Posts Tagged ‘investors’

Great investment opportunity. 3 bedroom 2.5 bathroom home with loft. Tile in all the right places. This home comes with Refrigerator, Washer and Dryer.

Full Details

http://www.integrityhomebuyingguide.com/listing/mlsid/8/propertyid/4588549/syndicated/1/cgltguid/2352BF5E-E79E-41D5-AA87-33E3A947B7C0/?ts=crg

Listing Courtesy of Rebecca Hidalgo, Integrity All Star Realty, LLC

(Click on the photo above for a downloadable PDF document that will be easier to read and printable)

What’s HAFA mean to you? It actually may not mean much… unfortunately our government has good intentions but missed the mark in my opinion on this program that started on April 5, 2010. 

Perhaps a step in the right direction but… not worth getting too excited over unless they change a few major conditions!

The biggest issues are:

• Only 4.5% of loans in default will qualify for it- that’s just 1 out of 22.5 families that are a minimum of 2 months behind on their mortgage MAY get help from this government sponsored program.
• NONE of the major investors are participating- FANNIE MAE, FREDDIE MAC, FHA, VA are all NOT participating???
• Seems misleading because if you go to this link at "Making Homes Affordable.gov", it appears for appearances sake that just about every “Lender/Bank” (a.k.a. Servicer) IS participating. SO… What’s the deal? 
• The deal is like most government programs that cost us tax payers BILLIONS of dollars.  It looks good in the media and creates a false sense that the big players are doing something to really help the little guys.

Why if the “Servicers” of the loans are participating but the majority of “Investors” are not IS there such hype out there right now??? …You can thank the media and the Government I suppose…

Why aren’t the investors on board to help???  …… drumroll please….. it’s because IF the investor accepts the government assistance they MUST agree to WAIVE their rights to pursue for a deficiency- in plain English that means they must agree not to go after and SUE the borrower for their loss afterwards! 

LUCKILY for us in Arizona, we have laws that do protect people in the majority of cases of such deficiency judgments- please go to our resource tab on this site for the links to our state laws or contact us for more details. 

We are happy to help you find out if you are one of the 1 in 22.5 families that MAY qualify for this HAFA program. 

If you don’t, don’t fret! We can and are happy to still help you navigate thru the “normal” Short Sale process and successfully sell your home and help you and your family get a clean slate financially on life.

The Integrity All Star Team is here to help you and anyone you know with their Real Estate needs.  Just let us know who you know that is considering giving their home back to their bank and we’ll gladly do everything we can to help them avoid Foreclosure.

What does this mean to you if you live in Chandler?

• Of the homes currently active today:
• 47.2% are Short Sales &/or Pre-Foreclosures listed for sale at an average price of $102.12 per sqft
• 12.18% have already been Foreclosed and are “Lender Owned” (aka REO or Bank Owned) at an average price of $96.93 per sqft
• 40.62% are normal listings, new term “Equity” sales and are asking an average price of $147.75
• What actually sold last month (closed escrow) in Chandler:
• 28.76% were Short Sales that closed at an average price of $99.58 per sqft
• 37.17% were REO’s that closed at an average price of $96.93 per sqft
• 34.07% were Regular listings that closed at an average price per sqft of $122.91

Seems that if you are wondering where your next mortgage payment is coming from, you aren’t alone. 

Banks are finally beginning to see that they lose more money with a Foreclosure where they have to take over a property and remarket it to get it off their books.  It makes more sense for them to work with people in distress by approving their short sales! 

Many banks are trying to streamline their processes and that is why we are beginning to see more and more people opt for doing a Short Sale rather than stick their head in the sand and wait for the bank to come take back their asset (your home) in a Trustee Sale. 

Many sellers are starting to come back out on the market again; but most need to reduce their prices to actually get their homes sold ($147 vs $122 per sqft). We are also seeing many investors purchasing distressed properties and flipping them for an immediate return on their investments.

Homes that aren’t in distress are still high in demand because:

• The homes are typically better taken care of and aren’t “stripped” or trashed like so many of the pre/foreclosure homes are.
• The buyer can avoid those headaches that the various Banks and Lenders out there give when it comes to negotiating price.
• The buyer isn’t having to send in multiple offers and compete with others looking for a bargain.
• Many buyers run out of time and patience to wait on the banks with the lengthiness of their current processes.

Are you interested in seeing what this graph looks like in your area?  If so, click here to get started.  If you let us know, we’ll send one to you for your area (this report can also be done by Zip Code).  All of this data is provided by Mike Orr of the Cromford Report.