Good Neighbor Next Door Program

The US Department of Housing and Urban Development, HUD, offers many home buyers great buying opportunities of HUD foreclosures. However, there is one program with specific requirements where an amazing discount is offered. The Good Neighborhood Next Door Program was created to assist certain individuals purchase a home for a 50% discount from list price of the HUD home. What do you have to do to qualify for HUD housing, specifically the GNND program? What are the requirements?

Teachers

Full-time teachers of a state accredited school (public or private) with students pre-kindergarten through grade 12 are eligible if they purchase a home in the area of which their students are served.

Law Enforcement

Law enforcement officers, employed full-time by a law enforcement agency, are eligible whether they are employed by the federal government, a state, a unit of local government, or an Indian tribal government.

Firefighters / Emergency Medical Technicians

Participants are eligible as a full-time firefighter or emergency medical technician employed by a fire department or emergency medical services responder unit of the federal government, a state, unit of local government or an Indian tribal government that serves the area in which you purchase a home.

General Requirements

• It must be a HUD home in a designated revitalization area.
• Participants must occupy the home as their primary residence for a minimum of 36 months.
• Participants must use a buyer’s agent to submit bids.
• GNND designated homes are available online for bidding for 5 days.
• No negotiation will take place on the list price. You must offer list price, and then you’ll receive the discount if qualifications are met.
• You must sign a 2nd mortgage and note on the discounted amount with no payments or interest on this silent second as long as you fulfill the 36 month occupancy requirement.
• No warranties will be offered. All homes are sold “as is”.
• Properties that qualify are single unit homes, townhouses, and condominiums.
• You may not own a home at the time of offer or during one year prior to making an offer on a qualifying home.
• Earnest money is required with the offer for 1% of the list price - but no less than $500, no more than $2,000.

Financing

Obtaining an FHA-insured mortgage through this specific GNND program allows participants to pay as little as $100 for their down payment. They can even finance closing costs, if so desired. You may use FHA, VA or conventional mortgages or cash for financing the purchase.  Talk to your lender about the best option for you. You may also ask your lender about the FHA Rehabilitation Mortgage - 203(k) where buyers buy a home and have enough money to make the extra repairs needed on the home. Repairs must exceed $5,000 to qualify. Both the cost of repairs and the mortgage are included in one payment.

See a free listing of foreclosed HUD homes available for purchase in your area, including those that qualify for this GNND program and those that are available to the general public. Go to your state, and perform a search. Remember, not all HUD homes on the list will be available for the 50% discount. It must have a blue “R” for revitalization area. If you’re not eligible for the 50% discount, take a look at the HUD homes available at regular list price in your area for great deals available to anyone. Don’t forget you must also use a buyer’s agent to submit bids. If you need an agent in Tennessee, contact me at denawilliams@me.com or 615-739-2944; 615-778-1818. If you’re not in the Nashville area, I’d be happy to help you find an agent to assist you in your state.

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I wanted to test a new search tool available to Realtors. I’m usually not a fan of non-MLS based searches, but since Google Base has been stepping it up a notch lately, I thought I’d at least let you give this a try. Let me know what you think of the user interface, data, and its usability. I know I’ll still always recommend a more exhaustive compilation of listings, but this does incorporate the rest of the country as opposed to just Middle Tennessee. Although it won’t incorporate all of the MLS listings in an area, it will offer some types of listings that aren’t in the MLS like for sale by owners or foreclosures. What is important is: what do you think?

Finally, there is hope for a helpful centralized site for your move. Will it work for a Nashville relocation? While it’s still brand new, I can easily see this site taking off quickly and expanding across the US. People are always looking for a good moving company. Now, it should be easier than ever with City Move.

For your next move or relocation instate or across the country, try it out. It works like this. You post your job by type: labor only, xx size truck, number of movers for labor you need, etc. You can even let the mover decide if you are not sure. Then you select whether you want hourly (you give the size of your home) or flat rate bids (you list your stuff), if there is a preference, where movers will then bid on your project/move.  You can even get as detailed as loading pictures of your things, detailing what sized boxes you have and how many. Then of course the basics are needed: when, where, what conditions and how much you’re budgeting to spend.

It’s a very user friendly interface that makes the process quick and easy. Once setup,  just watch the bids roll in and pick the best!

One beneficial requirement in using the service is users must post a review of the company chosen. This allows people to check their reviews as movers start to bid on their relocation or move.

If you have an upcoming Nashville relocation or if you are getting relocated elsewhere from Nashville, I’d love to see if I can help. At least check it out and let me know how it goes. For more information about relocating to Nashville area, contact Dena Williams, Keller Williams - 615-739-2944 or 615-778-1818. If your plans do not include Nashville, I still might be able to help. Call me, and I’ll see what I can do!

Harpeth Trace is set high in the heavily wooded hills of West Nashville right across from Percy Warner Park. The neighborhood includes flats, condos and single family homes in a wonderfully serene setting.

The element of surprise

How do you plan for surprise in the home buying process? You don’t…because then it wouldn’t be a surprise, now would it? But somehow you do need to “plan to be surprised” during the home buying process. Expectations…throw them out the window.

The process, while it has predictable general steps, has unexpected twists and turns that may occur. Unfortunately, it can be a frustrating process for those who are used to knowing everything that is expected and being fully prepared upfront so nothing comes up later. There are limitless scenarios that may rear their head, that none of the professionals know will come. So there’s no way to say…this is “here’s all I’ll ever need throughout the process” or “we can count on this or that”.

The answer to your question may be, “I don’t know, but I’ll let you know ‘when’ I do.”

It might take longer to process the loan that you expected. They may ask for more information after they should have had everything they need.

The inspection report might reveal some costly issues. The seller may or may not agree to fix them.

The seller may or may not agree to your terms or price.

The appraisal may not come back as high as the purchase price.

Closing may or may not be on time as you scheduled. There may or not be some off the wall scramble at the last minute.

The termite letter might reveal that there are termites.

The house you just have to have may be owned by a real….well, fill in the blank with something that represents nightmare negotiation.

Multiply these scenarios by infinity, and you’re completely prepared.

You can do it. Tell yourself you can’t always be “proactive” enough to avoid everything unexpected or to take care of everything….It’s certainly not always gloom and doom, but it’s never perfect. The best scenario is that if you expect surprises, the process has the “opportunity”, certainly not the guarantee, to go surprisingly well. Let your agent guide you through the process and help relieve some of the pressure or stress. It will all work out for the best in the end!

I can’t even believe I’m about to post this. This is not my listing, but you will find on here that I post a “Deal of the Day” occasionally for great deals in the marketplace all over Middle Tennessee. I have no idea how this home is priced where it is considering it last sold for around $900,000 just 3 years ago. It’s been on the market for over 300 days currently.

Even when newly listed it was listed for 200,000 less than it was last sold. Pretty significant reduction just at the start. Now, 300+ days later, it’s been reduced $300,000 more from that. Let me do the math…this is a $500,000 discount!!!

Currently listed for $399,900, this Lebanon home in the Five Oaks golf neighborhood was built in 2006 and has 6,360 square feet. That’s not even $63 per square foot. What?

Now, it is a short sale and any offer requires bank approval so I’m not sure if they’ve approved this list price. I’ll tell you this, if this sells for $399,900, whoever buys this house will be getting the deal of the century. Interested? Call me. I can help. Or let me help you find a deal that better meets your needs…

Dena Williams, Keller Williams; 615-739-2944; 615-376-5123