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

June 25, 2011 By

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 www.HomePath.com 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 www.homepath.com. 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.

Filed Under: Chandler Homes, Credit, First Time Home Buyers, Gilbert Homes, Mesa homes for sale, Mesa real estate, Phoenix Bank Owned, Phoenix Housing Market, Primary Feature, Search Arizona Foreclosures, Tempe Homes Tagged With: , , , , , , , , , , , , , , , , , , , , , , ,

Is a Phoenix Home Warranty Worth the Money?

February 18, 2011 By

Phoenix Home Warranty Can Save Homeowners Money

Now as much as ever homeowners are looking for savings where ever they can be found. With that thought in mind we ask, is a Phoenix Home Warranty worth the money?

There is a Phoenix Home Warranty to fit every homeowner or Buyer

With the price of a Phoenix home warranty ranging from $300 – $600 dollars depending on the desired coverage there is a plan for every buyer. If you are considering purchasing an existing home as part of standard real estate transaction your Realtor can negotiate that the Seller pay for your warranty.

The Phoenix home warranty is designed to cover you when specific systems and appliances fail

Landmark Home Warranty specifically reported that 3 out of 4 clients have at least one repair made within their first year of having the warranty and while those repairs range in cost, they can represent a significant savings.

The following table represents what a typical repair can cost without a Phoenix home warranty:

Heating System: $130 – $3,500

Water Heater: $115 – $1,500

Dishwasher: $98 – $1,250

Air Conditioning:  $130 – $4,000

Oven/Range:  $110 – $2,700

Kitchen Refrigerator:  $110 – $3800

Plumbing:  $95 – $7,500

Electrical System:  $85 – $2,500

With a Phoenix home warranty homeowners can save themselves the pain of those prices by just paying a $60 service call fee for each of these covered items.

Depending on your comfort level with service contractors, you will also like the added convenience that the contractor who works on your home comes from a preselected pool professionals and your home warranty company will pick up the bill. Your Phoenix home warranty company can also be very savvy when it comes to understanding a typical home systems and appliances, and therefore could save you time and money by troubleshooting simple issues with you over the phone when you call for service.

Maybe of greatest importance to our Phoenix housing market is the limited availability of R-22, also known as Freon. Since the 1980’s the government has been phasing it out due to environmental concerns. The replacement coolant, R-410A or Puron is not compatible with most existing Air-Conditioners, and without a Phoenix home warranty you will eventually be stuck time and costs associated with finding Freon and compatible parts, or upgrading your system to be compatible with Puron.

Below is a video provided by Landmark Home Warranty who would love to help you with your Phoenix home warranty needs.

httpv://www.youtube.com/watch?v=CquFvX4ToWo

Please post your comments below if you have questions about acquiring a Phoenix home warranty.

Filed Under: Home Warranty, Phoenix Housing Market, Primary Feature, Related News Tagged With: , , , , , , , ,

Phoenix MLS is the BEST Buyer Home Search Tool

February 4, 2011 By

A Phoenix Realtor will utilize the Phoenix MLS (ARMLS) and FlexMLS portal to streamline your home search

Phoenix MLS
A Phoenix Realtor will have the greatest technology at their fingertips to assist you with your home search, primarily the Multiple Listing Service (MLS). For the purpose of this post we will be referencing the MLS used primarily in Maricopa County which is the Arizona Regional Multiple Listing Service (ARMLS).   While the Phoenix MLS customized home search portal is your best resource for up-to-date homes for sale it also has some industry terms worth decoding for easy interpretation.

Phoenix MLS terms explained

If you have received or will receive a customized home search via the Phoenix MLS there are some terms you may want to familiarize yourself with.  Some of the terms below you will find commonly associated with homes listed in the Phoenix MLS (ARMLS).

AWC-I=the home is under contract and the Sellers have the ability to continue to market the property for back-up offers.

In today’s market, a Phoenix Realtor will be asked this question a lot largely due to the amount of short sales on the market. Short sales utilize this option quite a bit due to the nature of the transaction.  Bank owned foreclosure properties typically do not use this status upon verbal acceptance despite popular industry opinion as they typically go straight to ‘pending’ status once all docs are signed. It is important for your Phoenix Realtor to call the listing agents on foreclosure homes to ensure they do not have an accepted offer.

ACTIVE=the home is available and accepting offers

AWC-C=the home is under contract and the purchase is contingent upon the sale of the buyers property

AWC-O=the home is under contract per a buyer’s option to perform within a certain time frame at a set price

PENDING=the home is under contract an no longer accepting offers
ADOM=Agent days on market, i.e. how long the current listing agent has had the active listing
CDOM=Cumulative days on market, i.e. how long the property has been listed in the MLS overall

Phoenix MLS is the BEST home search tool for Buyers

Along with a plethora of property information at your fingertips including a direct link to the county tax records, mortgage calculator, property photos and the satellite/birds eye map view that the Phoenix MLS has to offer, your Phoenix MLS portal is also the first website to be updated with new properties and/or listing information. This means BEFORE Zillow, Trulia or any other real estate marketplaces update their information your Phoenix MLS portal will already be spot on accurate with the most current property details.  However, the #1 feature Buyers love (yes LOVE) with the Phoenix MLS is the customized home search portal.  This portal allows Buyers to login with their own username and password, save, sort and track listings, ask questions about a listing and request showings with just a click.

Do you have your own Phoenix MLS portal yet? If not please contact us today to get set up with your Phoenix MLS portal–the best Phoenix home search tool available today at no cost!

Filed Under: Phoenix Housing Market, Primary Feature, Related News Tagged With: , , , , , , , , ,

Event for Chase Struggling Phoenix Homeowners, Feb. 3-7

February 1, 2011 By

Phoenix Homeowners Assistance Event, February 3 – 7.

Phoenix homeowners
Chase is holding an event for struggling Phoenix Homeowners. If you are considering doing a loan modification or currently working on one, or simply struggling with your payments and your currently have a home loan with Chase you may want to attend this Phoenix event. You can take the Chase loan modification eligibility assessment here.

Did you know Chase offers cash incentives to struggling Phoenix homeowners?

In many instances, it may be time to consider a short sale, especially if you believe that you will continue to have trouble paying your mortgage even after a loan modification. Chase is offering cash incentives to qualified homeowners that facilitate and close on a short sale.  If you are considering a short sale and you want more details on the cash incentive and/or eligibility programs, contact us ASAP for a free evaluation by a Certified Distressed Property Expert (CDPE).

Details of the Chase Phoenix Homeowners Assistance Event;

Location:
Wyndham Phoenix
50 East Adams Street
Phoenix, AZ 85004
Monday-Thursday: 8 a.m.-12 a.m.
Friday: 8 a.m.-10 p.m.
Saturday: 8 a.m.-5 p.m.
Click here for more details

Phoenix Homeowners considering short sales have 3 important things to understand…

1.) as a Phoenix homeowner you do have options

2.) time is not on your side

3.) contact an experienced Certified Distressed Property Expert (CDPE) to facilitate a short sale.

*One of the biggest obstacles when facilitating a short sale is Phoenix homeowners contact us too late to save the property from foreclosure.

Filed Under: Phoenix Housing Market, Phoenix Short Sales, Primary Feature, Related News Tagged With: , , , , , , ,

11 Steps to Buying a Phoenix Home Series-Contract Negotiations

January 24, 2011 By

Time to negotiate your Phoenix home offer and make a deal!

Negotiating Your Phoenix Home Offer
You found the perfect Phoenix home and wrote a competitive offer and now the fun begins.  One thing to keep in mind is that each Sellers– whether bank owned Phoenix home or otherwise–operate on a case by case basis. The Phoenix housing market currently hosts Sellers that are overall in unique varying situations resulting largely in five types of sales 1.) bank owned foreclosures, 2.) Short sales, 3.) Investor fixer uppers, 4.) Government owned foreclosures and 5.) Traditional sales. Each Seller is unique, however, there are common negotiations strategies that may help you increase the strength of your offer.

Entrust your Realtor when negotiating your Phoenix home contractual terms

Without going into specifics I will touch on the key elements that may strengthen your offer or help during the negotiation process. Each term and how it should be negotiated depends on your individual wants and needs and what is in your best interest. It is important to also keep in mind that sometimes you may want to compromise on one term to get another you deem more necessary to your great good. Each Phoenix Home Seller is different and will negotiate in their best interest. Some negotiable terms carry more weight than others with a particular Seller

  • Purchase Price
  • Loan Type
  • Earnest Money
  • Inspection Period
  • Closing Date
  • Contingencies

Price is not the only term to consider when strengthening negotiations on your Phoenix Home

For example; if you are a cash buyer the closing date can be much sooner, if your asking for Seller concessions you may want to offer a competitive purchase price to offset the contribution, the higher the earnest money amount the better, the inspection period by default is 10 days but you may not need (or want) that much time. It is a misconception that the higher the purchase price the stronger your offer. Many times the ‘highest’ offer on the table for consideration is not the ‘best’ offer. In this distressed real estate market, multiple offers and competition among Phoenix Home Buyers is common and to be expected.

The biggest obstacle for Phoenix Home Buyers is eliminating emotion from negotiations

Many times Buyers feel entitled and state that the Sellers are already getting a deal and that the Sellers should just be happy to sell their home in this market. While Sellers on the other hand already lost so much equity and value the past few years that they feel they have lost enough. Thus the emotions are high and that sometimes can make the negotiation process more stressful. Working with an experienced Realtor will give you peace of mind while thet guide you on the best way strengthen your offer and negotiate in order to secure the accepted contract with your Phoenix home offer.

Filed Under: Phoenix Housing Market, Primary Feature Tagged With: , , , , , , ,
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