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Displaying blog entries 11-19 of 19

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.


Foreclosures Increase 25% From Last August

by Anthony Litz

Since the US mortgage crisis began banks and lenders have foreclosed on more homes this past August than ever. The rate of foreclosures has increased annually every month for the last nine months. 95,364 properties nationwide were taken-back in August, only 3% more than July, but that is a 25% increase from a year ago.

Foreclosure sign, Fannie Mae, Homepath.com Experts say even though it seems there are more bank-owned listings for sale today, less than 33% of the current foreclosure inventory is listed for sale! "These (properties) are going to come to market, but very slowly because nobody wants to overwhelm a soft buyer's market with too much distressed inventory for fear of what it would do for house prices," says Realtytrac.com.

In August 338,836 properties have received a foreclosure-related warning. This translates into 1 out of every 381 US properties.

For more information about current real estate topics 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.

 Homes lost to foreclosure up 25% from last August -USA Today

Fannie Mae Increases Penalties for Borrowers Who Walk Away

by Madeleine Tingen

Fannie Mae has made policy changes designed to encourage borrowers to work with their servicers and pursue alternatives to foreclosure.  Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure.  Borrowers who have extenuating circumstances may be eligible for a new loan in a shorter timeframe than the “strategic defaulters”.

Fannie Mae is taking steps to educate borrowers by highlighting the importance of working with servicers.  “Walking away from a mortgage is bad for borrowers and bad for communities, and our approach is meant to deter the disturbing trend toward strategic defaulting,” said Terence Edwards, executive vice president for credit portfolio management. “On the flip side, borrowers facing hardship who make a good faith effort to resolve their situation with their servicer will preserve the option to be considered for a future Fannie Mae loan in the shorter period of time,” noted Edwards.

Additionally, Fannie Mae will take legal action to recoup the outstanding mortgage debt from borrowers who strategically default on their loans in jurisdictions that allow for deficiency judgments.  Beginning July, Fannie Mae will be instructing its servicers to monitor delinquent loans facing foreclosure and put forth recommendations for cases that warrant the deficiency judgments.

For more information about current real estate topics 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.

 

As part of its ongoing commitment to continuously improve housing relief efforts, the Obama administration announced  March 25  new adjustments to the Home Affordable Modification Program (HAMP) and to the Federal Housing Administration (FHA) programs.  These program adjustments will better assist responsible homeowners who have been affected by the economic crisis through no fault of their own.

The program modications will expand flexibility for mortgage services and originators to assist more unemployed homeowners and to help more people who owe more on their mortgage than their home is worth because their local markets experienced large declines in home values.

These changes will help the Administration meet its goals of stabilizing housing markets by offering a second chance to up to 3 to 4 million struggling homeowners through the end of 2012.  Costs will be shared between the private sector and the Federal Government; the Federal cost of these changes will be funded through the $50 billion allocation for housing programs under the Troubled Asset Relief Program (TARP).

For more information regarding these new homeowner options, please contact The Pistol Tingen Team—the real estate specialists for Greenville, NC and the Pitt County area.

Freddie Mac Will Soon Cease Purchases of Interest Only Mortgages

by Madeleine Tingen

Freddie Mac announced Thursday, February 25 that on or about September 1, 2010, the company will cease purchasing and securitizing "interest only" mortgages--including Freddie Mac Initial Interest fixed-rate and adjustable-rate mortgages.

Interest only mortgages, including Freddie Mac initial interest mortgages, provide for interest-only payments for a specified period of time beginning with the first monthly payment after the note date, and principal and interest payments on a fully amortizing basis for the remainder of the mortgage term.

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets.  Freddie Mac supports communities across the nation by providing mortgage capital to lenders. over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

More Foreclosure Opportunities Available in 2010

by Madeleine Tingen

The current real estate market conditions make it a perfect time for a small investor to purchase one or more foreclosure properties for their private residence, rental or resale.  During economic downturns such as these, a variety of homes go into foreclosure—including those falling into the moderate to upscale priced market. So the idea that foreclosure homes are only available in undesirable areas is inaccurate.

A current snapshot of the number of U.S. households facing foreclosure in January 2010 increased 15% from the same month last year, and a surge in cash-strapped homeowners who’ve fallen behind on mortgages could be on the way.

According to a recent report by RealtyTrac, more than 315,000 households received a foreclosure-related notice in January.  Although high, that number is down nearly 10% from 349,000 in December—the third highest total since the company began tracking foreclosure date in 2005.

In January, one in 409 homes were sent a filing—which includes default notices, scheduled foreclosure auctions and bank repossessions. The numbers could stay above that level as unemployed homeowners who have tried to keep up with their mortgages finally start missing monthly payments.

Fannie Mae, the Federal National Mortgage Association, reported in late January that the rate of borrowers who have a conventional loan on a house and are seriously delinquent was 5.29% in November—more than doubling the rate of 2.13% in November 2008. Borrowers are considered seriously delinquent if they are past due by three months or more, or are in foreclosure.

On a local level, Pitt County, Greenville, NC and surrounding areas also continue to experience a growing number of foreclosures. On Saturday, February 27, The Pistol Tingen Real Estate Team will conduct a free, educational/Q & A seminar on how to buy foreclosures as a first-time home buyer, move-up buyer or investor. The seminar is free to the public and will take place from 9am-12pm at the Prudential Prime Properties office building located at 2625 Charles Blvd., Greenville, NC.  Attendees may expect to receive current statistics, locations and prices of specific foreclosure properties, and tips on how best to find and purchase foreclosures.  Both group and individual questions will be addressed by local experienced foreclosure specialists and lenders. Space is limited and reservations for the seminar are suggested.  Please contact The Pistol Tingen Team at (252) 321-6161 for more information.

FREE SEMINAR: HOW TO BUY A FORECLOSURE

by Pistol Tingen

In light of the harsh economic times and rampant foreclosures, the Pistol Tingen Team is conducting a free, educational Q & A seminar on how to buy foreclosures as a first time home buyer, move up buyer or investor.

We offer a positive perspective where there is currently so much negative. It is an excellent time for first time buyers to realize the American dream, or for investors to capitalize on low prices and abundant availablilty in the Greenville/Pitt County area. As one analyst recently wrote, “this is the opportunity of a generation to increase wealth through home/real estate ownership”.

Learn everything you need to know about buying foreclosures at this seminar. Taking place on Saturday, Nov. 22, 2008 at 9am-12pm at Prudential Prime Properties, this seminar will feature an Expert Panel of Speakers. Having handled Fannie Mae foreclosures exclusively in our market since 1991, The Pistol Tingen Team has a wealth of knowledge to share. The public is invited and seating is limited. A lender will be available for mortage questions.

Location:

Prudential Prime Properties upstairs conference room, 2625 Charles Blvd., Greenville, NC  (Across from Gold's Gym).
If you have questions or need directions, don't hesitate to call us at 252-321-6161 or email Pistol@PistolTingen.com.

Foreclosures as Investment Properties

by Pistol Tingen

With the growing availability of foreclosure properties, many bargain shoppers are thinking about buying one of these “lender-owned” homes. Some of the would-be buyers, though, worry about purchasing a house filled with unknown problems.  When asked for her advice, money-savvy investment expert, Walecia Konrad gave the following advice.

“More properties than ever are in foreclosure, and the number may climb—to 2.5 million by the end of 2009, according to Lehman Brothers. But auctions on the courthouse steps, where speculators pay cash on the spot for homes they probably haven’t inspected, aren’t the place to buy.

Better to try the aftermarket, says Lawrence Yun, chief economist for the National Association of Realtors. Some of the best deals are found in what goes by the awkward term real estate owned or REO homes. These are properties that did not sell at auction and are then put back on the market by the lender. So you can inspect them as you would any home, discover any problems or liens, and know what you’re getting into.

With the glut of properties for sale, Glen Daniels, director of REO sales at Foreclosure.com says that lenders have become very motivated sellers. Daniels also stated that he’s routinely seeing 20 percent discounts on these properties.

Such online services (including ForeclosureS.com and RealtyTrac) collect data on foreclosed and lender-owned homes, then sell access to those listings for a fee, usually about $40 to $50 a month. And there are state-and region-specific sites such as ForeclosuresNH.com.

A real-estate agent who specializes in lender-owned properties can also help you find REO homes. Quiz any brokers you approach on how, and how quickly, they learn of bank-owned property coming to market.”

For both Pitt and Greene counties--which covers Greenville, NC and surrounding communities, all FannieMae Foreclosures are marketed through The Pistol Tingen Team.  Experts in directing home buyers through the maze sometimes associated with lender-owned homes, The Pistol Tingen Team is always the first contact to be made aware of FannieMae properties. (FannieMae has a federal charter and operates in America’s secondary mortgage market to ensure that mortgage bankers and other lenders have enough funds to lend to home buyers at low rates.)

If you have a question about area FannieMae foreclosures or other foreclosures currently on the market, call The Pistol Tingen Team at 252.321.6161.

Greenville NC Foreclosures as Investments

by Pistol Tingen

By definition, a foreclosure is “the legal process by which a property that is mortgaged as security for a loan may be sold and the proceeds of the sale applied to the mortgage debt".  

According to FannieMae, "A foreclosure occurs when the loan becomes delinquent because payments have not been made or when the borrower is in default for a reason other than the failure to make timely mortgage payments”. Properties listed as foreclosures have passed the point of auction or public sale. Because an investor did not buy the properties, the lender is now the owner and is engaged in the process of marketing and selling them to potential buyers through the assistance of a Realtor®. Even though the U.S. Congress recently passed a national economic package that will enact legislation and help thousands of families, the housing market, and the U.S. economy—for many it comes too late.   

Fortunately, Greenville, NC real estate and Pitt County have experienced immunity, so to speak—in comparison to the majority of the nation’s cities where foreclosures have become far too commonplace.  Although somewhat   sheltered from a severe reaction to the nation’s housing slump and risky lending, Greenville has experienced a variety of  foreclosed properties—presenting both home investors, as well as home buyers, with golden opportunities. Enticing interest rates, some of the lowest in several years, are encouraging many individuals to consider adding real estate to their retirement portfolios.   

For the past 16 years, The Pistol Tingen Team has been the exclusive Realtor® for all Fannie Mae Foreclosures for Pitt and Greene County counties. FannieMae (Federal National Mortgage Association) is a New York stock exchange company and is a public company that operates under a federal charter as the nation’s largest source of financing for home mortgages. FannieMae (FNMA) does not lend money directly to consumers, but instead works to ensure that mortgage funds are available and affordable, by purchasing mortgage loans from institutions that lend directly to consumers. 

Today some of the best deals on the real estate market are foreclosures. If you, your friends, or relatives are interested in receiving advance notification regarding foreclosure properties, please contact Jody Tingen at 252-902-9990 or by email Jody@PistolTingen.com. By letting Jody know the type and price range of properties that interest you, he can subscribe you to our New Listing Alert service. Our personalized, automatic system permits you to be alerted about the "good deals” even before they reach the standard real estate publications

While considering the purchase of a foreclosure property, remember that the Seller’s primary objective is to recover the amount of the loan balance that was not paid by the previous homeowner, as well as the costs of the foreclosure action and other expenses. Put simply, the longer lenders own the property, the more eager they become to sell, whether they collect all of the above or not. 

Displaying blog entries 11-19 of 19

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

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