Phyllis Borchardt

Fannie Mae announces First Look Initiative

2009-11-29T18:41:00Z

The past week Fannie Mae announced the expansion to its First Look Initiative offering Owner Occupants preference for making offers during the first 15 days a Fannie Mae owned home is marketed. The initiative further assists home buyers with a minimum down payment of $500 and a guarantee of an appraisal contingency along with an an opportunity for a 45 day escrow to enable the home buyer an opportunity to close and occupy a home in line with the current time frame to obtain financing and complete the purchase in a timely basis. This offers Owner Occupant home buyers guarantees not always available in the REO (Real Estate Owned) arena when the appraisal contingency is often waived and a 30 day close the norm with substantial penalties to the buyer for failure to close per the contract.

Please contact me for a list of Fannie Mae owner properties in your area of interest.

phyllis@westmarco-re.com

(623) 521-0790

Life preserver for underwater homeowners

2009-09-26T19:15:00Z

A win-win equity sharing solution for those who, along with their lenders, got caught up in the pricing escalation of 2005-06 was proposed in yesterdays Inman News by Alex Perriello. His basic proposal is to have the homeowner and the lender reach an equity sharing agreement that would split the principle of a current loan and the home owner and lender then share the proceeds when in 5 years or further the home is sold.

This could go a long way toward reducing the number of Maricopa County homes going into foreclosure and the increasing potential for deterioration of our neighborhoods flooded with empty and/or inexpensive homes that increase the percentage of non-owner occupied homes in our communities. As a REALTOR, I cringe everytime I talk with someone who is seriously considering abandoning their current home because they are "underwater." It is time for some no nonsense non government funded solutions to help get us beyond current market conditions.

You can read the entire article at: http://www.trendmls.com/Guest/News/IndustryNewsShowDoc.aspx?InmanId=104927

Home Ownership 101

2009-04-17T02:42:00Z

What: Home Ownership 101

Presented by: Phyllis Borchardt, RealEstate.com, REALTORS®

Cheryl Armenta, Wells Fargo Home Loans

Where: Dino's Greek & Italian Restaurant

14960 W Indian School Rd # 380, Goodyear, AZ

When: Saturday, May 2, 2009

9:30 – 11:30 a.m.

Why: The how’s and why’s for home buyers & first time homebuyers about purchasing a home, available financing, understanding your Fair Isaac score and the 2009 First Time Homebuyer Tax Credit

Limited seating: Email your RSVP to phyllis@westmarco-re.com

Or call (623) 521-0790

Maricopa County Foreclosures Where do we go from here?

2008-11-30T16:29:00Z

This morning's Arizona Republic features the opening of a series of informational articles planned for the week. Today's market offers a wide variety of home purchase options with prices that appeal to first time home buyers and investors from around the country. HUD's Neighborhood Stabilization Program Community Grants to Maricopa County, including specific communities with high foreclosure rates earlier this year, will make available millions of dollars in the New Year. Hopefully, some of these funds can be directed to programs that will allow First Time Home Buyer Assistance programs to aid those who qualify and complete required homeownership classes an opportunity to purchase a home.

Locally, one of the most encouraging is the development of community cooperation to offer community based assistance and solutions to the myriad of problems that have arisen in the current market. A public forum with mayors of Avondale, Buckeye, Goodyear, Litchfield Park and Tolleson is scheduled for Thursday morning, December 11 and hopefully will develop strategies that can initiate and/or complement existing programs to deal with the conditions that have resulted from the hundreds of foreclosed homes in the area.

Phyllis Borchardt, Buckeye

RealEstate.com

623-521-0790