Tavares, FL, the capital city of Lake County, has set a new record, but not the kind one would write home to mom about. Mortgage foreclosures set a new record high in January which oddly is the same month that had the record low for the past two years. The number that set the new record was 449.
Most would think that this is doom and gloom, but I am one for a more optimistic approach. With this newly added list of bank owned properties, a buyer has more options to choose from. Now, let’s throw on the whipped cream… bank owned properties often offer a buyer immediate equity. The bank does not want to hold on to this property for too long because it will cost them lots of money to retain the property (taxes, insurance, and upkeep).
Let’s keep building this sundae…. the toppings. USDA offers a guaranteed mortgage program that allows for 100% financing. They also will finance in closing costs provided the appraised value is greater than the purchase price. Could this get any sweeter of a deal?
Oops. I forgot to add the cherry!!! Mortgage rates could see an all time low as early as next week depending on how the $900 Billion stimulus package is voted on. Current speculation is that Fannie Mae and Freddie Mac will be forced to drop rates into the 4% range.
So just remember, when life gives you lemons, forget about making lemonade… go straight for the margaritas and enjoy life.
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