Phoenix Bank Owned Foreclosure Homes--Phoenix Real Estate Vlog » housing market

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

Joe Martin — Sat, 25 Jun 2011 20:51:45 +0000

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…

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.

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

Joe Martin — Tue, 01 Feb 2011 20:01:44 +0000

Phoenix Homeowners Assistance Event, February 3 – 7.

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.

11 Steps to Buying a Phoenix Home Series-Home Search

Joe Martin — Fri, 21 Jan 2011 21:05:57 +0000

Table of contents for 11 Steps to Buying a Phoenix Home Series

The Phoenix home buying search process is an exciting experience!

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 precede 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.

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11 Steps to Buying a Phoenix Home Series-Selecting a Realtor

Joe Martin — Mon, 17 Jan 2011 17:47:14 +0000

Table of contents for 11 Steps to Buying a Phoenix Home Series

Selecting a Phoenix Realtor is the first step of the home search process

If you are not already working with a Realtor while you are getting pre-qualified for your home loan than it will be the next step in your Phoenix home search once you have completed, or better yet while you are completing the home loan application process. The Loan Status Report (LSR) as mentioned in our previous post in this 11 Steps to Buying a Phoenix Home Series–Financing, is the Arizona letter that will be required to accompany any offer you write on a property requiring financing. It is also one of the requirements most Realtors like to see prior to scheduling private showings at any Phoenix-area homes that are for sale.

Neighborhood knowledge is an important consideration when selecting a Phoenix Realtor

It is important that you select a Phoenix Realtor that is familiar with the specific neighborhoods you are interested in and is knowledgeable of the current market trends within that community, neighboring communities, and the Phoenix-Metro real estate housing market overall. In todays Phoenix real estate market, it is more important now than ever to have a Phoenix Realtor with their finger on the pulse of the housing market, distressed sales within a given city, community or neighborhood and that can provide the most recent sales trends with their advanced technology capabilities. For example, the Multiple Listing Service, Cromford Reports and various other advanced real estate technologies are not available to every real estate agent and are great resources to aide in your home search.

Employ a Phoenix Realtor with strong negotiating skills and foreclosure experience

In this market, everyone is looking for a deal and understandably so. In todays Phoenix housing market, 9 out of 10 times the best value in any given neighborhood is likely to be a Phoenix foreclosure home for sale. Our last series, Phoenix Bank Owned Foreclosure Process Explained goes into detail about the process of buying a Phoenix foreclosure home and similarly for this series it is important to note that employing a Phoenix Realtor that has knowledge in foreclosures will benefit you greatly. In addition to foreclosure experience, effective negotiating should be a skill that your Phoenix Realtor possesses. Making sure you have an experienced Phoenix Realtor that is looking out for your best interest and know how to negotiate effectively can be the difference between a successful closing and a cancellation or fallout.

Overall you want to make sure your Phoenix Realtor is accountable

Timely responses, professional demeanor, attention to detail and a high level of accuracy are all great signs that your Phoenix Realtor is accountable and highly capable to handle your home search and transaction with attentiveness and accuracy in respect to your best interests.

To recap you want to make sure you employ a Phoenix Realtor that;

possess in-depth knowledge of the neighborhoods of interest to you
is familiar with current Phoenix real estate market trends
has access to cutting edge real estate technologies
has extensive foreclosure (bank owned) experience
implements sharp and skillful negotiation tactics
is accountable

I’m not trying to toot my own horn but this is my blog …so I’m going to do a quick plug for our World ranked RE/MAX foreclosure team, The HomeStyle Team. We currently have 8 real estate agents with extensive experience in negotiating foreclosures that are ready to assist buyers and investors alike in all Valley Cities within the Phoenix-Metro area, Maricopa County, Pinal County, Anthem as well as Flagstaff . Our buyers agents are savvy and knowledgeable. We hope you consider us when looking for a Phoenix Realtor to represent you on your next home purchase!

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11 Steps to Buying a Phoenix Home Series-Financing

Joe Martin — Fri, 14 Jan 2011 18:31:45 +0000

Table of contents for 11 Steps to Buying a Phoenix Home Series

Secure a Phoenix home loan before you start your home search

If you have been following the future posts in this 11 Steps to Buying a Phoenix Home Series we touched briefly on how to establish or clean up your credit if needed. Now for the purposes of this series moving forward we will assume you have a least a 620 credit score, a steady documented income for the previous 12 months and your DTI is 41% or less as indicated in our previous post regarding debt-to-income ratios…the next step is to get pre-qualified with a Phoenix home loan.

Ask for referrals to qualified Phoenix home loan specialists

Word of mouth is the best way to find a great loan specialist for your Phoenix home loan and your Realtor is a great place to start. Your Realtor should have excellent referrals for you as they tend to use the same preferred lenders over and over again that make them look good and give their clients the best service available. Just like any business if you do a good job, word gets out about your services and others refer you business. I do not recommend just haphazardly going online and completing online questionnaires or applications. 9 times out of 10 your information is sold and you can get bombarded with loan professionals. Find a few that come highly recommended by asking your family, friends, neighbors and Realtor and start there. A lender should be able to take a phone application and/or secure online application and have answers for you the same day. Unless of course you go to a brick and mortar bank where a pre-qualification can take up to five business days.

Understand the terms and fees associated with your Phoenix home loan

After you complete the application process via online, over the phone or in person you will be provided with a pre-qualification letter that will state the amount of financing you qualify for. In Arizona specifically your Phoenix home loan qualification letter may be issued on as an LSR or Loan Status Report. An LSR will be required to write any offer and typically required prior to view homes. If this is your first time buying a home and applying for a Phoenix home loan you will have several questions. Your lender should be able to tell you your rate (which can still change until you lock it), your estimated mortgage payment including taxes and insurance, your estimated closing costs to bring to the closing table (which you can negotiate the Sellers contribute to), and your required down payment for your particular Phoenix home loan program. First time home buyers will typically use an FHA loan with 3.5% of the purchase price required as a down payment.

Example: 100,000 purchase price x 3.5% = $3500 down payment

There are also Phoenix home loan programs such as a USDA loan which allows first time home buyers to purchase at $0 down provided the property is located in a qualifying area. Phoenix-Metro areas that qualify mainly are Queen Creek, San Tan Valley as well as parts of Apache Junction.

The next step once you receive your Phoenix home loan qualification letter is to select a Realtor to represent you if you have not already done so which we will discuss in the next post in this 11 Steps to Buying a Phoenix Home Series.

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11 Steps to Buying a Phoenix Home Series-Repairing Credit

Joe Martin — Fri, 07 Jan 2011 20:04:54 +0000

Table of contents for 11 Steps to Buying a Phoenix Home Series

Repairing credit to buy a Phoenix home takes time…

If you read the previous post in this 11 Steps to Buying a Phoenix Home Series regarding establishing credit we are back to the same notion of maintaining a good credit history. So it will take time. Repairing credit is all about correcting the negative references on your report and keeping the items in good standing …in good standing! There are many reasons one might have bad credit. For the purpose of this post and buying a Phoenix home we will address general misuse or overuse, etc. We will not touch on bankruptcy issues, short sales, or foreclosures in this post as they are different in terms of recovery.

Nowadays, you will most likely need a 620 credit score or higher to buy a Phoenix home with traditional financing

Some things to consider when you review your credit report;

When you look at your report there are some things you should keep in mind. If you have too many credit lines this could be hurting your score. You would need to pay off and cancel or at least cancel all but a preferred three cards. The cards that you should keep should be the ones you have had the longest. Longer histories with a creditor helps your score. Try to negotiate lower rates on the three that you keep.
Pay down balances on all three remaining cards to 30% or less of the credit limit (10% is better).
Put together a budget to pay down any outstanding/delinquent payments or satisfy any debt/judgments. Many times these balances can be settled and negotiated for less than the full amount.

Keep in mind that to buy a Phoenix home is not a given right but a reward and responsibility

Once your credit is in check make sure you take the necessary steps to keep it that way. Set up automatic payments whenever possible. Don’t wait until the last minute to mail a payment to your creditors. Make sure you don’t overspend or have to high of limits. Report any unauthorized use of your credit. Once you implement these strategies it is just a matter of time and history until you have good credit to buy a Phoenix home. Your preferred mortgage finance specialist can give you a ball park estimate based on your current credit scenario just how long until your credit should be good enough to qualify for the best rates available to buy a Phoenix home.

If you have questions or comments on credit issues that are stopping you from qualifying to buy a Phoenix home please post them below, we would love to hear from you!

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11 Steps to Buying a Phoenix Home Series-No Credit

Joe Martin — Thu, 06 Jan 2011 18:29:19 +0000

Table of contents for 11 Steps to Buying a Phoenix Home Series

Buying a Phoenix home requires good credit history

No credit is not good credit. No credit will stop you from buying a Phoenix home. Some people assume they have good credit just because they have not used it or damaged it yet. This is not the case. The good news is there are easy ways to establish credit. I spoke with a client that asked, “Why do I need credit cards in order to buy a home?,” as she had no debt and did not want to get a credit card. The answer is you don’t. You can always save up and pay cash for a Phoenix home which many people sometimes do, however, if you are going to require a loan to finance your purchase you may have to consider the scenario from the lenders POV. If you were going to loan money to someone you will probably want to see that they have a history or managing debt responsibly prior to doing so in order to analyze the risk, i.e. the likelihood they will pay you back.

Establish credit as early as possible prior to when you plan on buying a Phoenix home

Establishing credit takes time. Having no credit does not illustrate you a.) know how to manage it or that b.) you will not abuse it. You may have credit card offers come in the mail or when you go to your bank. It is ideal that you open three credit lines but no more with either your bank, department store, mail offer, etc. Most will come with a low or zero APR for the first year or so and of course you want the best rate and perks. Instead of paying cash for things like groceries, gas, medicine, etc. just set your cash aside and use your card. Then when the bill comes pay it off with the cash you stashed. If you are going to carry a small balance vs. paying it off completely each month carry no more than 10% of the credit line for an optimal credit rating although paying it off each month in full is ideal. If you only carry a small balance and only buy things you would normally have to buy regardless, then you should be fine with managing your credit. In three to six months you should be on your way to having great credit to buy a Phoenix home.

Remember these 5 things when building your credit for buying a Phoenix home or any other purpose

Make your payments on time every time or it will lower your credit score
Always keep your credit card balance at 30% or less of your total credit line in the event you don’t pay it off in full each month
Once you have a history request a credit line increase from at least one of your cards to be at 5K or more
Don’t have more than 3 credit lines at any one time
Don’t buy things you don’t need on credit, just buy the things you would buy anyway

Also it is important to note that it is a good idea to keep your cards for the duration. Don’t cancel one and hop to another just because they offer you a short term introductory rate. Try to negotiate the rates with the cards you have. Overall the length that you hold each credit line open will impact your score, i.e. the longer the better. This will in turn possibly get you better home loan rate when buying a Phoenix home and possibly a quicker approval process.

Many cards offer a cash back option. This means for every dollar you spend with the card (even when you pay the balance off in full each month) you will receive typically 1% or 2% cash back. So lets say you spend $2,000/month on groceries, food, gas, medicine, clothing, etc. you would have earned $40 cash back which is $40 more than you would have made if you bought the exact same items but just paid cash for them.

This post is not intended to be in any way a form or financial and/or credit counseling and it is advised you see a professional finance/credit specialist for further insight or questions regarding your credit prior to buying a Phoenix home. We have plenty of wonderful referrals!

I hope so far you are finding this 11 Steps to Buying a Phoenix Home Series helpful and I welcome any comments you may have below as we move through the series.

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Phoenix-Metro Rated in Top 5 Sunny Cities To Watch in 2011

Joe Martin — Thu, 30 Dec 2010 21:18:41 +0000

Phoenix-Metro Real Estate Recently Rated #2 in 5 Sunniest Cities To Watch in 2011 in Investopedia–a Forbes digital publication.

One thing is for sure and that is Phoenix-Metro real estate has some of the best real estate deals in the US from both an investors standpoint and opportunities available to owner-occupied and/or first-time home buyers.

Phoenix-Metro Real Estate Offers a High Standard of Living

On average 293 people move to Arizona everyday for business opportunities, warm climate and low-cost housing. Golf courses and a plethora of dinning, shopping and entertainment venues native to upscale locations such as Scottsdale also keep Phoenix-Metro Arizona as a great place to visit or own an affordable vacation getaway.

Phoenix-Metro Real Estate is Popular Among Snowbirds

Phoenix-Metro is a popular destination for retirees and other Midwest, Northern and East Coast relocates as well as Canadians looking to get out of the harsh winter climates either seasonally (snowbirds as we like to call them) or as year-round residents.

In a recent Investopedia article, Ryan Fuhrman, sited Phoenix as one of 5 sunny cities to watch in 2011, stating;

Given that they were among the hardest hit, they could see quicker recoveries that also build steam in the next couple of years. They share some positive characteristics, including sunny locales that retirees find popular, and all were benefiting from a general population migration to warmer climates from colder ones in the northern parts of the country.

Whether your a snowbird, year-round resident, retiree, Midwest transplant, investor or an Arizona native the Phoenix-Metro real estate housing market has a lot of low-cost housing opportunities to take advantage of now and to come in 2011.

Click here for Phoenix-Metro real estate foreclosures by city

Alamosa Estates, Chandler Homes For Sale–Featured Community

Joe Martin — Wed, 29 Dec 2010 18:53:46 +0000

Alamosa Estates, Chandler is an upscale community in South Chandler.

Alamosa Estates, Chandler is located in 85249 zip code just East of S. McQueen Road, South of Ocotillo and North of Chandler Heights. Great location close to shopping, restaurants, entertainment venues, schools and the 202 & 101 freeways for easy access to/from the Phoenix-Metro area.

Alamosa Estates, Chandler offers basement homes with upgraded lot sizes in 85249.

Basement homes in Arizona are rare compared to other parts of the US. In Arizona you only have to dig about 18 inches to place pipes when building a home whereas in other parts of the Country you have to dig about 4-5 feet to place pipes below the freezing line. Therefore, the expense to build and finish a basement in other parts of the Country where the whether is colder is not great. In Arizona, adding a basement increase the cost by $20 – $25/sq.ft. according to Scott McDonald, founder of the Wall Company which means it is less expensive to build a second level than it is to build a basement home in Arizona.

Search below all homes for sale in Alamosa Estates, Chandler.

Showing properties 1 - 2 of 2. See more Chandler-Alamosa Estates Residential.
(all data current as of 5/21/2012)

$400,000 : 1037 E Tonto Drive, Chandler

5 beds, 4.00 baths

Home size: 4,013 sq ft

Lot size: 10,656 sqft
$419,000 : 1017 E Tonto Drive, Chandler

5 beds, 4.00 baths

Home size: 4,139 sq ft

Lot size: 15,335 sqft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

The Fine Art of Negotiating Your Phoenix Foreclosure Real Estate Transaction

Joe Martin — Mon, 27 Dec 2010 18:10:35 +0000

Negotiating your Phoenix Foreclosure Real Estate Transaction is something mastered by experienced Realtors.

Like with anything, experience builds confidence and confidence builds excellence. Negotiating a Phoenix foreclosure real estate transaction is no different. Most Realtors in today’s Phoenix real estate market have negotiated some foreclosure transactions if they have done business the last three years or so. That is not to say they are excellent at it.

Proper representation is important in a Phoenix foreclosure real estate transaction.

Proper representation is important in a a regular or short sale real estate transaction as well. This is just to point out that ‘proper’ representation in a Phoenix foreclosure real estate transaction is more times than not with a Realtor that has extensive experience in negotiating Phoenix foreclosure transactions. The main difference in negotiating with the Seller of a bank owned foreclosure property is that there is a chain of command that must approve and/or sign documents and each bank follows their own line of protocol and time frames. This translates overall to deadlines being strict, terms being firm and stakes being high.

Keep your emotions out of your Phoenix foreclosure real estate transaction.

Don’t take it personal that the bank wants to charge per diem fees if you don’t close on time or that they don’t want to replace the out-dated fixtures. A Phoenix foreclosure real estate transaction will state the homes are sold ‘as-is’ and there are other certain characteristics of a Phoenix foreclosure real estate transaction that are pretty much universal, such as;

Earnest money needs to be in the form of a cashiers check
Sellers will not provide Seller Property Disclosure Statements (SPDS)
Sellers will not provide insurance claim history (aka CLUE)
Home is being sold in as-is condition
Per diem charges will apply if Buyer does not close on time through no fault of Sellers
Buyer is required to re-key the home after closing
There is no chance or pre-possession

Keep your eye on the prize and employ an experienced foreclosure Realtor to represent you and the process will go smoothly and stress free. Click here to contact us directlyor complete the short form below if you are looking for Buyer representation in the Phoenix-Metro area. Our foreclosure team services Phoenix Valley Wide and has several experienced and knowledgeable Realtors dedicated to helping you with your Phoenix foreclosure real estate transaction.

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