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: , , , , , , , , , , , , , , , , , , , , , , ,

Best Phoenix Real Estate Rental Investment Areas

February 12, 2011 By

Get the best bang for your investment buck with Phoenix real estate…

Right now veteran and novice investors alike from all over the World are flocking to Phoenix for real estate opportunities and heavily focusing in the East and West Valley cities for obvious reasons. Phoenix real estate has suffered some of the greatest drops in price since the real estate housing bubble burst.  Plus, there are not too many places in the US where you can buy a fairly new home for well under 100K and not have to shovel snow six months of the year and where people want to live, investors want to own. Great real estate values, rock bottom pricing, in a very desirable area where hundreds of people relocate to daily creates the perfect storm for real estate investors in Arizona.

Looking for Phoenix real estate investment rentals?

I recently inquired with one of the property managers I know that works with a ton of investors and asked him what areas he recommends as far as the best Phoenix real estate rental opportunities are concerned, he replied;

For West Valley Cities, we have found that, Goodyear, Litchfield Park, Avondale and Surprise pull the higher rents and have the less vacancy time. Be careful with El Mirage.

As for the East Valley Cities, we highly recommend!

The cities that do really well are:

Chandler, Gilbert, Tempe, Mesa, and even Queen Creek

We are renting homes on the East side very fast. Typically the rents are about $100 more for the same size home on the East side vs. West side.  To pull those kind of rents, I would recommend 4 bedroom homes.

Chandler and Gilbert have proven to pull the highest rents for us.

Phoenix real estate foreclosures offer investors great values!

Phoenix real estate is one of the best opportunities in the US to invest in.  Foreclosure properties are abundant with newly listed single family homes, condos and multi-dwellings hitting the market daily at extremely competitive pricing. Please contact us for more information on investing in Phoenix real estate.

Phoenix Real Estate Investing

Click here to receive your FREE exclusive list of Arizona bank owned and distressed homes

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

Buying Short Sales

November 3, 2010 By

For real estate investors, purchasing short sale properties can be a huge opportunity. The apparent benefit of which is that they may buy an investment property for well below the market value, and in the case of a short sale, less than is due on the property. If you are new to buying short sales of preforeclosures, please appreciate that while the process may seem complex, the return on investment may be fantastic.

So how does one invest in or buy a short sale? Initially, to define a short sale in real estate, it is simply buying a property for less than is owed. For an investor the clear benefit of this type of investment property is obvious. Please keep in mind however, that the upside for the institution is low so there are a number of requirements that need to be met in order to complete a short sale. As such, a enormous deal of patience is needed through the buying process

As you get started in purchasing short sale investment homes you must be aware of the role that each participant will play in the transaction. The nearly all apparent player in the transaction is the property owner, though your interaction with them will actually be limited. There are a number of motivations for a property owner to be in this position, but before performing any due diligence in buying a short sale, you must be sure that the owner of your target property is motivated.

The next player in the process is the loss mitigation department of the bank. Because the institution is in business to make cash, you will need to make a compelling case in order for them to agree to a short sale. For home mortgages, this only happens if the cost of foreclosing on the home for non-payment of the mortgage is greater than keeping the existing financing in place, or going through the preforeclosure and foreclosure process. Because that is a guiding principle, you must create a circumstance where the lender sees the short sale as the best option.

Now that you understand these two players, the process of convincing each to short sale the investment property to you is a process of working with both parties to create a request that will satisfy the needs of both the property owner and the bank. Document and photograph all areas of the property that are in disrepair, and get an appraiser to come out and give an appraisal based upon the lowest marketable value of the home.

Now you simply need to agree on a purchase price with the current property owner and submit it along with the package to the bank. Present your purchase proposition along with the short sale package to the bank and gently push it through the approval process. It the proposal is approved, your purchase of the short sale goes through. If not, just modify your request and submit it again.

Visit freetrainer to day to learn about how to buy short sales or download a free copy of the IP Ware real estate investment software visit our real estate investment site today.

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Buying Foreclosures

October 13, 2010 By

Recently, millions have been made by knowing how to buy foreclosed homes. Buying a home in foreclosure can be a involved process, and to make money investing in foreclosed houses, you have to appreciate the process completely. Jumping into this form of investing with no a solid foundation can be very risky.

As you being to understand the basic process that foreclosed properties go through, you should to take a look at your community and state laws that manage the purchasing and selling of foreclosed homes. Depending on the state in which you live, there may be limitation on the length of time you must physically occupy the dwelling when you purchase it. Depending on your investment goals, these laws may place considerable barriers to your investment goals.

If, as part of your foreclosure investing goals, you want to fix and flip a property, the subsequently step is merely to locate a home that is in foreclosure. Your local county posts a list every day, and if you don’t want to go down to the recorder’s office, there are a number of online services that do present a daily list of public sale foreclosures. Tap into as many of these tools as possible in order to stay informed on what properties may be coming up for auction that meet your investment profile.

As part of the process of investing in foreclosure, you need to establish the financing for the investment. Purchasing a foreclosed home from a courthouse sale requires a extensive down payment, or more often, the full cash total on purchase. As a result, you have to have your financing in place before you buy the house.

Finally, if you have your financing in place, and have found a property that will meet your investment goals, the next steps are merely to bid and subsequently buy the foreclosed home. All through the buying process be sure not to overbid for the home; at auction you may be competing with other investors and it is very easy to bid yourself right out of your return.

Subsequent to you have closed on the home and it is yours to keep and manage or rehab and fix, it is just a matter of getting to work. In summary, purchasing a foreclosed home is an easy procedure; you just need to know what you are doing.

Investing in real estate and mi foreclosure can be a great way to earn significant return. If you have ever though about real estate investing, visit us today to learn how to buy foreclosed homes.

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Start Investing In Real Estate

October 5, 2010 By

A depressing fact only 5% of Americans are going to have enough money to retire. A scary fact, particularly for the rest of us. However, with vigilant preparation and a fundamental comprehension of investing, you can certainly become a member that 5%, even if you don’t make that much money every year.

If you look at history, one of the top investments that you can make is still in real estate. I understand that this is not a fashionable attitude right now given the circumstances of the market. In spite of this, real estate still remains a great way to grow wealth. In addition, investing in real estate gives significant benefits over other investments This is especially true right now because of the relatively low cost of real estate right now.

So if investing in real estate is in fact an chance, how do you get started? The first thing you must know is that there are three areas to focus on when buying an investment property. The most important area is the rents and if they will cover your expenses. The next is the general appreciation over time. The third is the savings on your taxes by owning the property. When you look at a potential investment property these are the elementary issues that you need to address.

You have a number of real estate investment programs to choose from, and a few of these real estate software programs are at no cost for investors to download.

As a beginner in real estate investing, you may not wholly recognize all of the ratios and data that a retail or free real estate investment software program gives, the data provided by the program is still needed to guide you on your decision. For most software programs the basic data is comparatively easy to realize and will allow you to get a feel for if the rent will cover the cost of the investment and if the investment property will truly be profitable. The more in-depth information returned from the real estate software possibly will be better understood by bankers and accountants. However, these are professionals that you ought to come to know as you commence investing in real estate.

Download your own free real estate investment software from freetrainer.com and learn more about real estate investing from GRAR.

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