Posts Tagged ‘real estate advice’

Home buying seminar

January 22, 2013

blog-author-clayjeffreys2

Prequalification… due diligence period… PMI… down payment… financing contingency… home inspection… loan application… an awful lot goes into buying a home. Unless you are buying a home with cash, you must get prequalified, buy a home, apply for the mortgage, inspect the home,… the list goes on.

The home buying process can be overwhelming. If only there was a way to help get you started on the way to home ownership. On March 2, 2013, there is!

I will be co-hosting a FREE home buying seminar in Decatur, GA on March 2nd. Whether you are a first time home buyer, looking to buy investment properties, or you haven’t bought a home in the last 5 years, then this seminar is for you (as a lot has changed in the last several years). We will take time going over the major components of buying a home:

  • prequalification process
  • finding a home and getting under contract
  • loan process
  • inspecting the home
  • closing

If you are thinking of buying a home this year, you don’t want to miss this free seminar:
– DATE: March 2nd (Saturday)
– WHEN: 10:00am
– WHERE: 315 W Ponce de Leon Avenue, Suite 100, Decatur, GA 30030 (in the Keller Williams Realty Metro Atlanta office)
– BRING: yourself!

Coffee and bagels will be provided.

After the seminar, you will have a better grasp on what the home buying process is like, and will help take some of the stress out of the process. If you plan to attend, just email me at clay@dunwoodymortgage.net. Look forward to seeing you in a few weeks!

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Flip this Alpharetta Foreclosure

May 3, 2011

I – Clay Jeffreys and overseer of this blog 🙂 – thought it would be great to include this post from regular guest contributor Van Purser. While this blog details flipping a home, it also provides some insight into work that can be done on a home as a primary residence or investment property using the Fannie Mae HomeStyle loan I discussed in an earlier post.

In our last newsletter we reported on the status of a HUD foreclosure we were planning on purchasing to renovate and sell.  Since that time the renovation was completed and the property was resold and closed on April 12th.

We felt that this particular home, located in The Hunters Forest subdivision, off of Jones Bridge Rd, should sell for the mid to upper $140’s.  We had originally planned on adding a sunroom to elevate the price to the mid $150’s, but decided not to.  We felt that with our purchase price of $71,000 we would still be able to make a profit without adding the sunroom.

Our plans were to close just before Christmas, and to begin the renovation shortly after the beginning of the year, so that we would have it ready to return to market by March.  Instead we closed on November 30th, and started the renovation immediately, in order to provide work for our crew in advance of Christmas.  It worked out great. We finished on Christmas Eve.  Three weeks, and over $32,000 later we were finished and ready to put property on the market.

We started out $154,900, but after a month realized that the market would not support it and reduced the price to $149,900.  This increased activity, but did not yield a contract.  We continued to monitor the market and decided to reduce the price again to $144,900 after a couple more weeks.  Within a few days we were under contract at $142,000.  Not exactly what we had hoped for, but still worth the effort.

We were so please with the renovation, and the BEFORE & AFTERS show the transformation that took place.  One thing we did differently on this home was re-trim the entire home.  This added a lot of character to the home.  Another thing we did was add the dividing wall between the living room and dining area, to provide some separation.  Also, we had to add a new deck and start over in the bathrooms.

Homes like these are available for purchase, and will provide an opportunity to improve the neighborhood and to make a profit.  If you would like to try one, let me know.