Midwest Country Realty Inc,

2010 HomeSteps Fall Promotion

ATTENTION HOME BUYERS HOMESTEPS IS OFFERING:
 

2-Year HomeProtect Limited Home Warranty*** On Owner Occupant

Up to 4.0% actual buyer's closing cost on Owner Occupant.

If sold by by 12/31/2010

For more information and all Terms please visit www.Homesteps.com or ask your local Realtor for more details.

Fannie Mae Buyer Promotion

New Buyer Incentive

Fannie Mae is offering buyers up to 3.5% in closing cost assistance HomePath properties through December 31, 2010.

Buyers and selling agents must meet the following qualifications to be eligible for the incentive:

• HomePath property sale must close on or before December 31, 2010 and close within 60 days of offer acceptance
• Only owner occupants purchasing a HomePath property will receive up to 3.5% in closing cost assistance 
• Buyers and selling agents must request incentive upon submission of initial offer in order to be eligible.
• For more information and to view all terms please visit their website at www.Homepath.com 

Short Sale Vs. REO/Foreclosure

SHORT SALE

• Homeowner owns the property
• Buyer enters into the executed contract with the homeowner, subject to lender approval
• Property is generally occupied by the owner or tenants
• Sold As Is
• Timeframe from execution of contract: Can be anywhere from 2 to 6 month or more depending on the lender.

REO/FORECLOSURE

• Lender owns the property
• Lender enters into the executed contract
• Utilities are often disconnected and the property maybe winterized
• Property is vacant
• Sold As Is
• Timeframe from execution of contract 2 weeks (cash deal) to 30 days depending on the lender.

Thinking of putting a LOW offer on a Foreclosure?

Are you thinking of writing a low offer on a Foreclosure?  You may want to think about it before you do.

There are many Foreclosures on the market right now. Banks are competing against each other!  This means that the list price may be low already. The banks don't want their inventory just sitting on the market; they want it to sell FAST!  Banks are less likely going to over price a Property. They take alot of time and review many professional opinions before they come up with a list price.

You as a buyer should keep this in mind when writing an offer.  This may mean that when you are going to write an offer and the house is priced low or below market you as a buyer may be competing with other buyers. There are many buyers out there right now hunting for deals. This is the market everyone was waiting for!  If a Foreclosure is in good condition and priced low, a investor or buyer may put a higher offer than the list price to win the bidding process.

Do your research before you decide to write a low offer because it may end up making you lose a good deal to start with. Your Real Estate Professional can help you with the most recent neighborhood Sold and List Comps.  This way when you finally find the deal of a life time you can make a great offer on the property.