Now may be the best opportunity for home ownership for some in their lifetime.  This is not a sales pitch.  This is a statement of fact.  The housing market meltdown has a silver lining for some.

      There are a number of segments of buyers who may very well benefit from the current housing situation.  While this is not good news for those who are upside down on their mortgage, for those who are in need of housing there is a small window of opportunity.

      The buyback by the Federal government of some real estate assets may mean a perfect opportunity for some looking to own a home.  All the details have not been released, however for pennies on the dollar, those who can qualify for a mortgage may reap the reward of home ownership at an unheard of discount price.

       For all who are looking to buy, first make sure your credit score is the best you can make it.  Do not open new accounts or go out in the short term and buy large ticket items (i.e., cars, furniture, appliances, etc).  Pay off the smaller accounts where possible and try not to grow any other accounts (which means no new charges). 

      A trip to you preferred lender is recommended to see what your current level of funding is given your credit score, employment, income, savings, etc.  This will then give you an idea of what you can afford to spend on a home.

      Next, find a real estate agent who you feel comfortable with and see what is on the market.  There are so many opportunities to buy: FSBO (For Sale By Owner), auction, foreclosures, short sales, HUD properties, VA repossessions and of course just regular sales.  Each have different rules and nuances so having a professional to assist you is my strong recommendation.

      Apoint of caution: take your time.  Do not rush into any real estate deal.   Keep your eyes wide open.  Anyone trying to rush you into signing a sales contract might not have your best interests in mind.  Buyer beware (Caveat Emptor).

      And for the empty nesters out there, this may be your opportunity to buy a smaller property at a very good price and turn your large home into a rental.  Yes, there are some issues to reconcile yourself with in becoming a landlord.  However the tax gains may out weigh the risk involved.  Again, using a real estate professional as a sounding board is my recommendation.

      Please take this information with a grain of salt.  Not everyone who reads this will benefit from the current Federal program.  Not everyone will qualify for a mortgage.  This is intended for those who are positioned to buy now and take advantage of a situation not experienced before in our history.

      Please contact me at (210) 273-9082, with any questions, as always, without obligation.