Roanoke City Tax Sale
Just received an email from the City of Roanoke Collections Office that there will be a judicial sale of delinquent homes on June 29, 2010 at 12:00pm.
Location:
Fitzpatrick Hall, Jefferson Center
541 Luck Avenue
Roanoke, VA 24016
I’ve been to a few of these and while the homes are usually distressed to some degree, if you’re a flip-it or fix-it-up type investor, you should be there. The sale is handled in an auction format with bidding, etc. Make sure to check out the terms, etc. for purchasing before you arrive.
Here’s the full email:
ROANOKE, VA – The City of Roanoke will hold an auction at noon on
Tuesday, June 29, at the Jefferson Center’s Fitzpatrick Hall for
approximately 22 properties that have delinquent real estate taxes,
assessments for weed and trash abatement, and demolition or board-up
costs. A listing of the properties is online at
www.roanokeva.gov/taxsale.According to state law, properties qualify for the Judicial Sale
process when taxes are delinquent on Dec. 31 following the first
anniversary of the date on which the taxes have become due. State law
also provides that any property sold during these proceedings is
purchased free and clear of all liens incurred by the owner or any
other party involved in the suit. However, all successful bidders
must meet the terms of the Bidder Qualification Program to ensure
that there are no unpaid taxes or code violations on other properties
that they may own. All sales are subject to Circuit Court approval.“Despite vigorous collection efforts by the City Treasurer and the
Department of Billings and Collections, these property owners have
failed to pay their debts,” said Dana Long, Manager of Billings and
Collections. “Aside from the collection of delinquent taxes, fees,
and assessments, neighborhoods benefit from the tax sales by having
new, responsible owners who will properly maintain the property and
pay future taxes.”To redeem any tax sale property, the owner must pay, in full, all
accumulated taxes, assessments, penalties, interest, and costs,
including all legal fees, by 5 p.m. on the day before the sale. The
listing of the tax sale properties is subject to change up until the
time of sale.Additional information is located on the city’s website at
www.roanokeva.gov/taxsale. For more information call Dana Long at
540-853-2880.
Financing Your Home for First Time Homebuyers
Photo by woodleywonderworks
Homeownership is a great financial choice in most situations, and because the current real estate market is strongly favoring buyers, now is a great time to consider purchasing your first home. While many banks have imposed increasingly stringent standards on their home loan programs, there are government programs which can help first time homebuyers make their dreams of homeownership come true. Both the USDA and the Colorado FHA home loan programs can be wonderful choices, whether you have a good credit history or a shaky one, and whether you’ve managed to save up a large down payment or if you’ve only accumulated a few thousand dollars.
The USDA loan program is administered through the US Department of Agriculture and is aimed at low income buyers. Buyers must earn 80% of the median income for their particular area, and closing costs for the loan are allowed to come from other sources, such as gifts to the buyer. One distinct advantage of the USDA loan program is that there is no monthly mortgage insurance for any loan on the program which can save buyers several hundred dollars a month alone. USDA mortgages permit 100% financing, and property improvements can be financed at 102% and completion is permitted after closing.
Virginia FHA loans, meanwhile, are often the first thought of many first time homebuyers looking for a government backed loan program. Backed by the Federal Housing Administration, FHA loans offer competitive rates with less stringent credit terms than traditional programs. Even buyers with less than stellar credit ratings can qualify for the program, and even those with prior bankruptcies can receive an FHA loan, providing that their credit has been excellent since the discharge. FHA loans allow closing costs to be rolled into the loan which can save buyers at least $6,000 in upfront costs, and also permit a down payment of 3% instead of the traditional 20% required by most home loan programs.
As an added incentive, keep in mind that if you are a deployed service member and a potential first time home buyer, you can still qualify for the tax credit for first time homebuyers. For more information on the tax credit or government backed home loans, speak with your lender or visit www.usda.gov and www.fha.gov for basic information.
