If you haven't contacted my colleague, James (great agent), I can also help. I worked nearly exclusively as a Fannie Mae List Agent from 2009 to 2013 and closed 150 homes, from Fannie & other banks and negotiated some short sale listings along the way.
So, I know the process in and out- when they are likely to do price reductions, who calls the shots and what the motivation is as the asset manager goes through inspection/repair negotiations. I've also seen some unreal sale scenarios to know what the pitfalls can be and how to avoid them.
That being said, frequently the drawbacks on an REO, like giving up most of your rights for recourse if something goes wrong, can outweigh some of the benefits (namely the price) when the prices really aren't that much of a bargain. REOs in many cases can be listed for as much (or more) than other comparable listings. Please take a look at a blog I wrote a number of years ago: http://www.camilleswanson.com/2011/01/29/want-a-good-price-on-a-hassle-free-purchase-consider-the-traditional-seller/
Since REOs make up a small portion of our listing inventory in Maricopa county (785, or 3.5%, of 22,176 actively listed), you may be looking for a needle in a haystack and miss some other great opportunities.
Whatever you decide is best, I know I can be a good resource to you. All the best!
Realty Executives - Paradise Valley
FRUSTRATING! That's what a short sale is. When someone has financial struggles and is unable to or will soon be unable to make their mortgage payments, rather than allow the lender to foreclose on the home, they contact their lender and ask them to approve a short sale. Short sale is simply asking the lender to allow you to sell your home for less money than you owe on it.
Please contact me with any additional questions you have.
Envoy Mortgage, Ltd.
NMLS# 947738 / AZ# 0921717
Purchasing a home through a short sale can be a very lengthy process; when I was an Escrow Officer, i closed many of them. The key to success is making sure the lender for your loan and the Escrow Officer push, politely of course. I had some that took 6 months and some that took 1 month.
Also, most of the people who approve short sales for the note holder, work in shifts. One rep worked from 1 pm to 10 pm every day, that was one of the 6 month deals.
I'm more than happy to discuss this with you further if you would like to contact me.
Envoy Mortgage, Ltd.
Of course it always needs to be verified, but certainly worth knowing the truth. It could be a realty trac, or something that for sure a local reo agent could answer for you. If it was FreddiMac/ or Wells etc it would be completely transparent. You never know when you just stumble upon a couple of great deals, especially this time of year.... Doesn't it seem kind of weird sometimes? This whole space between now and the 5th of Janurary? 15 years here and still can't quite get the "feel" for it. Then all of the sudden whammo..... the hustle bustle is back on. Good hunting.!... more
These are detailed contracts and a lot of risk put up with non-refundable deposit money. Most real estate brokers won't let them through the door. There is a lease agreement attached to a purchase contract and depending on how the contingencies are written and what is agreed upon for execution dates really makes for quite a possible debacle. Typically there will be non-refundable money involved and this is never good when it is lost for non-performance issues. Too many moving parts to write down here, so please consult a broker/agent that has excellent experience on this creative way to buy property. It certainly has it's place, but I've found that it should be used much less than it is and I personally know of 2 families in my career that have lost a significant non-refundable deposit in a lease purchase scenario. Good credit? I wouldn't even dream of a lease purchase unless it was a risk free, no lose agreement that totally benefited you personally in every direction. Good hunting!... more
The Land lease fees are paid monthly and are calculated at 1/10 of 1% of the purchasers price The best advice on Land Lease questions/ issue is to have the potential Buyers contact the Home owners Association, and ask for a copy of the Land Lease agreement to fully understand..
Also note: The HOA fees in Briarwood that the Realtors are providing here are quoted HIGH & incorrect.
Today- the HOA fee for Briarwood V are only $930 annually. That is approx. a mere $77 per month. When calculating the land lease with the LOW HOA fees, Briarwood is a great place and value to purchase Real Estate in the better area of Scottsdale.
I'm a Scottsdale home owner , and Scottsdale Native for 60 years and a 14 year seasoned veteran Realtor. I know what is a great area and a great investment. Some HOA fees in Scottsdale run $240 up to $1500 monthly, so sometimes it's better and wiser to purchase a low HOA fee such as Briarwood V, which does have a land lease fee.. If a Buyer can buy a single family residence in Scottsdale, north of Camelback Rd, south of Shea Blvd, that is 2600 sft, fully remodeled, for under $400,000, including a private back yard pool and have the front yard maintenance included in the HOA fees in a stable area such as Briarwood V, then purchasing in Briarwood is proof that it is a great investment. I say "buy in Briarwood!!!"
Real Estate Consultant and Negotiator
Email: Showhome2u@cox.net... more
If you send me the realtor's name I can get you the contact info! Thanks Sara! I am sure if it were my client or someone looking for me, I would want the REAL estate community to point them in the right direction! Thanks and I hope you have a great weekend!
Century 21 ALL STAR
Land leases are revised most of the time on a 10-15 year basis. The MOST important thing to remember is that if the revision comes in 2010 that you will likely pay more as the value of the "leased' land is probably higher than it's previous adjustment. Many people are waiting until 2010 to see if the land leases on many homes in SCOTTSDALE will double or stay put based on property values. Scottsdale has held more to it's value than most. I would say that the land leases in the 85251,50 and 54 area will be increasing. They will re adjust and you have to be prepared for that type of uncertainty. There are also concerns in LENDING as well. Most lenders need a 20-30 year land lease period in order to loan on the property. There are certain banks that won't touch them as the house is a LEASEHOLD, NOT A "Fee Simple" ownership.
If you have further questions, please email or call anytime. This is my farm area! Brairwood is a great community just has a land lease that can be steep for some people. Camelback house is also another subdivision with land lease. There are sevearl in the 68th north of Camelback area that are.. .
Kelli Michelle-Century 21 ALL STAR REALTORS 602-579-0854 Cell email@example.com... more