Walker’s Wholesale Houses

5223 Stratton Road
Richmond VA 23225

Priced 15K below assessment and slightly below what current fixers are at.

Your price: $108,000

• Assessed at 123,900
• 1030 sq ft.
• Built in 1955
• 1 car detached garage
• ARV: Between 150-160.

Comps

• 5901 Glenway Drive, 1121 ft2, $149,950, 12/12/07
• 6042 Glenway Drive, 976 ft2, $127,000 12/07/07, fixer
• 1200 Jahnke, 996 ft2, $155,000, 2/19/08
• 5216 Stratton, 1044ft2, $159,000 4/30/08
• 5201 Reedy Avenue, 1000ft2, 11/30/07 $145, with appraisal at 160K, totally remodeled.
• 5225 Stratton, 1005ft2, 6/3/08, 153,000,

3 bedrooms, 1 bath.

Zoning: R-3 Single Family
Subdivision: FOREST VIEW HEIGHTS

  Current REOs, fixers, and foreclosures priced in the 110-120s

Your price: $108,000

No creative terms available.

Repair budget determined by end use or purpose.

All data believed accurate, but not guaranteed.

To see the property, set an appointment with me to see it. Lockbox not available.

I received a bulletin that announces that FHA is suspending the 90 day seasoning requirement that has recently prevented many first time home buyers from buying REOs from the bank.

Seasoning issues reflect to change in Title.

If a bank forecloses on a home and they repossess it, they have to hold on to it for 90 days before a person with an FHA loan could purchase it.

Likewise, an investor who bought a distressed property, fixed it up, has been required to hold onto it for 90 days before selling to a person with an FHA loan.

The 90 day rule has been temporarily suspended for REO properties.  At this point, I do not know if it is true for rehab properties, or simply REOs.  Lenders will still have to make all the repairs necessary for FHA “safe, secure, and sound” guidelines.

Source: http://www.inman.com/news/2008/06/13/fha-waives-90-day-waiting-period-resales

“The action we take today will allow home buyers to purchase these [REO}homes in much greater numbers and ease the excess supply of unsold homes in neighborhoods across the country,” said Federal Housing Commissioner Brian Montgomery in a statement announcing the change.

But because FHA also requires that homes purchased with loans it guarantees to be in “safe, secure and sound” condition, lenders still won’t be able to resell many of the homes they’ve foreclosed on to FHA-eligible buyers until they make the repairs needed to bring them up to FHA standards.

“It’s not going to have as much an impact as one would assume, because most of the properties aren’t going to meet FHA standards,” said Glen Daniels, director of real estate-owned properties for the distressed and foreclosed property listings site, Foreclosure.com.

Here are links to FHA appraisal and property requirements, including repair conditions.

UNDER CONTRACT

Seller Price reduction allows for a 33K price to move this one quickly!

618 N. 30th Street
Richmond VA 23223

Block under renovation with new duplexes, renovated houses and in the midst of a revitalizing area.

Situational change causing seller to let it go for less than cost basis.  Even a 33K price reduction from our offer in January.  Take advantage of his motivation and pick this one up.

618 N. 30th Street, Richmond VA

Terms: Cash only or Hard Money.
Pre-qualified buyers only.
Must close within 30 days of assignment or less.

Three failed contracts from other investors has left seller much more motivated to discount this one.  Seller has subsheets and plans to show rehab costs about 60K to finish out.

• Off Street Parking.

• 2 story, 2100 ft2.  Shell.

• 3 bedroom , 2.5 Bathrooms.

• Renovation Plans available from the seller.

Finish out this new construction house.  Needs all systems.
The extent of your renovations will determine your rehab budget

Framing (with exception of stairs to 2nd floor is in place).

Comps in the 200-245 range.
Realtor CMA can be provided upon request.

Do your own diligence.

Note: As of 1/30/08, this house was pictured and described as 616 N 30th.
616 is the carriage house next door.

To hear about more great deals before they even get to the general public, sign up for deals at our Walker’s Wholesale Houses Buyer’s List.

See our other currently available properties.

There are two major player in the lending industry right now, Freddie Mac and Fannie Mae, both of these companies are very important because they more or less dictate the rules and guidelines for lender and banks across the USA.

Freddie Mac recently released a guideline change – “We are revising our requirements for Investment Property Mortgages to reduce the number of financed properties in which a Borrower who owns more than one financed Investment Property may have an individual or joint ownership interest (including the subject property) from 10 to 4. Also, effective for Mortgages with Freddie Mac Settlement dates on or after August 1, 2008, the borrower on a cash-out refinance mortgage must have owned the subject property for at least six months prior to the note date of the new refinanced mortgage.”

Investors that hold properties titled in an LLC’s, will have to wait 6 months after they quit claim into their personal name to refinance.

Who is Freddie Mac and why are they so important?

Freddie Mac is a stockholder-owned corporation established by Congress in support of homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage backed securities and debt instruments in the capital markets or Wall Street. Historically, Freddie Mac has opened doors for one in six homebuyers and more than two million renters in America.

Investors need to start worrying when…

As of 6/3/03 the larger and more influential Fannie Mae has not changed their guidelines, but if they do change their guidelines, millions of investors would have to find new source of funding or be content with owning four or less properties.

Source: Lender Guideline Changes That Effect All Investors