1. Phoenix Metro HUD Home Auction Is A Great Opportunity!

    March 15, 2011 by lourie

    Are you looking to buy a home, have reasonably good credit, but just don’t have the downpayment necessary to make the purchase?  If so, listen up…this HUD Home Auction may be just what you’re looking for.  This is for owner occupied buyers only…no investors to compete against!  The following is information provided by my preferred lender, MetLife Home Loans’ branch manager, Judy Giel…

    At the Arizona Mortgage Lenders Association luncheon last week, the head of HUD for Arizona spoke about the upcoming HUD auction of HUD-owned homes on 03/26/11.  If you have any buyers who are looking for a primary residence, this is a wonderful opportunity.

    There will be 150 homes auctioned off that day, all with $100.00 down payment instead of the customary 3.5% down.  Only owner-occupied are eligible.  All homes are in ready to move in condition with no repairs needed.  HUD will pay 3% towards buyers(s) closing costs/prepaids.  A Realtor MUST accompany the buyer(s) or one will be assigned to them at the auction.   The buyer(s) must come in with a cashiers check payable to HUD and buyers name for $1000.00.  If their bid is accepted, the $100 comes from the $1000 and the balance is held as earnest money.  Each property has a reserve bid and the head of HUD’s REO Division will be there to evaluate the highest offer if it is less than the reserve and make a decision on-the-spot about accepting the lower than reserve offer.  If the bid goes over the reserve, all bidders are pulled aside and told they have exceeded the reserve and anything bid over that amount must be paid as extra cash at closing.  The buyer(s) must have a pre-qualification letter from their lender on lender letterhead to accompany their bid. - Location:  JW Marriot Resort in Desert Ridge (5350 Marriott Drive) 03/26/11 at 1:00
    - Open House on Saturday & Sunday, March 19th and 20th from 11am -3pm
    - Get the details and see all the homes in this sale at HUDHOUSEAUCTION.com

    If you are interested in participating in this auction, please contact me ASAP so that I can put you in touch with a participating lender to get pre-approved! 

    Lourie Fleet 602-705-6642 or Lourie@LourieFleet.com

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  2. Inventory Of Real Estate In The Phoenix Metro Area Is Up!

    January 26, 2011 by lourie

    At the end of 2010 most banks that had removed properties from the market while their files were reviewed for illicit foreclosure practices, flooded the market with several thousands of properties, adding to an already burgeoning inventory.  So while this maybe good news for investors and buyers seeking a home, the consequences have resulted in a huge slowed down in the processing of these files.  Asset managers and banks are sorely understaffed to handle the barage of offers which could ultimately result in a large number of failed transaction closings.  Especially when buyers need to move quickly, or a delay of over 60 days results in a lower appraisal…

    To avoid being caught up in this unfortunate situation, make sure you allow plenty of time for processing the sale and any financing you are seeking.  Have your lender approve you for an interest rate that is slightly higher then current market rates and check to see if you can lock your interest rate for longer than 45 days without paying additional points, otherwise you make risk having to pay a higher interest rate.

    And by all means, be patient…if you are trying to buy a home that you consider to be a “terrific bargain”, then make sure you allow extra time for negotiations.   Study comparable sales so that you can be fairly certain that the price you are paying will stand up to the scrutiny of a fair market appraisal.  And most importantly…be sure you have competent people working on your behalf…your real estate agent, your loan officer, your home inspectors, and in many states, your legal advisor!

    For current market inventory in the Phoenix Metropolitan area: CLICK HERE

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