Warranty and Builder Foreclosure

Your 2-10 Home Buyers Warranty May Still be Covering Your Home!

If you purchased a home least than 10 years ago, the structural part of your warranty may still be in effect. If you purchase a home using FHA Financing, there is a good chance that your builder issued a 2-10 Homebuyers’ Warranty on your home. If that is the case, you may be in luck.

2-10 Home Buyer Warranty is an insurance backed company. Even if the builder goes out of business, the warranty company would remain in tack. 2-10 Appears to be solid. As of now anyway!

If you suspect you are having structural problems, get a hold of the company as soon as possible. Make sure you have your warranty number when you contact the company. If you do not have that warranty number, contact warrantee administration at 702-747-6000. With warranty administration, you will need the property address.

Do not put this off for another day. Time is of the essence. Below you will find some contact information for 2-10 HBW. If you need additional information, give my office a call. We will be happy to assist you in any way we can. 770-598-3240. Click here for the 2-10 HBW Request for service webpage. Or, call 800-775-4736 to speak to a representative on weekends, after hours and Holidays.

Remember, they more we know, the more money and heartache we can save you. Get Educated!

Be ready and you'll be lucky!
Kymn Hargrave is a REALTOR® Member of National Association of REALTORS®, A REALTIST® Member of National Association of Real Estate Brokers, ABR - Accredited Buyer Representative, CNHS- Certified New Home Specialist, Green Designation from The National Association of REALTORS® (NAR) AHWD - At Home with Diversity Certification, SRES- Seniors Real Estate Specialist Designation, a Georgia Certified Facilitator, REOS Real Estate Owned Specialist and a Consumer Educator.

How to Bid on a HUD Home, Foreclosures and Short Sales

Just a couple of years ago, a bid that would net HUD 86% - 88% was considered a great bid. Today, all bets are of. There is no set formula for placing a winning bids.

It has been the American way to make a low offer on a home and raise the offer amount if the lower offer is not accepted. The problem with that in today’s market, is that the good homes and the great deals are flying of the market.

Over the weekend, I placed a $92,000 bib on a HUD Home that was listed for $96,000. The winning bid was $97,500. $1,500 more than the asking price. As a matter of fact, most of the NSP Down Payment Grant Programs, require that the sales price on a home be at least $15,000 less than the current market value to qualify the buyer to FREE Money!


Here is my professional advice to you. If you find a property you like:

1. Get pre-approved, not prequalified for the maximum amount you want to spend on a home before you start looking at houses. It does not mean you have to spend that much, and I recommend that you don’t, but you want to be ready to when a “Luck” presents itself.

2. Attend any lender required education classes that will qualify you for FREE MONEY, even if you have not found a home yet!

3. Any time you go to view property with your agent, be ready to make a serious offer if you find a home you like. The great home and great deals don’t last long.


4. Have your agent justify the price by showing you the comparable sales in the area. Use this logic to make your best offer.


5. Make your best offer first. On a foreclosure or a pre-foreclosure, your best offer may be more than the asking price. The offer will depend on what is going on in that particular part of the city.
6. 
   Have a list of all the inspectors you will need after your offer has been accepted. You will have a short period of time to inspect this property to make sure you want to go ahead with the purchase. Don’t wait until the last minute. Be Ready and you’ll be lucky!
   

Be patient and stay in contact with your lender and your agent. Sometimes….NO, I take that back…. ….Most of the time, the good deals require a little more time and effort to the closing table.

Happy Hunting. Encourage someone you care about to invest in real estate today! My motto is “Be ready and you’ll be lucky!”