Archive for July, 2011

ZILLOW. MIRAGE or MAGIC?

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Zillow is one of several Web sites which provide a wide range of Real Estate information useful to the general public. For this I salute it. However, to a great extent it has also created an image of being a free souce of accurate information on the value of individual properties.For this I condem it.

If you want a reasonably accurate valuation of your property there will be 50 local real Estate Agents willing to provide a “free” Comparative Market Analysis (CMA)in the hope that if you are selling you will consider hiring them.

If you need a detailed estimate you can pay a profesional Appraiser between $200-$300 for it. In both cases you will get a valuation based on local knowledge of the house, it’s condition, and the circumstances of the comparable sales i.e. Short Sale, Foreclosure, Probate etc.
Now consider whether a computer program having non of this highly relevant data might be able to provide a more accurate result.
I’m a great believer in the old saying that we get what we pay for. Zillow is a perfect example of that.

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HOMEPATH.

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FANNIE MAE’s GOOD DEED DEAL

FANNIE  MAE owns a good percentage of all Foreclosed homes (R.E.O’s) in todays market, and for many reasons they are more agressive in trying to get them sold.

HOMEPATH is the fantastic program they have developed to make this happen.

HOMEPATH MORTGAGE allows ANY Buyer (not just 1st timers) to buy a Fannie Mae owned house with:

0 LOW DOWN PAYMENT. 3% which can be from Savings, Gift, Grant (see CHP at http://mccordrealtyservices.com/wp-admin/post.php?action=edit&post=542 ) or virtually any other source.

0 NO LENDER REQUESTED APPRAISAL.

0 NO MORTGAGE INSURANCE (P.M.I.).

0 EXPANDED SELLER CREDITS FOR Closing Costs.

0 FLEXIBLE TERMS i.e. 30 yr fixed, 3,5,7, Year Adjustables etc

o O.K. FOR PERSONAL OR INVESTMENT properties.

0 VERY FLEXIBLE CONDO REQUIREMENT (more so than FHA).

IN ADDITION

There is the HOMEPATH RENOVATION MORTGAGE which is designed for properties needing moderate renovation work. As well as all the benefits of the regular HOMEPATH  progran this provides up to $35,000 cash for Repairs and Remodelling.

This amount is added to the regular mortgage based on the value of the property once the work is completed.

Any active Buyer should be sure to check any available houses covered by the HOMEPATH Programs.

For more information contact me at bmccord@rwnetwork.com or scroll down the the next item here.

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