Phoenix Investment Property – Arizona Foreclosed Home Sales – Laveen Foreclosures – Tolleson Short Sale Homes – Investor Owned Properties – Lender Owned Price Per Square Foot Sales Laveen and Tolleson – Laveen and Tolleson Bank Owned Homes Hot List
Attention Phoenix and Scottsdale Investors
Short sale homes and REO investment property flipping
is becoming more and more accepted by the government and major
lending institutions. This is evidenced, among other things,
by Freddie Mac’s recent bulletins, updated credit policies by
major lenders allowing for C buyer financing (FHA buyers), and revised title bulletins
stating that the C purchase price does not need to be revealed
to the A lender as long as certain disclosures are made.
Last Friday the FHA rescinded its 90 anti-flipping rule and will,
for a period of 1 year, allow FHA buyers to obtain loans
on investor owned properties that have been recently purchased by Phoenix investors
who intend to flip them for a profit.
This “green light” by FHA means that if you’ve been on the
sidelines of investment property flipping, you need to educate yourself
as soon as possible, because Real Estate investors will be coming on
strong in 2010 given this latest anti-flipping news. The Valley real etate market still has many potential Phoenix Investment Properties below current market price. The year 2010 will be marked as the year of the Savy R E Investor.
The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of “flipping” where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:
- All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction of the phoenix investment property
- In cases in which the sales price of the investment property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the specific conditions are met, which include the requirement of a 2nd appraisal and property inspection.
Guidelines of 203K FHA Streamline Repair Loan
We all know that the Arizona real estate market has more Bank Owned Homes available for sale than ever before. The inventory of lender owned, REO and pending auction homes has grown to a level where it can no longer be ignored by homebuyers. Unfortunately, most of these homes are not within financeable boundaries or at least in livable condition. That’s where the 203K FHA streamline repair loan comes in to the aid of the homebuyer. Phoenix homebuyers can use the 203K FHA streamline loan and finance further repair costs of their property right into their home purchase. There are some basic things that you as the homebuyer of that distressed property need to know to fully utilize this 203K FHA streamline loan to purchase that perfect Greater Phoenix investment property:
The purchase:
The FHA 203K loan is available for the purchase of a property and takes into the account the purchase price and then add in the cost of repairs necessary to create a new loan balance. The repairs of your Arizona home would be completed after close of escrow.
Facts and Notes:
The maximum repair amount on the FHA 203K Streamline is $35,000 and there is no minimum or mandatory amount. A phoenix homebuyer can use $5K for that new roof of his Phoenix investment property or use the whole $35K and do more along the lines of a full home remodel. The other catch is that the buyer must use a licensed professional to conduct the remodel process of the home and then it must pass inspection. This is a great opportunity to convert to Arizona Green Real Estate. Purchase that distressed property, and with professional guidance from RealVision Group, you can live in a healthy eco friendly home in phoenix.
Eligible home improvements:
- · Repair or replace that worn roof of the home
- · Repair gutters
- · Place a new HVAC unit for the hot summer days
- · Fix the plumbing or convert from galvanized to copper piping in your new home
- · Upgrade your electrical to code
- · Put in that stone, wood or fresh carpet on the interior of the home
- · Do some custom painting
- · Upgrade those appliances from the 70s to nice new Stainless Steel
- · Build an awning or a patio for shade
- · Do some landscaping
- · Repair the cracks in your driveway
- · Switch out the windows to new Dual Pane Low E windows
- · Upgrade interior doors to 6 or 8 panel
- · Great opportunity to upgrade with Eco Friendly ideas in your new Phoenix home
Remember that this is only offered to owner-occupant homebuyers. No investors. Also, you may not amend or change the bones (structure) of the home. Only cosmetic repairs are allowable under the FHA 203K Streamline repair loan. We at RealVision Group can offer a slightly different FHA 203K program that allows for structural repairs, but that requires architects, contractors and becomes an elongated process which is less desirable for homebuyers.
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