Phoenix Bank Owned Foreclosure Homes--Phoenix Real Estate Vlog » foreclosures

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.

Best Phoenix Real Estate Rental Investment Areas

Joe Martin — Sat, 12 Feb 2011 21:30:28 +0000

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 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 2011. 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.

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

Featured Gilbert Community–Chaparral Estates

Joe Martin — Wed, 09 Feb 2011 21:39:22 +0000

Chaparral Estates in Gilbert, Arizona is a master planned community

Chaparral Estates is about 20 miles SE of Phoenix and offers an abundance of parks throughout including a recreational park with a playground, basketball court, tennis courts and plenty of grassy areas as well as a K-8 school, Chaparral Elementary. It’s easy access to major freeways such as 202 San Tan Freeway, US 60 and the 101 Loop as well as proximity to restaurants, entertainment venues and major shopping areas such as San Tan Village Mall and Westcor Chandler Fashion Center make Chaparral Estates a great place to call home.

Homes for sale in Chaparral Estates

Chaparral Estates built by Shea Homes offers homeowners in Gilbert, AZ a great value. Chaparral Estates offers 3 bedroom, 4 bedroom and 5 bedroom homes, homes with private pools, RV gates, upgraded lot sizes and luxury homes. Plenty of homes including foreclosure bank owned homes are available now for under 200K.

Search Chaparral Estates real estate below;

Showing properties 1 - 5 of 15. See more Chaparral Estates.
(all data current as of 2/4/2012)

$450,000 : 6401 E Turquoise Avenue, Paradise Valley

4 beds, 3.50 baths

Home size: 2,531 sq ft

Lot size: 42,634 sq ft
$155,900 : 2553 S Sunnyvale Avenue, Gilbert

3 beds, 2.00 baths

Home size: 1,450 sq ft

Lot size: 6,147 sq ft
$255,000 : 10326 W Shetland Lane, Casa Grande

4 beds, 3.50 baths

Home size: 3,004 sq ft

Lot size: 20,473 sq ft
$375,900 : 2556 S Rockwell Street, Gilbert

7 beds, 3.50 baths

Home size: 4,710 sq ft

Lot size: 10,000 sq ft
$589,000 : 6514 E Mountain View Road, Paradise Valley

4 beds, 3.00 baths

Home size: 2,570 sq ft

Lot size: 36,930 sq ft

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

11 Steps to Buying a Phoenix Home Series-Writing Your Offer

Joe Martin — Mon, 24 Jan 2011 21:15:13 +0000

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

Negotiating your Phoenix home offer can be a very exciting time

In today’s Phoenix real estate housing market it is important that when you find that perfect home that you really love you do not hesitate to write an offer. Prior to writing an offer on a Phoenix home you should understand the nuts and bolts of the purchase contract. Your Realtor should be available to help guide you through the real estate purchase contract but they will not interpret it for you. You are expected to read the real estate purchase contract throughly and ask any questions you may have for clarification.

The main terms to consider when writing an offer on a Phoenix home are;

Purchase price
Earnest money
Contingency terms
Inspection period

A copy of the Arizona Residential Real Estate Purchase Contract can be reviewed below.

The purchase price is obviously something your Realtor will consult with you about and will also be no higher than your pre-approved loan limit at your desired down payment amount.

The default inspection period in the Arizona Residential Real Estate Purchase Contract is 10 Calendar days. If you do not change or waive this in your offer you will be asking for a 10 day inspection period.

Contingencies are clauses in a contract that give either the buyer or seller a way to get out of the contract if certain conditions are not met. There are endless types of contingencies and they are negotiable but the three most common that are default when writing your offer on your Phoenix home are;

loan–regarding Buyers ability to qualify for financing
appraisal–regarding purchase price vs. appraised value
inspection–regarding completion/satisfactory home inspection

Your Realtor will help you through the entire offer writing process on your Phoenix home

The right Realtor for you is one that is knowledgeable, accountable and helps you understand the the home buying process. It is important to find a Realtor that you trust and feel comfortable with that will represent you and your best interests. Our team of real estate agents in the Phoenix-Metro area are ready to assist you with all of your Phoenix home buying needs.

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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-Budget and DTI

Joe Martin — Tue, 11 Jan 2011 20:56:16 +0000

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

The Phoenix home buying planning process means time to budget

It is time to finally track your spending and put pen to paper an itemized list of where you spend money each month and how much. The goal here is to see how much Phoenix home you can afford within your budget. The good thing is right now in Phoenix-Metro area you can own for less per month that what you can rent in many areas so your living expenses might actually go down once you buy!

Accurate figures are important to the Phoenix home buying planning process

Start with making a list of all your expenses such as utilities and living expenses such as electricity and groceries, then all monthly expenses such as credit card bills, car insurance and yes add your entertainment, clothes, etc. as well. If you spend $40/week on movies and you want to continue to spend $40/week on movies than include it, otherwise remove or lower it to something you feel is reasonable and then follow that. You may be surprised to find out how much money you spend on certain things that with a few minor changes here and there you can drastically reduce your overall monthly expenditures. After you total everything and subtract it from your income you will have a figure. From that figure take a certain percentage off the top to add to your savings accounts and/or retirement plan, etc and the final figure leftover (assuming you already accounted for miscellaneous disposable income in your list) is what you can afford as a mortgage payment with/without any lifestyle changes while growing your savings.

Lenders consider Debt-to-income (DTI) ratios during the Phoenix home buying pre-qualification process

The above budget is mainly for your purposes so you can determine during the Phoenix home buying process your comfort level with the money in and money out every month and also help identify spending habits that can be modified to help strengthen your overall financials. Lenders will take your debt such as current mortgage/rent, credit cards, car payments and compare it to your income (aka DTI ratio). The qualifying ratio will vary by loan program and fico score but for our example we will use FHA which is 41%.

Lets consider a quick scenario in determining DTI for a Phoenix home buying loan applicant;

Your Monthly payment on mortgage/rent = 1200
Minimum Monthly Credit Card Payments = 300
Monthly Car Loan Payments = 450
Other Loan payment = 300

Thus, your total monthly debt payment = $2250

Now, let’s consider your Gross Annual Salary = $75000
So, gross monthly salary = $6250
Other monthly income = $1000
Thus, your gross monthly income = $7250

So, mortgage debt to income ratio = (monthly debt payment)/(gross monthly income)
= ($2250/$7250) = .310 or 31% which is well within the standard DTI ratio.

Hopefully now you have a good idea of how much you can comfortable afford every month, what changes to you budget need to be made if any and if your debt-to-income (DTI) ratio is in-line with qualifying. If not you may have to pay off some debt to get your ratio where it needs to be as part of the Phoenix home buying process.

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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 - 1 of 1. See more Chandler-Alamosa Estates Residential.
(all data current as of 2/4/2012)

$740,000 : 9561 E Cortez Street, Scottsdale

5 beds, 3.50 baths

Home size: 4,175 sq ft

Lot size: 20,033 sq ft

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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Circle G Ranches, Tempe AZ Homes For Sale–Featured Community

Joe Martin — Tue, 21 Dec 2010 21:05:11 +0000

Circle G Ranches, Tempe is an upscale equestrian community.

Circle G Ranches, Tempe is community comprised of custom built homes, premium sized lots and a plethora of amenities including an equestrian arena. It’s great location ensures residents have quick and easy access to both the 101 Loop and 202 Loop Freeway as well as the Award Winning Kyrene Elementary School District.

Homes for sale in Circle G Ranches, Tempe offer beautiful landscapes.

Circle G Ranches, Tempe home were first built in 1979 and gradually increased with the most recent homes built in the mid 2000′s. This upscale community offers lush landscaping, community park, tennis court and children’s playground.

Circle G Ranches, Tempe hosts horse riding trails throughout the community.

If you love horses this community is perfect! There are homes with with stables, riding trails, and a and an equestrian arena. All of this located in a convenient South Tempe location near some of the best shopping, restaurants and entertainment venues such as Gammage Auditorium, Tempe Improv Comedy Club, The Phoenix Rock Gym, Rolling Hills Golf Course–recognized as one of the finest 18-hole executive golf course in the Phoenix area, Red River Music Hall which hosts Jazz and Country artists, host of Octoberfest, New Years Eve block party, outdoor concerts and a ton of seasonal festivals throughout the year.

Browse below all homes available in Circle G Ranches, Tempe.

Sorry, but we couldn't find any results in the MLS that match the specified search criteria.