result of “just spending too much.”  If the bankruptcy resulted from a single event, it is important to show your lender paperwork describing the incident, such as the layoff notice or death certificate. You may also want to bring in court documents to indicate when the bankruptcy was filed.


Demonstrate good money habits now. Many people who file bankruptcy swear off credit altogether, however, it is important to re-establish your credit rating. Get a secured credit card or take on some sort of loan — furniture, a car or a major appliance — to demonstrate that you are able to pay your bills on time. Make sure you are making other payments (utility bills, cell phone, etc.) on time as well. You won't turn things around in a year but your credit score will improve over time.

Dispute any credit report errors. There’s no need to add to your troubled credit history with errors on your credit report. Get a copy of your credit report from each of the three major credit reporting agencies: annualcreditreport.com

Save your money. Lenders may be more willing to loan you money if you’ve saved up a considerable amount of money for a down payment.  Showing that you have the ability to save money is huge!

 

Published in Credit

What Our Customers Think