Our team haas noticed an uptick of the different kinds of loans being used to purchase real estate. Just a few months ago, the average home would be sold to a buyer using a strong conventional loan product or to a cash buyer. Today, all different loan products are being accepted, giving some much needed hope to buyers using less appealing FHA and VA loans.  

The major difference between a conventional loan and an FHA loan is that an FHA loan is backed by the federal government and a conventional loan is originated and serviced by private mortgage lenders. An FHA loan is also subject to a more thorough appraisal. This can result in the lender requiring repairs to be made to the property before they will lend the money to purchase the home. This is one of the main reasons FHA loans sometimes get overlooked. Another reason sellers do not love accepting an FHA loan is due to the low down payment amount of 3.5% and that a lower credit score is required to qualify. The VA loan has a very similar appraisal process and is accompanied with 0% down. On paper, FHA and VA buyers do not look like strong of a contenders, driving sellers to work with conventional loan buyers.

In today’s market, the FHA and VA buyers are going under contract to buy the house of their dreams! Here at The Giambra Team, the last four houses we put under contract were sold to FHA and VA buyers. Three months ago, those transactions would have likely been conventional loan buyers. Many of these FHA and VA buyers got discouraged when losing house after house in the hot seller’s market due to competing against stronger loan types. The ones that kept with it are now sending in deposit checks and picking out furniture for their new homes!  

— Ryan Burke, TGT Real Estate Person

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OFF MARKET OPPORTUNITIES

We are constantly searching for off market opportunities for our buyers. Here’s what we found! Contact one of our agents to learn more/

3 unit on Anderson Place

• Combined rental income: $2925+
• Recently updated exterior and roof
• Build your equity!!

Price range: $425,000-$475,000

10 unit on Richmond Avenue

• Two 5-unit buildings next door to each other
• Seller is looking for a full retail price
• Properties are functioning and performing at a high level

Price range: $1.4-$1.6 million

(call for addresses, 716-239-6432)

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CONTRACTORS WE RECOMMEND

A great contractor is someone you can rely on to get the work done on schedule and within the budget. That is why The Giambra Team recommends the following people to do the job!

Mark Allison — “The Pool Guy”

716-531-6062

Mark has been working on pools for over 20 year. From opening, closing, and everything in between, Mark should be your “go to” if you need an inground pool specialist!

Robert Jackson — “The Demo Guy”  

716-587-2363

Looking for some landscaping or maybe a bathroom remodel? Rob can do it all! His talent and professional experience truly shines in demolition jobs.

Joe Derrek “The Painter Guy”

716-536-2206

Joe is a true professional and expert painter. He has experience in both residential and commercial painting jobs. He is committed to producing high quality work and will not settle for less!

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TOP 100 REAL ESTATE PEOPLE PARTY

Next month, we are hosting our first annual ‘Top 100 Real estate people party’ complete with aerial and fire dancers, stilt performers, specialty cocktails, hors d’oeuvres, giveaways, and live music by Violena (Buffalo) and Patrick Montanari (West Palm).

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