Phoenix Arizona Real Estate PRIDE

Monday, February 1, 2010

Fannie Mae Announces 3.5 Percent Seller Assistance on HomePath® Properties

Right from the mouth of BABES!!!!
	News Release

	January 28, 2010

	Fannie Mae Announces 3.5 Percent Seller Assistance on HomePath® Properties Incentive Part of Ongoing Effort to Stabilize Neighborhoods WASHINGTON, DC — Fannie Mae (FNM/NYSE) announced today that people purchasing a Fannie Mae-owned HomePath® property will receive up to 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of appliances. The offer is available to any owner-occupant who closes on the purchase of a property listed on HomePath.com before May 1, 2010. "Attracting qualified buyers to the market and reducing the inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover. Many families are taking advantage of the federal homebuyer tax credit to buy a new home so this is a great time for Fannie Mae to offer some additional help," said Terry Edwards, Executive Vice President of Credit Portfolio Management. "Homebuyers have the option to choose between financial assistance toward closing costs or new appliances for their home." Properties eligible for this incentive are listed on HomePath.com and most listings include detailed property descriptions, photographs, community and school information and more. In addition, many Fannie Mae-owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing which offers homebuyers an opportunity to purchase with as little as 3 percent down.

Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes

Friday, January 29, 2010

Short Sale Supervisor Talks to a Real Estate Agent – Recorded Conversation

Short Sale Supervisor Talks to a Real Estate Agent – Recorded Conversation

This goes on every day working with the Banks on these Short Sales.

Right now I have a property in escrow that we have been waiting to close for 8 months. BOA finally gets us the approval letter to sell the property. We receive the approval for the 1st and the 2nd loan, giving the 2nd $2,000. Because BOA is the 2nd loan.
The buyer performs there due diligence pays for all inspections and appraisal, We are finally ready to close, we are 4 days away, after a long 7 months. Then 4days before CLOSE we are informed that the 2nd is requesting $8,900 hundred dollars. That somehow BOA collection dept. sent the 2nd to Green Tree for collection, so Green Tree will only take $8,900, not the $2,000 that BOA was giving BOA. The $2,000 that BOA has give there own BOA 2nd... So THAT makes us short $6,900.

You would think, since Green Tree is collecting for BOA, that BOA could pull that loan, CALL those Dogs off, NOT.. Green Tree Stated that they would let the home go into foreclosure, BOA said they could not pull the 2nd, and Green Tree said the deal is off, unless they get $8,900. The buyers a furious, stunned, dazed right along with us Realtors.

This is crazy, The Property has 2 loans , both are BOA, the 1st BOA loan is approved and the 2nd loan is BOA and approved to receive $2,000 from BOA...........Then BOA hires Green Tree to collect... or Service.. BOA is shooting them self in the foot ...

BOA said they would increase there amount to $4,500 / Buyers will add $3,000 and us Realtors split the rest.. Just to close this deal. We have not closed yet... Green Tree has to review everything... well BOA owns this LOAN!!! Crazy!!!

I think that BOA and Green Tree has held the Buyer hostage on this property. After all we did have 2 approval letters from BOA to go ahead with this purchase. This is a way for the bank to get more money, knowing that most buyers wont walk after dumping $1,000 into the home for inspections. BOA should be sued from the buyer for breach of contract after an acceptance letter from the bank BOA, FULL APPROVAL.. but because of the Short sale addendum.. This may not be possible...

The bank need to be responsible for there actions, many home buyers are being hurt and Realtors also.

Friday, January 22, 2010

What is a FINAL WALK Through?

The final walk through is what you do right before you close on your home. It is the last chance you have to see the home you bough before you close.

it is also the time to check and make sure that everything in you Buyers Inspection has been completed.

After your offer has been accepted on a home, you do your 10day inspection. If you are lucky enough in today's market and you home is not a Foreclosure or a Short Sale, and you bought a Resale Home you can ask for repairs in you home inspection. In Arizona we use a Buyers Inspection Notice Sellers Respond Addendum. This is where you would request your repairs. Those repairs should be completed before you close on the HOME! This is where your final walk through comes into play.

A lot can happen in a month while you are waiting for the home to close.

I myself sold a home about 4 yrs ago. I painted, carpeted and got the home ready to sell, the day before closing the property, the buyer went back to the home to do the final walk through with there Realtor and the home was broken into...I could of died...Someone took a hammer to the walls and slopped paint all over the interior of the home. I did have insurance on the home to cover the repairs.. This is why it is good to do a Final Walk Through with your agent the day before close or even the morning before you go sign your docs.

The walk Through is very important, it protects the Buyer and you get to look once more at what you are buying before CLOSE. Ask your Realtor about your Final Walk Through

Posted via email from Living in Phoenix-Real estate-Neighborhoods & Homes

What is a FINAL WALK Through?

The final walk through is what you do right before you close on your home. It is the last chance you have to see the home you bough before you close.
it is also the time to check and make sure that everything in you Buyers Inspection has been completed.
After your offer has been accepted on a home, you do your 10day inspection. If you are lucky enough in today's market and you home is not a Foreclosure or a Short Sale, and you bought a Resale Home you can ask for repairs in you home inspection. In Arizona we use a Buyers Inspection Notice Sellers Respond Addendum. This is where you would request your repairs. Those repairs should be completed before you close on the HOME! This is where your final walk through comes into play.
A lot can happen in a month while you are waiting for the home to close.

I myself sold a home about 4 yrs ago. I painted, carpeted and got the home ready to sell, the day before closing the property, the buyer went back to the home to do the final walk through with there Realtor and the home was broken into...I could of died...Someone took a hammer to the walls and slopped paint all over the interior of the home. I did have insurance on the home to cover the repairs.. This is why it is good to do a Final Walk Through with your agent the day before close or even the morning before you go sign your docs.

The walk Through is very important, it protects the Buyer and you get to look once more at what you are buying before CLOSE. Ask your Realtor about your Final Walk Through

Thursday, January 21, 2010

Time Once More for the Historic Willo Home Tour & Festival

And it's on Valentine's Day, it's a great way to spend a few hours... beautiful homes, sweet people, Food and much more! The neighborhood tour features examples of Tudor-, Spanish-, and bungalow-style homes dating from the 1920s to the '40s. The event includes a street fair, food and trolley tours.

22nd Annual Willo Historic Home Tour & Street Festival From the Willo Home Tour Facebook page we get the following information:

Welcome to Willo!

Host:	Arizona Preservation Foundation
Type:	Trips - Daytrip

Date:	Sunday, February 14, 2010
Time:	10:00am - 4:00pm
Location:	Willo Historic District
Street:	3rd Ave. & Holly St.
City/Town:	Phoenix, AZ

Description

Once a year, residents of PHOENIX's Willo Historic District put out the "welcome mat" and open their homes to Valley residents and visitors. A variety of homes from Tudor to Spanish Revival from Bungalow to Ranch style homes dating from the 1920s through the 1940s will be on tour. Stroll Willo's tree lined streets from house to house, or jump on a trolley to carry you throughout the neighborhood.

One of Phoenix's most beautiful, historic neighborhoods, Willo is just west of Central Avenue between Thomas and McDowell Roads from 1st to 7th Avenues. Don't miss this fun-filled opportunity to visit architecturally significant, finely decorated homes while supporting Phoenix's largest historic district.

DETAILS:

Online tickets are $13.75 ($13 ticket + $.75 processing fee) and must be purchased before 1 p.m., Saturday, February 13, 2010. Tickets are $15 the day of the tour and can be purchased at 3rd Ave. and Holly St. Free for children 12 years and younger when accompanied by a paying adult.

Free parking available all day on Holly St., between Central and 1st Ave.

Complete details at http://www.willohistoricdistrict.com/hometour.html