Thursday, January 15, 2009

Fannie: Renters Can Stay in Foreclosed Home

Fannie Mae announced Tuesday that it would allow qualified renters of foreclosed properties owned by a government-controlled mortgage company to stay in their homes.

Under the National Real Estate Owned (REO) Rental Policy, renters of homes acquired by Fannie Mae will be offered a new monthly lease at market-rate rent or if they desire, financial aid to help them move.

The properties must meet state and local building and safety codes.

Fannie Mae also said it will hire real estate practitioners or property management companies to manage the properties while the units are for sale.

Thursday, January 8, 2009

Radical cheap: $1,000 homes

The real estate market is so awful that buyers are now scooping up homes for as little as $1,000.

There are 18 listings in Flint, Mich., for under $3,000, according to Realtor.com. There are 22 in Indianapolis, 46 in Cleveland and a whopping 709 in Detroit. All of these communities have been hit hard by foreclosures, and most of these homes are being sold by the lenders that repossessed them.

"Foreclosures have turned banks into property management companies," said Heather Fernandez, a spokeswoman for Trulia.com, the real estate Web site. "And it's often cheaper for them to give these homes away rather than try to get market value for them."

In Detroit for instance, Century 21 Villa owner Randy Eissa has a three-bedroom, one-bath bungalow of about 1,000 square feet listed at just $500. It's a nice place with lots of light, but it needs a total rehabilitation inside, which Eissa estimates will cost between $15,000 and $20,000. But that's not bad, considering that the home last sold for $72,000 in late 2007, according to Zillow.com.

With prices this low, lenders aren't looking to make any money on these deals. They just want to get these houses off their books, so they don't have to bear the cost of maintaining them and paying property taxes.

In fact, the $500, $1,000 or $3,000 that a buyer forks over often goes straight to the real estate brokers as a commission. And often the lenders have to kick in extra cash to make it worthwhile for a realtor even take the listings, according to Eissa.

"Usually these homes are bank repossessions that the lenders have already tried to sell on the market, perhaps then put up for auction without success and then re-listed," he said.

Fixer uppers

These houses are almost always small fixer-uppers. Wiring, plumbing and heating systems have to be replaced, walls and ceilings sheet-rocked, plumbing and light fixtures installed and new kitchen cabinets and counters put in. Few come with working appliances.

Often buyers are legally required to rehab these homes to bring them up to code. In Detroit, buyers are required to sign Affidavits of Compliance Responsibility, which obligates them to make repairs outlined in an inspection report. Only after that can a certificate of occupancy will be issued, which makes the house legal to live in.

But even factoring in these costs, they're still bargains.

And as the housing crisis drags on, there are more and more four-figure listings popping up, as lenders try to unload their repossessed properties.

Cleveland is another city with many incredibly inexpensive homes. On Ardenall Avenue, in East Cleveland, McMullen Realty has a listing for a four-bedroom, one-and-a-half bath house for $1,900. It's been vandalized inside, but the outside is in good shape.

It features a deep front porch with Doric columns, double dormer windows and a separate garage. It's an excellent opportunity, according to agent Tonya Stoudamire. The last time it sold was in March of 2008 when it went for $16,677, according to Zillow.

"East Cleveland has a beautiful housing stock," she said. "These houses just need someone to come in and love them a little."

Another property for sale in Birmingham Ala. is priced at $1,900. The one-bedroom, one bathroom home was built in 1923 and has major fire damage, according to its listing broker, Tom Murphy Realty. The listing states that "Rooms are hard to distinguish."

But it's on a nice-sized lot, about 0.38 acre, close to downtown and transportation and has all utilities. Nearby, comparable homes in good condition sell for about $100,000, according to Zillow.

Rehab money

Most of these $1,000 homes can be renovated relatively inexpensively, and buyers can actually get government help to finance these repairs. The U.S. Department of Housing and Urban Development (HUD) has a special loan program for just such purchases.

Its rehabilitation mortgage insurance, available through FHA-approved lenders, was designed to encourage banks to issue a single, long-term loan to buyers that covers both the acquisition and rehabilitation of a property, according to HUD spokesman Brian Sullivan.

He adds that there may also be grant money available from the $4 billion Neighborhood Stabilization Program, which was a part of the massive housing rescue bill passed by Congress in July, to assist buyers with grants for down payments.

Buying homes like these is certainly a leap of faith; they're generally not in the best of neighborhoods and they're often surrounded by many other vacant and deteriorating homes. Still, some of these neighborhoods may turn around and provide residents with good, dirt-cheap housing.

"It's a sad time," said Stoudamire. "But it's also a time of opportunity, especially for low and moderate income people."

Contact Jason Donn about buying Foreclosures

Sunday, October 5, 2008

Broward County Foreclosure Listings

Jason Donn - 954-892-6244

CITY ADDRESS STYLE BED/BATHS PRICE

COCONUT CREEK
741 LYONS RD #17-103 CONDO 2/1 $102,900.00

CORAL SPRINGS
10024 TWIN LAKES DRIVE CONDO 2/2 $74,900.00
1049 CORAL CLUB DR CONDO 2/2 $99,900.00
8954 SAMPLE RD T/H 2/2.5 $108,000.00
3702 NW 82 AVE SFH 4/2 $169,900.00

DAVIE
8069 SW 18 COURT T/H 2/2.5 $129,900.00

FT LAUDERDALE
380 NE 45 STREET SFH AUC
1750 NW 3 TERR #202 CONDO 2/2 $114,500.00
650 SW 30 TERRACE SFH 3/2 $129,900.00
707 NE 15 STREET SFH 4/3 $199,900.00
2000 N OCEAN BLVD #927 CONDO EFF $242,500.00
511 SE 5 AVE, #2102 CONDO OCCUPIED TBA
110 HENDRICKS ISLE #7 CONDO 2/2.5 AUC

LAUDERDALE LAKES
3361 NW 47 TERR #226 CONDO OCCUPIED TBA
3131 NW 39 PLACE SFH OCCUPIED TBA
3920 NW 32 TERRACE SFH OCCUPIED TBA
3131 NW 39 PLACE SFH TBA

LAUDERHILL
2220 NW 52 AVENUE CONDO 2/1.5 $64,000.00
4218 INVERRARY BLVD #95-B CONDO 2/2 $54,900.00
4511 NW 25 STREET SFH 2/2 $99,900.00
4848 NW 24 CRT, #301 CONDO 2/2 $35,900.00
7900 NW 50 St, #103 CONDO 2/2 $69,900.00
3408 HEATHER TERR VILLA OCCUPIED TBA
2611 NW 56 AVENUE #A104 CONDO OCCUPIED TBA

MARGATE
718 NW 55 AVE SFH 3/2 $170,000.00

MIRAMAR
3285 FOXCROFT RD #102-E CONDO 2/2 $116,900.00

NORTH LAUDERDALE
5961 NW 41 TERR SFH 3/1 TBA
6422 SW 18 COURT SFH VACANT TBA

OAKLAND PARK
2871 N OAKLAND FOREST #304 CONDO 2/2 $91,350.00
2810 N OAKLAND FOREST #307 CONDO 1/1 $29,900.00
114 LAKE EMERALD DR #110 CONDO 2/2 $79,900.00
3119 OAKLAND SHORES #C205 CONDO 2/2 $69,900.00


PLANTATION
10757 CLEARY BLVD, #307 CONDO 2/2 $82,500.00
9869 NW 2 CT SFH 4/2.5 $159,900.00

POMPANO BEACH
4501 W McNAB RD, #20 CONDO 2/2 $87,300.00
4140 NE 17 AVE SFH TBA
921 NE 23 STREET SFH 3/2 $86,500.00

SUNRISE
2259 NW 81 AVE SFH 3/2 $179,900.00
3730 NW 88 AVE #244 CONDO 2/1.5 $89,900.00
4380 NW 103 AVE SFH 3/2 $235,000.00
3825 NW 90 AVE CONDO TBA
9986 NOB HILL COURT CONDO 2/2 AUC $59,900.00
7401 NW 20 COURT SFH 4/2 TBA

TAMARAC
4515 TREEHOUSE LANE #12-D CONDO 2/1 $68,000.00
4431 TREEHOUSE LAND #28H CONDO OCCUPIED TBA
20 MEACHAM LANE TH 3/2.5 $79,900.00
7312 NW 76 DRIVE 1/2 DUP 2/2 $106,000.00
7735 NW 79 AVE #310 CONDO 2/2 $84,900.00
8700 CYPRESS WALK COURT T/H 3/2.5 $145,777.00
8709 CYPRESS WALK COURT T/H OCCUPIED TBA
6804 CYPRESS WALK TER T/H 2/2.5 + LOFT TBA
4435 TREEHOUSE LANE #27D CONDO OCCUPIED TBA
7152 SOUTHGATE BLVD CONDO 1/1 TBA
7403 NW 75 STREET T/H OCCUPIED TBA
7016 NW 64 STREET SFH 3/2 TBA
8910 NW 79 STREET SFH 4/2 + POOL TBA
4712 NW 44 ST SFH OCCUPIED TBA
9409 W McNAB RD, #103 CONDO 2/1 $49,900.00

WESTON
1455 SANDPIPER CIR SFH 4/2.5 TBA

For more information on these properties, please call Jason Donn @ 954-892-6244

Monday, September 15, 2008

Broward County Foreclosure Listings

CITY ADDRESS STYLE BED/BATHS PRICE


COCONUT CREEK
741 LYONS RD #17-103 CONDO 2/1 $102,900.00

CORAL SPRINGS
10024 TWIN LAKES DRIVE CONDO 2/2 $74,900.00
1049 CORAL CLUB DR CONDO 2/2 $99,900.00
8954 SAMPLE RD T/H 2/2.5 TBA
3702 NW 82 AVE F906323 SFH 4/2 $169,900.00

DAVIE
8069 SW 18 COURT T/H 2/2.5 $129,900.00

FT LAUDERDALE
380 NE 45 STREET SFH AUC
1750 NW 3 TERR #202 CONDO 2/2 $159,900.00
650 SW 30 TERRACE SFH 3/2 $129,900.00
707 NE 15 STREET SFH 4/3 $199,900.00
2000 N OCEAN BLVD #927 CONDO EFF $259,900.00
511 SE 5 AVE, #2102 CONDO OCCUPIED TBA
110 HENDRICKS ISLE #7 CONDO 2/2.5 AUC

LAUDERDALE LAKES
3361 NW 47 TERR #226 CONDO OCCUPIED TBA
3131 NW 39 PLACE SFH OCCUPIED TBA
3920 NW 32 TERRACE SFH OCCUPIED TBA
3131 NW 39 PLACE SFH TBA

LAUDERHILL
2220 NW 52 AVENUE CONDO 2/1.5 $64,000.00
4218 INVERRARY BVD #95B CONDO 2/2 $54,900.00
4511 NW 25 STREET SFH 2/2 $99,900.00
4848 NW 24 CRT, #301 CONDO 2/2 $40,900.00
7900 NW 50 St, #103 CONDO 2/2 $69,900.00
3408 HEATHER TERR VILLA OCCUPIED TBA
2611 NW 56 AVENUE #A104 CONDO OCCUPIED TBA

MARGATE
718 NW 55 AVE SFH 3/2 $170,000.00

MIRAMAR
3285 FOXCROFT RD #102-E CONDO 2/2 $116,900.00

OAKLAND PARK
2871 OAKLAND FOREST #304CONDO 2/2 $91,350.00
2810 OAKLAND FOREST #307CONDO 1/1 $29,900.00
114 LAKE EMERALD DR #110CONDO 2/2 $85,900.00


PLANTATION
10757 CLEARY BLVD#307 CONDO 2/2 $109,900.00
9869 NW 2 COURT SFH 4/2.5 $159,900.00

POMPANO BEACH
4501 W McNAB RD, #20 CONDO 2/2 $89,900.00
4140 NE 17 AVE SFH TBA
921 NE 23 STREET SFH 3/2 $100,000.00

SUNRISE
2259 NW 81 AVE SFH 3/2 $179,900.00

3730 NW 88 AVE #244 CONDO 2/1.5 $89,900.00
4380 NW 103 AVE SFH TBA
3825 NW 90 AVE CONDO TBA
9986 NOB HILL COURT CONDO 2/2 $69,900.00
7401 NW 20 COURT SFH 4/2 TBA

TAMARAC
4515 TREEHOUSE LANE #12-D CONDO 2/1 $73,000.00
4431 TREEHOUSE LAND #28H CONDO OCCUPIED TBA
20 MEACHAM LAND TH 3/2.5 $112,900.00
7312 NW 76 DRIVE 1/2 DUP 2/2 $115,000.00 7735 NW 79 AVE #310 CONDO 2/2 $119,900.00
8700 CYPRESS WALK COURT F953605 T/H 3/2.5 $145,777.00
8709 CYPRESS WALK COURT T/H OCCUPIED TBA
6804 CYPRESS WALK TER T/H 2/2.5 + LOFT TBA
4435 TREEHOUSE LANE #27D CONDO OCCUPIED TBA
7152 SOUTHGATE BLVD CONDO 1/1 TBA

WESTON
1455 SANDPIPER CIR SFH 4/2.5 TBA


For more information on these properties, please call Jason Donn @ 954-892-6244 or 772-341-3121