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How to Buy a HUD Home

by David Tyler Mills

Here at McNaughton Real Estate, we are asked everyday on how to buy a HUD home.  Rightfully so, HUD homes are the hot topic in terms of getting the most value out of your investment.  Believe it or not, it is surprisingly easy to buy your own.

  1. Get a Pre-Approved letter.
  2. View the Property with a McNaughton Realtor®.
  3. Submit your Bid.
  4. Submit your Contract Package to Asset Manager.

Not only is it that easy, we’ll do steps 3 and 4 for you!  Don’t let the buying process keep you from a great investment.  Check out all the HUD homes in Northwest Arkansas at www.allNWAhomes.com and give us a call!

Need Money for Improvements for a Fixer-upper? There's a Loan for That.

by David Tyler Mills

We meet a lot of customers who desire a fixer-upper but don’t have the cash to repair, replace, or improve their dream home.  Most of these customers are aware of an FHA loan, which only covers the price of the home, but what they may not know is the other types of FHA loans.  One of these types of FHA loans allows you to borrow money that you can use towards improvements.

Introducing the FHA 203K!  This loan allows you to borrow up to $35,000 for repairs, replacements, upgrades, remodeling, and enhancing.  Below is a list of eligible and ineligible improvements as well as a bid/proposal requirement checklist:

Streamlined 203K “Eligible” Improvements

Below are the types of improvements that are allowed in the streamlined 203K program.

  • Repair/replacement of roofs, gutters, and downspouts
  • Repair/replacement/upgrades of existing HVAC systems
  • Repair/replacement/upgrades of plumbing and electrical systems
  • Repair/replacement of existing flooring
  • Minor remodeling, such as kitchens and bathrooms, which does not involve structural repairs
  • Weatherization: including storm windows and doors, insulation, weather stripping, etc.
  • Purchase and installation of appliances, including freestanding ranges, refrigerators, washers/dryers, dishwashers, and microwave ovens.
  • Accessibility improvements for persons with disabilities
  • Painting, both exterior and interior
  • Repair/replace/add exterior decks, patios, and porches
  • Basement finishing and remodeling, which does not involve structural repairs
  • Basement waterproofing
  • Window and door replacements and exterior wall re-siding
  • Septic system and/or well repair or replacement
  • Lead-based paint stabilization or abatement of lead-based paint hazards

Steamlined 203K “Ineligible” Improvements

Below are the types of improvements that are not allowed in the Streamlined 203K program.

  • Major rehabilitation or major remodeling such as the relocation of a load-bearing wall.
  • New construction (including room additions)
  • Repair of structure damage
  • Repairs requiring detailed drawings of architectural exhibits
  • Landscaping or similar site amenity improvements
  • Any repair or improvement requiring a work schedule longer than six months
  • Rehabilitation activities that require more than two payments per specialized contractor
  • Required repairs arising from the appraisal that do not appear on the list of eligible repairs
  • Walkways or driveways

Bid/Proposal Requirement Checklist

  • Must reflect date of bid/proposal
  • Must reflect borrowers name
  • Must reflect property address
  • Break out specific costs for materials, labor, permits, etc.  (Lender needs to understand what the reflected items are)
  • No “structural items” reflected
  • Indicate the estimated completion date (must be within 6 months)
  • Licensed Contractor must sign and date
  • Borrower must sign and date
  • Copy of Contractors license, references, and any other state licensing requirements
  • Copy of permit(s) for any work that requires a permit (if you are not sure, ask your contractor)
  • Homeowner/Contractor Agreement to be completed for each bid/proposal and must be signed and dated by the licensed Contractor and the Borrower (copy included in package.)
  • Total sum of bid/proposals and closing costs cannot exceed $35,000

*PLEASE NOTE…ALL REMODELING WORK MUST BE COMPLETED BY A LICENSED CONTRACTOR.  BORROWERS MAY NOT PERFORM REMODELING WORK!!!

*The only work that can be performed by the borrower is painting or installations of some appliances.  Please check with our office to determine if your project can qualify for SELF-HELP.

Buying a HUD Home: Easy as 1-2-3 (Video Included)

by David Tyler Mills

Here at McNaughton Real Estate, we are asked everyday on how to buy a HUD home.  Rightfully so, HUD homes are the hot topic in terms of getting the most value out of your investment.  Believe it or not, it is surprisingly easy to buy your own.

  1. Get a Pre-Approved letter.
  2. View the Property with a McNaughton Realtor®.
  3. Submit your Bid.
  4. Submit your Contract Package to Asset Manager.

Not only is it that easy, we’ll do steps 3 and 4 for you!  Don’t let the buying process keep you from a great investment.  Check out all the HUD homes in Northwest Arkansas at www.allNWAhomes.com and give us a call!

 

Old School U of A (Like REAL Old School)

by David Tyler Mills

Old Main

University of Arkansas campus

This two-towered hall was the first permanent building to be erected on the campus of Arkansas Industrial University, later renamed the University of Arkansas. It was designed by architect John M. Van Osdel in the second empire style. Today, it is home to the J. William Fulbright College of Arts and Sciences.
Old Main


Buchanan Hall

University of Arkansas campus

The first men's residence hall at the University of Arkansas, then still known as Arkansas Industrial University, was Buchanan Hall, named for the university's sixth president, John L. Buchanan. "Buck Hall," as the students referred to it, opened in 1888 and served the university until 1937.

Buchanan Hall


Dress Presentation

Front Lawn of Old Main, University of Arkansas

Because they were attending a land grant university, all male students at the University of Arkansas were compelled to participate in study of military science, which included drills on the front lawn of Old Main. Although no longer compulsory, students can study military science as well as aeronautics through the Reserve Officers' Training Corps.
Dress Presentation

Carnall Hall

University of Arkansas campus

Carnall Hall on the University of Arkansas campus was the first female residence hall on the campus, and it was named for one of the university’s first female faculty members, Ella Howison Carnall. It was designed by Charles L. Thompson in a colonial revival style and opened to students in 1906. Today it is an on-campus hotel and restaurant, used in part to train students in hospitality management.

Carnall Hall


Agriculture Campus

Agricultural Grounds, University of Arkansas

This lane, though paved and widened, is still used by students walking from Maple Street to Mullins Library. The buildings include the Agricultural Library at left, the Experiment Station beyond it and the Agriculture Building at right.

Agriculture Campus


Agriculture Building

University of Arkansas campus

Designed by Charles L. Thompson, the first Agriculture Building was finished in time for fall classes in 1906. Later, it served the campus as the university's infirmary but was put back into use for agricultural purposes after a new health center was built in 1965. Today, it is known as the Agricultural Annex.

Agriculture Building


Chemistry Building

University of Arkansas campus

The first Chemistry Building was finished in 1906 and served in that function until 1935, when the current Chemistry Building was erected. It was then used for the School of Law until Waterman Hall was built in 1953. Subsequently, the psychology and geography departments used the building and most recently, Student Support Services and the School of Social Work have been based in it.


Chemistry Building


Engineering Hall

University of Arkansas campus

The first Engineering Hall was built in 1904 by contractor Albert Byrnes for $22,500. It was southwest of Old Main on the University of Arkansas campus. After the new Engineering Hall was built in 1927, this building was renamed Commerce Hall and used for business classes. It was torn down in 1988.


Engineering Hall


Engineering Day

Front Lawn of Old Main, University of Arkansas

Engineering students began observing an Engineering Day each year starting in 1909 on St. Patrick's Day. The event developed a rivalry with the already established Agriculture Day and both eventually became week-long affairs.

Engineering Day


Gray Hall

University of Arkansas campus

One of the first dormitories for men on the University of Arkansas campus, Gray Hall was finished in 1906 and stood about where Mullins Library is today. It was named for Oliver C. Gray, a professor and commander of the military department at the university for many years. It was razed in 1966.

Gray Hall


Arkansas vs. Oklahoma

University of Arkansas campus

In 1909, the Arkansas football team went undefeated, fending off such powerhouse teams as the University of Oklahoma (pictured) and Lousiana State University. So tough was Arkansas that year that the University of Mississippi forfeited its game rather than make the trip to Arkansas. It was also the year that the term "Razorback" became popularized as the mascot of the University of Arkansas. The football field was about where the plaza between the Arkansas Union and Mullins Library is today.

Arkansas vs. Oklahoma


Experiment Station

University of Arkansas campus

Built in 1888, the original Agricultural Experiment Station was erected at the high point of campus next to present-day Maple Street. The cost of construction was $4,000 with a similar amount being spent on equipment. After agricultural operations were moved to other buildings, the experiment station became home to the music department and later still to the university's news bureau and alumni office. It was razed in 1972.

Experiment Station


Greenhouse

University of Arkansas campus

A horticultural greenhouse called the Conservatory was built in 1898 at a site about where Memorial Hall now stands. It was destroyed by fire in the fall of 1920.

Greenhouse


University Shops

University of Arkansas campus

Pictured is the third mechanical shop erected at the University of Arkansas. Two earlier shop buildings were both destroyed by fire, the first one in 1895 and the second in 1902. This one also was destroyed by fire after an apparent explosion of metal in the foundry room.

University Shops


Infirmary

University of Arkansas campus

The first infirmary at the University of Arkansas was built in 1906 about where the east end of the Leflar Law Center is today. It later served as home for the home economics department and still later for the social welfare department. It was razed in 1972 for the eastward expansion of the law school.

Infirmary


Hill Hall

University of Arkansas campus

Construction started on Hill Hall in 1901 but it didn't open for residents until 1902. It was named for Gen. Daniel Harvey Hill, the third president of the university. It served as a residence hall until 1946, briefly was a women's residence hall and then became the home of the journalism department, the university's news bureau, student media and university printing press. It was razed in 1993 to allow expansion of Mullins Library.

Hill Hall


Senior Walk

University of Arkansas campus

The longest tradition at the University of Arkansas in terms of distance, Senior Walk was established in 1905 and includes the names of graduates of the university, dating back to the first graduates in 1875.

Senior Walk


Content found on www.fayettevillehistory.com.

Three Open Houses for HUD Homes

by David Tyler Mills

There’s not a better way to end a weekend of Bikes, Blues, and BBQ than to go house hunting—especially if it’s for affordable HUD homes!  This Sunday we are having open houses for not one, not two, but THREE HUD homes.  So finish off the weekend right, and come check out these sweet deals:

2618 Fruit Tree Ave, Springdale, AR (10:30am – 11:30am) *Just Hit the Market*

  • 3 Bedrooms
  • 2 Bathrooms
  • 1566 Sq. Ft.
  • Built in 1999
  • $90,000

1611 14th, Rogers, AR (12:00pm—1:00pm)

  • 3 Bedrooms
  • 2 Bathrooms
  • 1768 Sq. Ft.
  • Built in 1983
  • $102,000

700 Little Ave, Gentry, AR (1:30 pm– 2:30pm) *Just Hit the Market*

  • 3 Bedrooms
  • 2 Bathrooms
  • 1476 Sq. Ft.
  • Build in 2004
  • $100,000

See ya there!

Two Free Razorback Tickets!

by David Tyler Mills

WE CANNOT WAIT FOR RAZORBACK FOOTBALL!!!  The excitement is too much to bear.   In fact, we are so ecstatic about this season that we are having a tailgate this Friday on September 2nd.  We want to get things started early.  So without further ado, we would like to introduce the 1st Annual Razorback Kickoff Tailgate!

Starting at 11:00, come by for some free all-American food while we call those Hogs!

From 11:00 to 1:00, check in on your Foursquare or Facebook page to collect different prizes while supplies last!

At 1:00, we’ll have a drawing for TWO FREE TICKETS for the first Razorback game for anyone who has tagged themselves in the McNaughton Real Estate Logo Image on our Facebook page, “McNaughton Real Estate.”

To stay up-to-date on any new events, giveaways, homes, or rentals, click the “Like” button our Facebook page “McNaughton Real Estate.”

Woo Pig Sooie!

Two New Homes

by David Tyler Mills

8668 Forest Hills, Fayetteville

Stunning.  Simply stunning.  Not only are each of the five bedrooms designed with a unique, contemporary touch, the playhouse alone gives me enough reason to call this home.  This new home comes with an even newer roof built in 2011.  Be sure to take advantage of protecting your boat or motorcycle in the additional two car, detached garage.   

737 Skelton, Fayetteville

What’s better than a cozy home?  How about a cozy home that’s been newly remodeled?  That’s right!  This home has a new roof and new siding.  While admiring your new home on your back deck, you can also enjoy your huge backyard with a privacy fence.

To check out more photos of these and many other properties, look for our Facebook page "Terri Lynn McNaughton Realtors."  Don't forget to "Like" us to receive updates on new properties that hit the market.

Attention Terri Lynn McNaughton Realtors's Facebook Fans!  We are about to have a new Facebook book page soon!  Get ready to check out videos, webinars, and much more on a polished, user-friendly Facebook page.  We will let you know when it hits the web.

AND THERE'S MORE!  We are now on Foursquare!  Now when you come visit our office, check in on Foursquare, and you will received a free water bottle or glassware!

You'll Never Guess Who I Just Met...

by David Tyler Mills

When I came into work this morning, I could tell Terri was in a good mood.  I just didn’t anticipate the degree of her happiness.  It was 9:37 am, which meant time for our full throttle meeting.  Our team gathered around to discuss their intent for the day and to compliment each other on the hard work from yesterday.  To our surprise, Trevor Lavy, Owner of Priority Bank in Fayetteville, and Kelli Franks, Vice President of the Secondary Market of Priority Bank, came over with a surprise guest.  This wasn’t just any guest, no.  Only the greatest Arkansas Razorback coach of all time, Frank Broyles, walks into the lobby in all his glory.  I giggle like a little girl as he introduces himself to me. 

We tried to astound the coach by sharing how we differentiate ourselves from our other real estate firms.  I would like to believe the coach was impressed, but it’s kind of difficult to amaze the coach with our strategy when he knows a thing or two about strategy already (and has a national championship to prove it.)  However, I did witness a smile appear on his face when we presented him with our personal version of a championship trophy, the 35 Year Anniversary of McNaughton Real Estate. 

We must be doing something right since the real estate market has taken a hit through these past several years.  Coach Broyles was able to discern what we were doing correctly.  Preparation, flexibility, and understanding our competition were the three primary advantages that the coach noticed.  For 35 years, McNaughton Real Estate has effectively prepared for anything good or bad that the market deals to us.  We’ve been able to be flexible when adapting to new regulations and technology throughout the years.  Additionally, understanding our competition effectively has helped with reconditioning our core competencies and values. 

I was upset to see the Coach Broyles leave the office.  It happened so fast!  However, it was satisfying to scratch another wish off my bucket list.  As you can image afterwards, the mood started to subside when he left, but it didn’t affect Terri.  Suddenly, she announces how she is going to drop the prices for four of her listings by $24,000. 

What?!  I kid you not.  Check it out.

16092 Malico Mountain, West Fork, AR

  • $10,000 DOLLARS OFF!
  • 3 Bedrooms
  • 3 Bathroms
  • 2 Stories
  • 2 Car Garage
  • 18.220 Acres
  • Barn
  • Pond
  • Basement

 

 

12496 Hwy 265, Prairie Grove, AR

  • $10,000 DOLLARS OFF!
  • 2 Bedrooms
  • 1 Renovated Bathroom
  • 2 Car Garage
  • 1 Acre or an Additional 25 Acres can be Purchased
  • Updated Fixtures
  • New Paint, Carpet, and Flooring

4864 Soapstone, Fayetteville, AR

  • $1,000 DOLLARS OFF!
  • 3 Bedrooms
  • 2 Bathrooms
  • 2 Car Garage
  • Brick/Rock Home on a Large Corner Lot
  • Granite Countertops
  • Whirlpool Tub
  • Privacy Fence
  • Large Backyard with Organic Garden

343 Tanner, Fayetteville, AR

  • $3,000 DOLLARS OFF!
  • 4 Bedrooms
  • 2 Bathrooms
  • 2 Car Garage
  • Vaulted Ceilings
  • Double Vanities in Master Bedroom
  • Wired for Surround Sound
  • Lush Landscaping in Front and Back Yards

Pictures for these listing will be on our Facebook page at “Terri Lynn McNaughton Realtors” soon.  Be sure to “Like” our page in order to update you on any other beautiful homes in Northwest Arkansas. 

I would like to send a special thanks to Coach Broyles for inspiring us!

Home Selling Tips

by Terri Lynne McNaughton Team
Home sellers spend a lot of time and money on the interior of their homes and tend to forget the part everyone sees. the first impression the potential buyer is going to have of your home is the exterior. the big three exterior concerns are the roof, windows and paint. Check the roof to see if the shingles are warped or curling. If they are you will need to decide if they can be repaired or if a replacement is needed. Do all the windows open and close easily? Are there signs of leaking? Does the exterior paint have cracks, blisters or wrinkles? Maybe a power washing and a little touch up can bring it back to life. Remember, no one buying a home wants to spend the first six months replacing a roof, windows, and repainting.

Developers and Architects to Provide Feedback on Design Standards

by Terri Lynne McNaughton Team
Fayetteville, AR- The Planning Commission requested that Planning staff seek feedback on proposed urban residential standards from developers and architects at their December 11, 2006 meeting. Planning staff has invited developers and architects to a meeting on Thursday, January 11 from 2:30 p.m. to 3:30 p.m. in Room 326 in the City Administration Building to discuss the draft ordinance. These standards would affect multi-family, three-family and two-family dwellings.
 
The intent of the standards is to “promote a traditional form of urban development, whereby buildings front onto public streets and form a pedestrian-friendly streetscape” and “ensure that urban residential buildings add to the character and quality of the community, offer a sense of security, and make a positive contribution to the life of the street.”

Displaying blog entries 1-10 of 10

Contact Information

Photo of Don McNaughton Real Estate
Don McNaughton
McNaughton Real Estate
4299 W. Persimmon
Fayetteville AR 72704
479-442-9099
Fax: 479-442-0948
       

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