Author Archives

• Winterization of Vacant Homes

  Oct, 27 11 Post by: Cindy Berset | No Comments

  It is that time of year again where vacant homes need to be winterized to protect the plumbing. If done properly the toilets & water heater is drained, lines blown out, anti-freeze is put in traps, toilets and the water is shut off at the meter. Many cities will also shut off water at the street.

  If your an agent or buyer looking at a property that was not winterized soon enough or not winterized properly there are signs that in most cases are visible. Look for mold, split pipes, broken or cracked toilets, ceiling damage near bathrooms or kitchen areas, bulging water heaters or standing water or ice under the water heater. If the home has damages the water will not be turned on for any appraisals or inspections. Be careful, owner occupied financing will need to have water on for the appraisal. Agents, when reading MLS listing descriptions and it says “frozen plumbing” this means no water.  These homes need a cash buyer or rehab financing.

  

• Fannie Mae Homepath Mortgage

  Oct, 19 11 Post by: Cindy Berset | No Comments

  

   

   

  Fannie Mae, the agency sponsored by the US Government to help make housing more affordable to all Americans offers Homepath, a special loan to finance the sale of its current Real Estate owned (REO) properties across the country. The financing program has 2 options, the Homepath Mortgage and the Homepath Renovation Mortgage. Each Fannie Mae REO is identified before it goes on the market as qualified for Homepath or the Renovation program depending on the condition of the home. Homes in need of repairs are approved for the Homepath Renovation program.  Lenders in Minnesota have to be approved by Fannie Mae to offer the programs. Go to homepath.com to find a list of approved lenders in MN and a list of the Fannie Mae homes currently approved for the financing.   Here are some benefits of the Homepath Mortgage and Homepath Renovation Mortgage:

  * As low as 3% down required on a primary residence property.

  * No mortgage insurance required.

  * No property appraisal required.

  * Only 10% down on 1-2 unit investment properties.

  * Get up to 6% in seller concessions on primary residence properties.

  * Allows investors to finance up to ten properties.

  * Homepath Renovation Mortgage allows buyers to finance the repairs into the mortgage.  There is a $30,000 cap on the renovation funds for the repairs.