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Displaying blog entries 11-20 of 58

Fixed-Rate Loans at New Low!

by Anthony Litz

 

Fixed rate mortgages have reached a new low this week says Freddie Mac. On Tuesday (Nov 9, 2010) the average of 4.24% fell down to 4.17% on a 30-year loan.  15-years fixed rate loans have a new average of 3.57%.  5-year fixed rate loans have a new low average of 3.25%.

Mortgage rates fall to fresh low. These average rates from Freddie Mac are calculated by tallying rates country wide Monday-Wednesday.  As we have mentioned before, you can expect rates to be different at different lenders and throughout the country.  These average rates do not include fee's, which are also competitive and different depending on lender and customer's credit scores.

Call The Pistol Tingen Team at 252-321-6161 or send us an email if you would like some lender recommendations along with their phone numbers.  We are a wealth of information; please don't hesitate to contact us with any questions or for advice.

 

Resources: USA TODAY, Associated Press

 

Fannie and Freddie Homes: $2billion+ Carrying Costs Per Year

by Anthony Litz
Foreclosure sign, Fannie Mae, Homepath.com

Fannie Mae and Freddie Mac now own about 25% of all foreclosures in the United States. It is being reported their maintenance and and carrying costs are now over $2 billion (aka $2,000,000,000.00) annually!

"Fannie and Freddie, which buy mortgages from lenders and package them into securities to sell to investors, own or guarantee half of all U.S. mortgages. Together, they have more than twice as many foreclosed homes now as they did this time last year, with a combined value of $24 billion."

With so many homes in their foreclosure inventory to maintain, the costs buildup fast. Fannie Mae, for example, pays up to $400 for an initial cleaning of a foreclosed property and up to $125 to have the grass cut two times month. Frequently the homes have so much "trash" left behind from the previous owner, there are additional costs during the initial cleaning. Another cost included with almost all foreclosures is a locksmith to re-key the property.

Freddie Mac currently has 82% more homes in their inventory than last year and the numbers seem to be on the rise with many foreclosure companies. So more than likely Freddie and Fannie's holding costs will continue to increase for some time.

Currently we are seeing more than half our foreclosure inventory in the Pitt County area being put "on hold and unable to market status" until officials have investigated whether the foreclosure documents were properly executed.  This recent development is entering the second month, causing increasing losses from this inventory that is not selling. Mean while costs are adding up as all of these "on hold" homes still have utilities turned on and require normal maintenance.

"The longer foreclosed homes stay on their books, the larger taxpayers' expenses will be. "Taxpayers are covering their losses. We are the ultimate deep pocket," says Lawrence White, a New York University economics professor."

 

For more information about current real estate topics including foreclosures or for assistance searching for real estate located in the Pitt County/Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.

Resources: usatoday.com and realtor.org

Student Rentals: Still A Great Investment!

by Anthony Litz

Over 19 million people are currently attending or enrolled at colleges and universities in the united states.  Many of these students attend schools away from home and need a place to live, which makes this investment niche thrive!  Experts say this market will flourish until at least 2018, when the last baby-boomer's children enter college.

ecu student housing rental investment Today's students look for homes with the most amenities, such as appliance-filled kitchens, furnished units and washer/dryers. Not often thought of, many students look for fenced-in backyards for their privacy or dogs.  Almost always a rental with a fenced yard rents faster.

Investors can look forward to rental incomes that are sometimes 10-20% greater than with normal tenants.  But on the other hand, time and money put into managing these kind of properties also increases by about 10%, according to an expert that owns over 50 rental homes across the United States.  In Greenville, NC the East Carolina University student properties are almost always occupied with renters, but these type of homes do have more turn over due to a young lifestyle and roommates that come and go.  Single-families stay at rental houses longer than students typically.

Pitt County and ECU offer a lot of opportunity for investors and landlords!  We enjoy a growing student population that will soon have a major increase with the new Dental School, which starts their first class in August of 2011.  "East Carolina University is the academic home to over 27,000 students and is a constituent member of The University of North Carolina", according to their website. There are always good potential rentals in our market for sale, including quite a few single family homes, duplexes and an apartment building from time-to-time.

Would you like more tips? Want a free list of potential university rental properties to look at?  Please call or email us, we are happy to help whether you are a seasoned or new investor!

 

Resources: Realtor.com & ECU.edu

google map to real pro systemsFannie Mae-owned foreclosed properties are currently available for purchase to owner-occupied buyers before investors have an opportunity to buy them.  Fannie Mae calls this program First Look and has offered this incentive for a little more than a year, and recently revamped the program to include some HUD homes. In the Greenville, NC-Pitt County area, the First Look time period is typically the first 15 days the property is initially on the market.  Fannie Mae has made it easy to see what day of First Look the listing is on by visiting www.HomePath.com.

Home owners who plan to occupy a purchased home can put a property under contract during the first 15 days of the listings life. While investors, who typically buy about 70% of all foreclosures, have to wait until the First Look period is over with; ie: day 16.  Fannie Mae says, "While investors play an important role in the REO market, home buyers who intend to occupy a home make an immediate and lasting commitment to the community and therefore merit priority consideration in the REO sales process."  This program is making some inventory sit on the market longer than you would expect; even up to 90 days before investors can make an offer.

The truth of the matter is that most foreclosure and bank owned properties are in unlivable or undesirable conditions and are generally not the type of homes owner-occupants purchase. Buyers typically do not want a lot of clean-up and projects to work on when they first buy and move into a home.  Plus, many foreclosure homes will not qualify for conventional loans because of even small defects in the properties, such as a hole in a wall.  This means foreclosure homes cater to investors because investors more often have the resources to renovate these distressed properties.

From The Pistol Tingen Team’s experience Fannie Mae's First Look program does give more opportunity for home owners to have a leg up on investors.  On the other hand, quite often the program is letting the wrong person buy the house. Which has actually made more deals fall through, foreclosures stay on the market much longer and end up selling for less!

Foreclosures typically are not in the pristine condition that owner-occupant buyers are hoping for. Or buyers can't get a loan because of a defect in the home.  So, the owner-occupant buyer may by contract legally walk away from the deal during their inspection period. Thus the home goes back on the market, still belonging to Fannie Mae and the First Look period restarts at day 0.  In this example, 30+ days of marketing time have been used up, for no deal and to start all over again.  Our Team is seeing some single family Fannie Mae homes that fit this description go under contract 2-3 times before someone actually closes on the home. A lot of times it is an investor, who had realistic expectations to start with (that the home was in poor condition) that finally purchases the house.  Ironically the investor will buy the home for less because the listing is now “old” and due for price reductions. And all the while the investor could have purchased and closed within a fraction of time and would have probably paid more for the home.

In a perfect world it is nice that Fannie Mae is giving such opportunity to these owner-occupants.  But in the real world their program is clogging the market with aging, distressed properties while we are heading into the slowest marketing season of the year.

For more information about current real estate topics including foreclosures or for assistance searching for real estate located in the Pitt County/Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.

Resource: FannieMae.com

New Trend? Interest Rates Increase -2nd Week In A Row.

by Anthony Litz

Not too long ago mortgage rates reached an all time low, and are still the best that any buyer could hope for.  But a new trend is emerging; 30-year fixed interest rates have increased for the second week in a row according to national averages with Freddie Mac.  This comes after around 10 weeks of decline.

9-17-2010 30-year mortgage rates increase

We may have hit the bottom.  If you are "on the fence" waiting for the house buying market to get even sweeter, it may be time to make a move.

Of course rates are going to vary on a case-by-case basis depending on an individual’s credit history and what programs a lender can offer. Rates are negotiable and competitive.  Shop and compare a couple lenders' quotes to get the best rate and combination of fees. Call The Pistol Tingen Team at 252-321-6161 or send us an email if you would like some lender recommendations along with their phone numbers.  We are a wealth of information; please don't hesitate to contact us with any questions or for advice.

3 Hot Foreclosure Listings:

by Anthony Litz

103 N Outerbridge St, Robersonville, NC

Foreclosure home for sale in Robersonville, 103 N Outerbridge St

$28,000
Tax Value=$122,970
3,086sqft
2 Bedrooms
2 Bathooms
1-Car Attached Garage
1-Car Detached Garage/Shop


3086sqft, Covered porch, 2-Sunrooms, 1-Detached Garage/shop, 1-Attached Garage, Hardwoods, Home has somewhat been updated recently, but repairs are not complete and home does need work. Foreclosure, Fannie Mae Home. Purchase this prop for as little as 3 percent down! Home is approved for HomePath.com Mortgage Renovation Financing. Property to be re-keyed at buyers expense.

Click here to view this listing via our team's website with additional photos.

 


671 Tabard Rd, Winterville, NC

Foreclosure home for sale in Winterville, 671 Tabard Rd

$204,900
Tax Value=$221,509
2,228sqft
3 Bedrooms
2.5 Bathooms
2-Car Attached Garage


Built by The Evans Company, this one-owner home is now available for sale as a foreclosure. Situated in Winterville’s Canterbury subdivision, on a tree-lined .24 acre lot with an open backyard, deck, covered front porch and attached 2-car garage makes this home great for family fun and relaxation! The floorplan features approximately 2,228 sq. ft., 3 bedrooms, 2.5 bathrooms, formal dining room, dine-in kitchen and laundry/mud room. Richly toned hardwood floors flow throughout the foyer and dining room. An oversized master suite awaits featuring 2-walk-in closets, private bathroom with tiled shower, oversized-whirlpool tub and double vanity. Other desirable features of this fantastic home include wood trim/ moldings throughout, all bedrooms have ceiling fans, many rooms have recessed lighting, finished bonus room, extra eve-storage as well as an attic. Don’t miss seeing this charming home in a great neighborhood and priced to sell—truly a rare  find!

Click here to view this listing via our team's website with additional photos.

 


2113 5th Street, Greenville, NC

Foreclosure home for sale in Greenville, 2113 5th Street

$139,900
Tax Value=$152,403
2,340sqft
5 Bedrooms
3 Bathooms
2-Car Attached Carport


Conveniently located near downtown Greenville and in the University Area this home sits across the street from Wahl Coates Lab Elementary School. Updated some, this home includes approximately 2,340sq. ft., 5 bedrooms and 3 bathrooms, and a spacious family room with fireplace.  Both cooking and dining  alike will be a pleasure within either the formal dining room, or eat-in kitchen which offers a gas range, and dishwasher. Lots of cabinetry and counter space offer ample, accessible storage solutions.  The fenced-in patio with big backyard is a wonderful area where seasons of outdoor fun and memorable family activities can be created!  Plus, the backyard patio is the perfect spot for both grilling and entertaining. This is a Fannie Mae HomePath property, it is pre-approved for HomePath Mortgage and Renovation Financing. The home may be purchased with as little as 3% down with HomePath. Call us today for a tour or to get more information on HomePath and Fannie Mae Foreclosures!

Click here to view this listing via our team's website with additional photos.



For more information about these foreclosure listings or for assistance searching for other real estate located in the Pitt County/Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.


Fannie Mae announced April 27 the extension of its seller assistance incentive on all Fannie Mae-owned HomePath properties. Buyers will receive 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of selected appliances. The offer is available to any owner-occupant who closes on the purchase of a property listed on www.HomePath.com by June 30, 2010.

"We are happy with the results of the program, which has helped us to sell properties quickly, thereby stabilizing neighborhoods and property values," said Terry Edwards, Executive Vice President of Credit Portfolio Management.

Properties listed on www.HomePath.com are owned by Fannie Mae and include a wide selection of homes, including single-family homes, condominiums, and townhouses. HomePath properties may also be eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing, which offers prospective buyers an opportunity to purchase properties with as little as 3 percent down.

For information on Fannie Mae properties within the Greenville, NC and Pitt County area, please contact The Pistol Tingen Team at (252) 321-6161.

What is an Energy Efficient Mortgage?

by Madeleine Tingen

An Energy Efficient Mortgage (EEM) is a mortgage that credits a home’s energy efficiency in the mortgage itself. EEMs give borrowers the opportunity to finance cost-effective, energy-saving measures as part of a single mortgage and stretch debt-to-income qualifying ratios on loans thereby allowing borrowers to qualify for a larger loan amount and a better, more energy-efficient home.

To get an EEM a borrower typically has to have a home energy rater conduct a home energy rating before financing is approved. This rating verifies for the lender that the home is energy-efficient.

EEMs are typically used to purchase a new home that is already energy efficient such as an ENERGY STAR qualified home. The term EEM is commonly used to refer to all types of energy mortgages including Energy Improvement Mortgages (EIMs), which are used to purchase existing homes that will have energy efficiency improvements made to them. EIMs allow borrowers to include the cost of energy-efficiency improvements to an existing home in the mortgage without increasing the down payment. EIMs allow the borrower to use the money saved in utility bills to finance energy improvements. Both EEMs and EIMs typically require a home energy rating to provide the lender with the estimated monthly energy savings and the value of the energy efficiency measures — known as the Energy Savings Value.

EEMs (and EIMs) are sponsored by federally insured mortgage programs (FHA and VA) and the conventional secondary mortgage market (Fannie Mae and Freddie Mac). Lenders can offer conventional EEMs, FHA EEMs, or VA EEMs.

For more information regarding EEMs and energy-efficient homes available in the Greenville, NC and Pitt County area, contact The Pistol Tingen Team at (252) 321-6161.

Mortgage Rates Move Slightly Lower

by Madeleine Tingen


Freddie Mac last week released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 5.07 percent with an average 0.6 point for the week ending April 15, 2010, down from the previous week when it averaged 5.21 percent.  Last year at this time, the 30-year FRM averaged 4.82 percent .

The 15-year FRM last week averaged 4.40 percent with an average 0.7 point, down from the previous week when it averaged 4.52 percent.  A year ago at this time, the 15-year FRM averaged 4.48 percent.

Last week Freddie Mac vice president and chief economist, Frank Northaft, made the following remarks. “After rising for four consecutive weeks, mortgage rates eased back to where they were two weeks ago and still remain historically low. The Federal Reserve (Fed) indicated in its April 14th regional business survey that consumer prices generally remained level and producers had difficulty passing along increases in some raw materials.  This will likely keep inflation at bay as evidenced by the 1.1 percent growth in core consumer prices for the 12-months ending in March 2010, which was the lowest annual increase since January 2004.”

Northaft further noted that, “Low mortgage rates continue to help stabilize the housing market.  The Fed noted that residential activity increased while home prices were stable across most of its 12 Districts over the six weeks prior to April 5th.  In addition, credit standards remained generally unchanged across the nation, while credit quality was mixed according to the report.”

For the most current mortgage and real estate information in the Greenville, NC and Pitt County area, contact The Pistol Tingen Team at (252) 321-6161.

Homeowners - Claim Your Tax Credits

by Madeleine Tingen

Owning a home is its own reward, but homeownership can also bring rewards at tax time.

This year is especially beneficial for people who are in the market to buy a home, thanks to the $8,000 first-time buyer credit and the $6,500 tax credit for repeat buyers. Current homeowners can benefit, as well. Tax credits are available for owners who undertake certain projects to improve the energy efficiency of their home, including replacing exterior windows, skylights and doors and installing efficient heating and air conditioning systems. Certain home improvements may qualify for as much as 30 percent of the project cost, up to $1,500.   Homeowners may also enjoy a mortgage interest deduction; allowing them to deduct all the interest paid on up to $1 million in mortgage debt.

For more information about current homeowner tax credits or details regarding tax credits still available to those considering a home purchase this year, please contact The Pistol Tingen Team at (252) 321-6161. The Pistol Tingen Team specializes in real estate located in Greenville, NC and the Pitt County area.

Displaying blog entries 11-20 of 58

BERKSHIRE HATHAWAY HomeServices Prime Properties,   Greenville, NC, 2625 Charles Blvd.

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