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.

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

Just to follow up from yesterday’s post of the neighborhood spotlight on Brandon Park Downs in Franklin Tennessee, I wanted to share an opportunity I saw for a unique buyer. Brandon Park Downs is a $1 million + neighborhood nestled among rolling hills of Franklin, TN.

For a builder or someone who wants to do some of the work themselves, there is a partially complete 5,000 square foot home on 4 acres listed at $549,000. It has been dry walled and the hardwood floors have been installed. Lots of work is left to do, but you could probably still finish it for less than the comparables with your personal stamp on a beautiful, custom home.

While this has already left the bank’s hands again, it previously was a bank foreclosure of the original builder. At this time, this is the only “foreclosure-like” home in the Brandon Park Downs neighborhood currently for sale.

Amenities in Brandon Park Downs include: a pool, clubhouse, horse boarding facilities, riding trails, a pond, four board fencing, and tennis courts. Bring your horses to this equestrian neighborhood for this Franklin TN new home. Check out a video tour of it below.

Deal of the Day - Lebanon, TN

Today’s Deal of the Day is East of Nashville in Lebanon, TN in a subdivision known as Five Oaks. The neighborhood, itself, is a luxury neighborhood on a beautiful golf course. The amazing 21,000 sf clubhouse perched high on one of the highest elevations around includes panoramic views of several different counties overlooking the golf course and community. Sitting on the wraparound veranda is a great place to take in the view. Inside the clubhouse, members can enjoy a golf shop, nice dining room, bar and grille, modern commercial kitchen, media equipped board room, and a large stone fireplace. Membership to the country club gives access to the clubhouse, golf, tennis and the pool. Membership fees are quite reasonable.

The home spotlighted in Five Oaks, Lebanon is a foreclosure. It was built in 2005, has 3507 square feet, and is priced at $369,900. You do not have to be a member of the countryclub in order to live in the community. Thus those not joining the country club do not have the high homeowner association fees associated with such a high-end community. You pay for what you use. Non-golf memberships are available as well for access to tennis and the pool, for instance.

The home’s kitchen includes stainless appliances, double ovens, and granite countertops. The laundry room has cabinets and a sink. It has a separate sitting room with fireplace (which could be used as a second living space or an office) as well as a bonus room, a first floor master, 4 bedrooms and 3 1/2 baths and a small deck out back.

For more, review all current Five Oaks listings in Lebanon, TN.

The highlighted link will help you find a listing of homes currently for sale in Five Oaks. You’ll have access to the photos and details of the properties. To see properties in these areas or put your home on the market, or for general questions/discussion call me at 615-739-2944 or email at denawilliams@kw.com.

If you are a for sale by owner, contact me to get additional exposure to your home on my site for free!

Deal of the Day - foreclosure in Mansker Farms

Today’s deal of the day comes from Sumner County. This practically brand new foreclosure home (built in 2006) in Mansker Farms in Hendersonville Tennessee is a 5 bedroom house with over 4198 sf. It was just listed 3 days ago at this price, and it will go fast. At $54 per square foot, that definitely has equity builder written all over it. Keep in mind that around 1200 sf of it is a finished basement so that portion does not count as much as the upper two floors. If you have always needed a great deal of space but could never afford the mortgage for it…this one is for you at $229,900. If you do consider it and have not had this much space before, make sure you have an idea of the utilities before you’re surprised with gas and electric bills that are difficult to pay. There seem to be a few upgrades as well with some nice wainscoating, hardwoods in some of the downstairs rooms, and granite in the kitchen with maple cabinets. Neighborhood amenities include a pool, tennis courts and a playground!

Review this listing and other listings here in Mansker Farms.

Click to find a listing of homes currently for sale in Hendersonville’s Mansker Farms subdivision. You’ll have access to the photos and details of the properties. To see properties in these areas or put your home on the market, or for general questions/discussion call me at 615-739-2944 or email at denawilliams@kw.com.

If you are a for sale by owner, contact me to get additional exposure to your home on my site for free!

Deal of the day - Brentwood, TN

From time to time, when I see a great value for the dollar, I’ll highlight a property here. These will come in all price ranges and locations. Today, it just happens to be in the $500,000 range with this short-sale in the beautiful Fountainbrooke neighborhood in Brentwood. This home is just 3 sq ft shy of 5000 square feet in an upscale neighborhood for $530,000. In April of 2008, this home was listed for $749,500, but has been consistently dropping.

Some of the features include: media room with screen; separate bonus; large kitchen with double ovens, granite, and large island; designated office; 3 car garage; granite entry; circular staircase; 4 bedrooms & 3 1/2 baths.

What’s the catch for an almost brand new home in Brentwood close to $100/sf? For one, it’s being sold “as is”, which could work out just fine assuming you have a good home inspector, and the inspection goes relatively well. I think it’s really a tough sell because of the back yard…there really isn’t one. What you have is a neighbor right on top of you. What’s more challenging is that the neighbor’s home is at a much higher elevation than this one…so for all of those beautifully exposed arch windows in this house, your neighbors would know your every move. Right, that’s a “creepy, no thanks!” you’re saying right now. I think it’s probably possible to fix the interior privacy issue with a window tint or something, but it would take some research, time, and expense on your part. If you can get around that and you do not require a spacious back yard, it’s a great deal for the buyer who can afford a home in this price range.

Find all homes for sale in Fountainbrooke.

Click to find a listing of homes currently for sale in Brentwood Fountainbrooke subdivision. You’ll have access to the photos and details of the properties. To see properties in these areas or put your home on the market, or for general questions/discussion call me at 615-739-2944 or email at denawilliams@kw.com.

If you are a for sale by owner, contact me to get additional exposure to your home on my site for free!