Ari Koufos
REALTY EXECUTIVES | 617-799-8948 | ari@arikoufos.com


Posted by Ari Koufos on 7/9/2019

Have you heard a lot about HUD homes, but arenít sure if you should buy one or what the process entails?  HUD stands for The Department Of Housing And Urban Development. The FHA (Federal Housing Administration) is a part of HUD. The FHA is where federal mortgage insurance comes from. If a home is foreclosed on and insured by the FHA, the lender has a right to file a claim for the balance due on the mortgage. The FHA will pay this claim, and then transfer the ownership of the property to the HUD who will sell the home.


Will A HUD Home Provide A Price Break? 


The answer to this question is not necessarily. A HUD home is appraised just like any other home for sale. The price is based on the fair market value of the home. The prices may be adjusted according to any repairs that need to be made to the home. Itís a good idea to have your realtor look into comparable prices for HUD homes, as these properties arenít guaranteed to be a deal.


Know that HUD homes are sold as-is. There isnít much negotiating like that of a typical home purchase. As the new owner, youíll be responsible for all of the repairs. Itís a good idea to invest in a home inspection before you buy a HUD home for this reason. Youíll have a better understanding of what youíre getting into with this type of home purchase. 


How Do You Begin The Search For A HUD Home?


Housing and Urban Development homes are listed by state on the departmentís website. This is a good place to start your search. The site also lists brokers who are approved by the HUD. You can then contact local brokers to show you the HUD properties that youíre interested in.


The Process Of Making An Offer


Buying a HUD property can be very different than buying any other type of home in that the offer process is a bit different. These properties are sold through bids. You must hire a licensed real estate agent to assist you in this process, you canít just put a bid in on your own. Youíll need to be sure that your offer is placed during the designated offer period. Either the highest bid is accepted or the bid that came in first in order will be taken. Generally, the HUD wants to take the offer that will get them the most profit.


Careful With Financing


The HUD does not finance homes. Youíll need to apply for a mortgage just as you would in buying any other home. Before you can even make an offer on a home you must have approved financing. If for some reason you get through the process of having your offer accepted on the home and the financing falls through, thereís a chance that you could lose your earnest money deposit.     

     






Posted by Ari Koufos on 9/25/2018

Getting ready to buy a new home? You'll want to hire a real estate agent to guide you along the homebuying journey, as this professional will possess the skills and know-how needed to ensure you can find your dream home quickly. There are many great reasons for homebuyers to work with a real estate agent, including: 1. You Can Check Out a Wide Range of Homes That Fit Your Needs. Whether you're looking for a three-bedroom, two-bathroom home in the city or a small residence on the outskirts of town, a real estate agent can arrange home showings to ensure you can check out a variety of houses that fit your needs. Remember, a real estate agent works for you and will do everything he or she can to help you find your ideal residence. This professional will conduct research into homes that meet your criteria and even work with a home seller's real estate agent to make sure you can view a house at your convenience. 2. You Can Receive Expert Support During the Negotiation Stage. No homebuyer wants to enter the negotiation stage alone. Fortunately, a real estate agent will help you manage negotiations. Negotiations with a home seller can become contentious if you're not careful, but your real estate agent will go above and beyond the call of duty to help you get your dream house at the right price, regardless of the circumstances. 3. You Can Get Extra Help with a Home Inspection. Completing a home inspection is paramount before you finalize a purchase agreement with a home seller. And with a trusted real estate agent at your side, you should have no trouble finding a reliable home inspector who will be able to identify potential issues with a house before you buy it. Your real estate agent also can help you minimize stress if a home inspector encounters problems with a house. For example, your real estate agent will speak with a home seller to ensure any home repairs are completed before you finalize your purchase agreement. Thus, you'll be able to buy a home that you can enjoy for years to come thanks in part to the support provided by your real estate agent. 4. You Can Enjoy a Simple Closing Process. The closing process often represents the final step before you can move into your new home. Therefore, it is crucial to understand the paperwork that is included as part of this process and ensure you are comfortable with each form you sign. Your real estate agent, meanwhile, will be with you during the closing process and can explain the importance of each form. Furthermore, your real estate agent will be happy to respond to any concerns or queries and help you feel comfortable throughout the closing process. Ultimately, your real estate agent may play a key role in your ability to find the perfect house. As a result, be sure to spend some time interviewing prospective real estate agents in your area to find a real estate professional that you can collaborate with during each stage of the homebuying journey.





Posted by Ari Koufos on 2/13/2018

Whether you're looking for the house of your dreams or the spouse of your dreams, it helps to write up a detailed description of the qualities that matter most to you!

While your goals should be realistic and attainable, you do not want to compromise your standards or aim too low.

In the case of house hunting, there are many conditions which will directly affect the success of your search.

Here are some of the main ones.

  1. Your budget: All things being equal -- the higher your budget, the greater your chances for getting everything on your wish list. The most desirable locations, lot size, amenities, and square footage often come with a price. The same can be said of homes that are in optimal condition with lots of recent updates, improvements, and energy efficient or high-tech features.
  2. The real estate market: Three factors which will invariably affect the outcome of your real estate search will be the local real estate inventory (the number of properties available -- especially those in your price range), the law of supply and demand, and property values in your chosen geographic area.
  3. Your real estate agent: Choosing a real estate agent who's experienced, resourceful, and dedicated can prove to be a significant advantage in finding a home that matches your budget, your goals, and your desired lifestyle. Once you've decided what you want in your next home, an agent or Realtor can show you houses on the market that will meet many, if not all, of your requirements.
  4. Your wish list: Creating a list of property features and characteristics that you absolutely must have in your next home will help ensure that you get them. A carefully thought-out "wish list" is also a vital aspect of your search for the perfect or "near perfect" home. By creating a clear mental picture of your ideal living space, location, and environment, you'll be increasing your chances of finding a home that meets all your expectations. There are literally dozens of features to keep in mind, including architectural style, square footage, the number of bedrooms and bathrooms, the size of the lot, distance from the street, privacy, the spaciousness of the kitchen, and the layout of adjacent living areas. If you plan on doing a lot of entertaining, for example, you might prefer an open floor plan. Features like a screened-in porch, a patio, and a large backyard are often major wish-list items for homeowners who enjoy outdoor living. Other items to consider may include things like a fireplace, a finished basement, a convenient laundry room, and a two-car garage. Proximity to stores, quality schools, medical/dental services, and recreation areas will also be key factors in the selection of your future home.
Thanks to the Internet and the many home improvement websites you'll find online, it's easy to get clear picture of your dream home, the countless decorating possibilities, and the many landscaping options available to you.





Posted by Ari Koufos on 12/12/2017

Let's face it Ė paying monthly rent for your tiny apartment is no longer feasible. Instead, you need a bigger place to live, i.e. a house that you can enjoy for years to come. As a first-time homebuyer, exploring the real estate market may sound like a fun, exciting opportunity Ė and it is! However, you need to prepare for the housing market, and by doing so, you'll be able to improve your chances of finding your dream residence quickly and effortlessly. So what does it take to find the right home? Here are three ways to boost your chances of buying your ideal house: 1. Save Money Before You Buy a Home. You'll likely need to find a lender that can offer you a mortgage with an interest rate that fits your budget. And if you save money before you buy a house, you could improve your chances of getting a mortgage with a lower interest rate. Typically, having enough money to cover several months worth of a home's mortgage may make you a better candidate for a mortgage than other potential homebuyers. It also is important to keep in mind that saving money now may help you pay closing costs and other fees that frequently arise during the homebuying process. 2. Look at Both Your Income and Debt. Ideally, you'll want to establish a budget as you prepare to explore the real estate market, as this will allow you to determine which houses you can afford. When you create your budget, be sure to consider both your annual income and outstanding debt as well. Evaluating these factors will enable you to better understand your yearly expenses and ensure you're able to search for homes that fit your budget perfectly. Don't forget to consider your future earnings as you develop your budget, too. For instance, if you're a student who already has a job lined up after graduation, you may be able to handle a larger monthly mortgage payment. On the other hand, if you have a baby on the way, you may want to account for the expenses associated with a newborn as you pursue a residence. 3. Monitor Your Credit Score. For homebuyers, your credit score reigns supreme in the eyes of lenders. Thus, spending some time monitoring and improving your credit score may make it easier for you to move one step closer to landing your dream house. Remember, you're eligible to receive a free copy of your credit report from each of the three major credit reporting agencies (Equifax, Experian and Trans Union) annually. And if you review a copy of this report, you can understand where your credit score currently stands. If your credit score is low, you can improve it by paying off any outstanding debt. Furthermore, if you find an error in your credit report, be sure to notify the agency that provided the report to you to ensure you can fix this mistake; otherwise, the error could impact your ability to buy a house. Being a first-time homebuyer sometimes can be challenging. But if you use the aforementioned tips, you may be able to bolster your chances of purchasing your dream residence.