Showing posts with label bank-owned homes. Show all posts
Showing posts with label bank-owned homes. Show all posts
Jan 5, 2011
Oct 6, 2010
Fannie & Freddie Bargains
From smartmoney.com
To pare down their growing inventory of properties, Fannie Mae & Freddie Mac are scrambling to unload nearly 150,000 foreclosed homes. That means 2004-esque deals – like requiring as little as 3% down, offering to pay a portion of the closing costs and arranging special financing and home warranties for repairs & renovations.
Here are the three best features of Fannie & Freddie foreclosures that make digging for these deals worthwhile.
Small Down Pymt For its foreclosed properties, Fannie will accept down payments as low as 3% on 30-year mortgages at the same interest rates banks are currently offering. And Fannie doesn’t require private mortgage insurance. Compared to a typical bank mortgage, which requires 10% down, plus PMI for buyers with less than 20%, that’s a huge savings – an estimated $51,000 up front and upwards of $2,500 per year PMI on a $300,000 mortgage.
Help With Renovations Fannie and Freddie have always fixed big flaws like leaky roofs & damaged electrical work and they often handle small projects like replacing broken or missing appliances, tearing up old carpet or fixing intentional damage left by former owners or vandals. To entice buyers who want to update or upgrade, many of Fannie's properties now come with an optional mortgage that includes extra financing up to $30,000 for repairs & improvements.
First Dibs Buyers who plan to live in their Freddie-purchased home will get to see properties for at least the first 15 days on market - before the listing opens to would-be landlords. Many bank-owned foreclosure properties are snatched up by cash-stocked investors who can wait out the downturn to sell later at a profit.
To pare down their growing inventory of properties, Fannie Mae & Freddie Mac are scrambling to unload nearly 150,000 foreclosed homes. That means 2004-esque deals – like requiring as little as 3% down, offering to pay a portion of the closing costs and arranging special financing and home warranties for repairs & renovations.
Here are the three best features of Fannie & Freddie foreclosures that make digging for these deals worthwhile.
Small Down Pymt For its foreclosed properties, Fannie will accept down payments as low as 3% on 30-year mortgages at the same interest rates banks are currently offering. And Fannie doesn’t require private mortgage insurance. Compared to a typical bank mortgage, which requires 10% down, plus PMI for buyers with less than 20%, that’s a huge savings – an estimated $51,000 up front and upwards of $2,500 per year PMI on a $300,000 mortgage.
Help With Renovations Fannie and Freddie have always fixed big flaws like leaky roofs & damaged electrical work and they often handle small projects like replacing broken or missing appliances, tearing up old carpet or fixing intentional damage left by former owners or vandals. To entice buyers who want to update or upgrade, many of Fannie's properties now come with an optional mortgage that includes extra financing up to $30,000 for repairs & improvements.
First Dibs Buyers who plan to live in their Freddie-purchased home will get to see properties for at least the first 15 days on market - before the listing opens to would-be landlords. Many bank-owned foreclosure properties are snatched up by cash-stocked investors who can wait out the downturn to sell later at a profit.
Sep 26, 2010
Expect to Pay More For Bargain-Priced Homes
The best values in east Orlando real estate today are by far distressed sales (bank-owned & short sales). Buyers – primarily first time buyers & investors – are clamoring, competing & bidding up these distressed sales to an average of 1% over list in the past 60 days.
Competition for move-in ready, bargain-priced homes is fierce. When these homes hit the market, you can expect them to receive multiple offers in 48 to 72 hrs. Buyers, be prepared to write your offer for over list from the start. With the competition for move-in ready bargain homes, you’ll only get one chance to make your bid. These bank & short sale sellers will go forward with their highest offer immediately & you’ll be hitting the pavement again looking for the next best thing.
Competition for move-in ready, bargain-priced homes is fierce. When these homes hit the market, you can expect them to receive multiple offers in 48 to 72 hrs. Buyers, be prepared to write your offer for over list from the start. With the competition for move-in ready bargain homes, you’ll only get one chance to make your bid. These bank & short sale sellers will go forward with their highest offer immediately & you’ll be hitting the pavement again looking for the next best thing.
Jun 1, 2010
Four Ways To Avoid Getting Outbid
Q: I am a first-time buyer trying to buy a condo, but every time I put in an offer, someone else gets it instead. In some cases, I was muscled out by people who could pay cash. I can't afford to do that. Is there any other way I can win one of these bidding wars?
May 25, 2010
Stoneybrook Buyers Hit With $4,000 Fee
Homeowners associations have been struggling to make up for thousands in dues lost when homes sit empty for months, waiting for foreclosure.
Two Orange County golf-course communities have decided to make their new residents foot that bill. Buyers in Stoneybrook West in Winter Garden and Stoneybrook East in east Orange County have to add $4,000 to closing costs - mostly for dues that went unpaid by previous owners while the houses were in foreclosure for more than a year.
The so-called "resale capital contribution" doesn't sit well. Typically, buyers in those communities would pay $1,000 to move in, but the fees were increased as the housing crisis deepened.
Read full story from Orlando Sentinel.com
Two Orange County golf-course communities have decided to make their new residents foot that bill. Buyers in Stoneybrook West in Winter Garden and Stoneybrook East in east Orange County have to add $4,000 to closing costs - mostly for dues that went unpaid by previous owners while the houses were in foreclosure for more than a year.
The so-called "resale capital contribution" doesn't sit well. Typically, buyers in those communities would pay $1,000 to move in, but the fees were increased as the housing crisis deepened.
Read full story from Orlando Sentinel.com
Mar 2, 2010
Best Selling Communities 2010
East Orlando is experiencing brisk sales this year with 307 homes and $46,000,000 changing hands. 75% of these sales were distressed (bank-owned or short sales). Top selling single family communities are:
Feb 19, 2010
Distressed Sales Still Dominate
In Jan, 73% of all Orlando home sales were distressed sales (bank-owned or short sale). The average home spent 90 days on the market before going under contract & sold for an average 94% of asking price.
“Homeowners should note that Orlando’s median price is being downwardly distorted by the significant proportion of distressed and bank-owned sales,” says ORRA Chairman of the Board Kathleen Gallagher McIver. “This distorted median price does not equate to an across-the-board loss of value for traditional homes in good condition.”
Learn more from Orlando Regional Realtor Assn.
“Homeowners should note that Orlando’s median price is being downwardly distorted by the significant proportion of distressed and bank-owned sales,” says ORRA Chairman of the Board Kathleen Gallagher McIver. “This distorted median price does not equate to an across-the-board loss of value for traditional homes in good condition.”
Learn more from Orlando Regional Realtor Assn.
Feb 15, 2010
203(k) Loan
There are many great, affordable available for sale in East Orlando and many of these homes are in need of repair. Due to cost and time, the average buyer shies away from these homes. When will we have the time to do necessary repairs and more importantly, where will we get the money?
For a homebuyer with the time and money to buy a distressed property, a 203(k) loan may be something to consider. With a 203(k) loan, a homebuyer can get one mortgage loan at a long-term fixed (or adjustable) rate to finance both the acquisition and the rehab/repair of the property.
Learn more from HUD.
For a homebuyer with the time and money to buy a distressed property, a 203(k) loan may be something to consider. With a 203(k) loan, a homebuyer can get one mortgage loan at a long-term fixed (or adjustable) rate to finance both the acquisition and the rehab/repair of the property.
Learn more from HUD.
Jan 18, 2010
SmartBuy Program
As part of the SmartBuy purchase program from Freddie Mac, HomeSteps is offering:
- 2 yr home warranty
- up to 3.5% closing costs
- up to 30% savings on appliances
Read more from Freddie Mac, HomeSteps.
- 2 yr home warranty
- up to 3.5% closing costs
- up to 30% savings on appliances
Read more from Freddie Mac, HomeSteps.
Oct 15, 2009
How to Land a Foreclosure House
From wsj.com
Buying a foreclosure home often is appealing to house hunters trying to stretch their dollars, but finding a good one can be a challenge.
Buying a foreclosure home often is appealing to house hunters trying to stretch their dollars, but finding a good one can be a challenge.
Oct 3, 2009
Are Distressed Homes Worth It?
From wsj.com
Home buyers are finding that the battered real estate market offers just as many opportunities for headaches as for bargains.
Home buyers are finding that the battered real estate market offers just as many opportunities for headaches as for bargains.
Aug 17, 2009
I Want a Deal
The best deals you’ll find today are bank-owned homes. Check out these listings available today, then check back every week for new bargain listings.
- bargain houses
- bargain townhouses
- bargain condos
- bargain houses
- bargain townhouses
- bargain condos
Jun 3, 2009
Incredible Value In Bank-Owned Homes
If you’re a buyer looking for an incredible value, consider a bank-owned home in east metro Orlando. These homes are the most affordable on the market today.
Bear in mind that a typical bank-owned home requires some elbow grease. If you can handle some cleaning, painting, yard work and general repairs in exchange for a great home at a great value…a bank-owned home may be just what you’re looking for.
A bank-owned home can close quickly – no waiting around for a response like in the case of a short sale home. Generally, a bank-owned home can close in 30 to 60 days.
Purchase price = est. monthly payment (30 year, 5.375% fixed rate)
$150,000 = $840
$175,000 = $980
$200,000 = $1,120
$225,000 = $1,260
Bear in mind that a typical bank-owned home requires some elbow grease. If you can handle some cleaning, painting, yard work and general repairs in exchange for a great home at a great value…a bank-owned home may be just what you’re looking for.
A bank-owned home can close quickly – no waiting around for a response like in the case of a short sale home. Generally, a bank-owned home can close in 30 to 60 days.
Purchase price = est. monthly payment (30 year, 5.375% fixed rate)
$150,000 = $840
$175,000 = $980
$200,000 = $1,120
$225,000 = $1,260
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