Phoenix Bank Owned, Fannie Mae properties roll out HomePath Buyer Incentives

Fannie Mae Rolls Out HomePath Buyer Incentives

Fantastic HomePath buyer incentives for eligible Fannie Mae home buyers has just rolled out for the summer.  The quick summary: if all conditions are met, owner occupant buyers can receive closing cost assistance of up to 3.5% of the final sales price from Fannie Mae with the latest HomePath buyer incentives.

HomePath Buyer Incentives Help HomePath Property Buyers Pay for Closing Costs

The HomePath buyer incentives will provide HomePath property buyers the ability to spend some of that hard-earned cash on decorating, fixing their place up or just bank it for future needs instead of on their closing costs.  You can search for Fannie Mae homes at or you can search the MLS here for available HomePath properties.  I’ve included a recent article from RIS Media about the HomePath buyer incentives below…

HomePath Buyer Incentives

Fannie Mae Expands HomePath Buyer Incentives

RISMEDIA, Thursday, June 16, 2011 Fannie Mae (FNMA/OTC) announced the expansion of incentives to encourage sales of HomePath REO properties to owner occupants. Now through October 31, qualified buyers and selling agents can receive financial incentives on sales of HomePath properties, which can be found at The incentives are part of Fannie Mae’s commitment to neighborhood stabilization, and are available on sales to buyers who will reside in the home as their primary residence.

Supporting homeownership and stabilizing neighborhoods are critical to helping the housing market recover, saya Ed Neill, Senior Vice President for Credit Loss Management at Fannie Mae. Our previous incentives have been effective in securing owner occupants for these properties. By encouraging homebuyers who will make these properties their long-term home, these expanded incentives will help to stabilize communities.

The expanded incentives offer qualified homebuyers up to 3.5 percent of the final sales price to put towards closing costs. The incentive must be requested in the initial offer. Eligible initial offers must be submitted after June 14, 2011 and must close by October 31, 2011. Investor sales are not eligible for the incentive.

HomePath properties offer buyers a wide selection of options, including single-family homes, condominiums, and town houses. HomePath properties may also be eligible for HomePath Mortgage and HomePath Renovation Mortgage financing, which offers homebuyers an opportunity to purchase with as little as 3 percent down.

In addition to the HomePath buyer incentives, a $1,200 bonus is available for selling agents in eligible transactions.  The HomePath buyer incentives bonus is available if the initial offer is submitted on or after June 14, 2011 and the sale is closed by Oct. 31, 2011.

The stars are in alignment – HomePath buyer incentives are available  AND rates and prices are down – a perfect opportunity to pick up an outstanding value and the perfect home.  So get out there and find yourself a great HomePath property.

Homepath Buyer Incentives Terms and Conditions

  • Buyers and/or selling agents (the agent representing the buyer) must request the HomePath buyer incentive upon submission of initial offer.
  • Initial HomePath Buyer Incentive offer must be submitted on or after June 14, 2011 and close by October 31, 2011. Initial offers made prior to June 14 are not eligible for the June 14 – October 31 incentive.
  • Sale must close on or before October 31, 2011. No exceptions will be made to this deadline. (Note: Initial offers submitted after September 15, 2011 may not close by the incentive deadline of October 31, 2011.)
  • Buyers must be purchasing a HomePath property to use as their primary residence to receive closing cost assistance. Second homes and investment properties are excluded from the incentive.
  • Sales closed via the retail channel are eligible, including those utilizing public funds. Pool and auction sales are ineligible.
  • Buyers must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.
  • Buyers with total closing costs under 3.5% are not eligible to receive the difference as a credit.
  • Properties where Fannie Mae acquired the property in connection with financing under a reverse mortgage are not eligible. Ask the listing agent for details.
  • Buyers should consult their lenders for guidance on financing. Lenders and mortgage products may impose their own limitations on the use of the 3.5% incentive. For example, the lender may consider the incentive a Seller Contribution and limit the amount to 3.0%. In those instances, the remaining 0.5% will no longer be available to the buyer.
  • Fannie Mae reserves the right to remove any property from promotion or end the promotion at any time. Any dispute over the payment of the incentive shall be resolved by Fannie Mae in its sole discretion.

NOTE: this incentive will be identified on the purchase contract, and must close by October 31, 2011 to receive the incentive from Fannie Mae.

If you’re in the market for a great home, I’d encourage you to utilize one of our HomeStyle Team buyer agents who are well versed in the HomePath Buyer incentives and specialize in HomePath properties.

11 Steps to Buying a Phoenix Home Series-Home Search

The Phoenix home buying search process is an exciting experience!

Phoenix home search
It’s a very exciting time to be shopping for your first home of even your second or third if that is the case. The main thing to remember is there is a method behind the madness so to speak and a systematic approach to the home buying process is the best way to stay focused, save time and reduce stress. If you have read the previous posts to this 11 Steps to Buying a Phoenix Home Series that are listed at the top of this page you already know that addressing credit issues, selecting a mortgage specialist, getting pre-qualified and selecting a Realtor preceding the home search phase of the Phoenix home buying process.

Be realistic with your Phoenix home buying wish list

It is important to determine from the start how much Phoenix home you can afford and where you can afford it. Since you already analyzed your monthly budget you know what a comfortable mortgage payment would be and when you are pre-qualified, depending on the fluctuation of rates, you should know approx. how much you can spend on a Phoenix home and stay within your monthly budget. This is the top of your price range. Locations and neighborhoods are going to have different price ranges to buy into a specific area.

Also, certain amenities you may desire such as a basement, no HOA, upgraded lot sizes, horse privileges, golf course communities, proximity to schools or work, etc will help determine which areas of the Valley you can consider and still stay within your price range.  If your desired amenities do not meet your acceptable price range you will have to modify your wish list accordingly. Your Realtor should be able to tell you exactly what areas of the Valley fall within your budget and meet your other Phoenix home wish list requirements and also which amenities you may have to compromise in order to be within a certain area. Once you find the right balance you can narrow your search to specific neighborhoods, communities and/or geographical boundaries.

Foreclosures are great first time Phoenix home buying options and offer a great value

The current real estate market is distressed and as a result there are foreclosure homes throughout the entire Phoenix-Metro area and neighboring Valley cities. Many times these home are move-in ready (despite what some new home builder advertisements like to depict), and foreclosure homes also may qualify for free home warranties, closing cost incentives and down payment assistance programs.  Overall a Phoenix home purchase that is a foreclosure (bank owned) property overs first-time home buyers and second home buyers or investors a great value.

Click here to search foreclosures in all Phoenix-Metro Valley cities to find your Phoenix home.

Common Costly Home Buying Mistakes You Must Avoid!

home buying mistakes in scottsdale, azDo You Make Any of These Common Home Buying Mistakes?

What Every Homebuyer Ought to Know About Avoiding These Costly Home Buying Mistakes!

Keep Reading to Discover How You Can Learn to Avoid Them…

John was excited about purchasing his brand new home, but he was preparing to make one of the most common home buying mistakes made by would be home buyers.  John thought driving up in his brand new car would be a great idea.  The ‘new car’ smell was mesmerizing and the vision of the wind flowing through his wife’s hair as they cruised through their new neighborhood with the top down became irresistible.  He drove off the lot with a big joyful smile and a gleam in his smiling eyes.

Unfortunately, his smile soon turned into a frown of sadness when his lender informed him his new car purchase showed up on his credit report right before they were getting ready to fund the loan and close.  John’s car purchase had just disqualified him from his new home loan.  Indeed, costly home buying mistakes like this happen every day.

The new car monthly payments were added into John’s monthly expenses and raised his debt to income ratio to a higher level, immediately disqualifying him  A very sad state of affairs, but common home buying mistakes like this are all too common I hate to say.

These type of home buying mistakes are very costly, but are not isolated to just new car purchases.  Home buying mistakes also occur when would be buyers want to have things in order and finance appliances and furniture in advance of closing on their new home loan.  Even racking up charges on your charge cards can increase your debt to income ratios enough to disqualify you for your new home loan.

Recommended: avoid these common home buying mistakes by eliminating all major purchases as much as possible before purchasing a home.  If you must make them, check with your lender first and have them re-run the numbers to make sure you don’t end up spending the night in your convertible instead of your new home, like our poor friend John.

More Costly Home Buying Mistakes

Costly home buying mistakes made by many would be tenant buyers lately is to hand over their down payment money directly to the for sale by owner.  It looks like a great deal, buying direct from the owner, the price seemed right and the owner was willing to work with you on accepting a fair rent until you were able to qualify for a loan to finish the purchase, but one of the most common (and costly) home buying mistakes was in the making.

One day, typically a real estate agent, knocks on your door asking if you are the owner.  You explain you’re the tenant and are purchasing the home from the owner and the agent goes on to inform you the owner has been foreclosed on, asks to view your lease and offers you a relocation assistance program to help you with your move from the new owners at the bank.

I’ve personally seen these type of home buying mistakes made time and again.  One would be tenant buyer gave someone posing as the owner, not only their down payment money, but their first and last months rent. Ouch!

Recommended:  Use a real estate agent to help you avoid these common home buying mistakes that are running rampant right now with all the foreclosures happening.  At worst, get your down payment money into a 3rd party escrow account, so access to the money can’t be gained by either party until either the house closes or the deal falls through.  You may want to also screen the owner and get some credentials from them to prove who they really are and check the county recorders office to see if a Notice of Foreclosure Sale has been filed.  Search the tax assessor and county recorder websites to find out who really owns the home and don’t ever hand over cash money to the owner, one of the very large and costly home buying mistakes.

Costly Home Buying Mistakes – Utilities Not Turned On…

Believe it or not, some home buyers actually forget to have their utilities turned on in their new home before they move in.  Of course, Murphy’s law is in full effect, as this usually is discovered on a late Friday going into a weekend when no one is going to help you until Monday.  That makes for a very uncomfortable inauguration into your new home, especially at 110 degrees in Phoenix, Arizona or in the dead of winter with no fireplace.

Recommended: make a note to yourself to arrange two things: (1) turning off utilities at your old residence and (2) getting them turned on at your new home.

Avoid Common Home Buying Mistakes…

Having a good real estate agent to look out for your interests as you go through the process of buying your new home is an extremely important asset you don’t want to overlook.  Their services are paid for by the seller and they can literally save you thousands of dollars in grief avoidance with their expertise in helping you avoid not only these, but many other common (and costly) home buying mistakes made by would be home buyers.

It’s their job to keep up with all the details of the transaction from day-to-day, and keep everything moving smoothly and on track towards the exciting day of closing.  They help shield you from a great deal of the frustration associated with buying a new home and help you stay up with the requirements of the lender as the home progresses to closing too.  They arrange home inspections, remind you to turn on utilities and keep things on track.

Many home buyers fail to do this and then find themselves way behind in the process at the very last minute. This can sometimes lead to delay or even cancellation of the transaction.  Recommended: take care of your side of the fence by staying on the same page as the lender all the way through the process.

The better educated you are about potential and costly home buying mistakes you could make when buying a home, the better chance you have to keep the entire home buying process cruising along smoothly toward a successful close.

By the way, after you’ve closed and you want the wind blowing through your hair in that new ragtop, go for it knowing you have avoided those treacherous common costly home buying mistakes.

How To Look For A Good Real Estate Agent

To be a real estate investor one should look for a reputable real estate agent. One of the keys to a great sale is a good real estate agent. You can still process a good sale, but a real estate agent has the processes and procedures in line to have a great sale. This is the reason why you need to find an agent who is willing to work hand in hand with you for your real estate investing. This article will provide you some insights in searching for a good real estate agent.

First, be sure that you know what the term real estate agent means. A real estate agent works to close a deal so that he can get paid. Failure to close a deal will mean all the hard work leading up to that moment is all for nothing. So it is important that you find a real estate agent who is willing to put up the hours to make sure that they will be able to close and finalize the deal.

Be sure that you also know what to expect from your real estate agent. Being a driver where they drive you around from place to place until you decide which property you want is not really a part of their job description. This situation will surely tart a bad relationship between you and your real estate agent since you will be taking so much of his or her time. What you will primarily need from your agent are their contacts.

It is also important that you communicate to the agent what you are expecting from him or her. Make sure that you conduct a personal interview first before you hire anyone. Now, as soon as you know you want to hire this particular agent then you can start by laying down on the table what you expect from him or her. Setting the expectations will help your agent know what type of commitment to the job you are looking for. This will provide you a chance to see if you will be able to work together.

So there you have some good insights in searching for a good real estate agent. These tips will enable you to find your real estate agent who will be committed to working out a great deal for you.

Call us to have a team of experts help with your investing with our Dallas Foreclosures company. We will help you locate the best bargains in Dallas foreclosures.

Advice On Flipping A Piece Of Commercial Land

United States real estate for the commercial sector has seen better years. The slump is favorable for investors, who can now find commercial properties at prices that are a fraction of what they were a decade ago. Making a profit still involves careful research, marketing sampling, and proper renovation.

The best case scenario in purchasing a property is to have interest in it with other businesses in the area. Start calling businesses, or making personal visits, to see if they would be interested in signing a lease for a price that is cheaper for them. Try to make it worth their while so you can almost guarantee a lease before you purchase and fix the property up. That way your investment is safe and sound and free of risk.

Commercial designs that also include apartments or living areas have been the best selling over the years. This allows business owners to live directly near the business, save money on home living, and allows them to further their dreams of owning a successful business. Residential zoning mixed with commercial zoning isn’t as popular, and many commercial properties don’t include properties.

Bartering is a process when buying real estate property, and you shouldn’t be afraid of doing so. Most real estate properties for sale right now are on the market because the investor is desperate to get rid of them. Take advantage of this fact and make an offer that is below the asking price. Even if you don’t get the bid, you will get experience in talking down price points to an area where you can make money on the deal.

Actually finding a buyer or lessee for the property won’t be easy. Talk with the current real estate owner and see what price they tried to lease the property out for. Always assume that you will have to ask for less, even if you do upgrades to the property. Also consider sprucing the property up by fixing parking lots, building deformities, and inside fixtures or lighting.

Leasing a property can be profitable over a long period, but a quicker profit is made from selling the property outright. To do so, you must be certain that the market value of the property is higher than what is being asked for. You will also have to find another investor or business interested in buying it, which can take a long time. In general a quick profit in commercial real estate is not often heard of.

In Conclusion

Commercial property is harder to sell or rent that residential property. If you are set on finding commercial property due to the market conditions, realize that a lot of full-time work will be needed to make a profit from the situation.

Learn more on Cincinnati Edge Real Estate Group and Edge Real Estate.