Banks Offer Incentives to Unload REOs

“Banks facing high inventories of REOs are turning to financial incentives in the hopes of accelerating sales of these often vacant, deteriorating properties.

For example, Fannie Mae and Freddie Mac are trying to liquidate its REOs, the National Mortgage News reports. By the end of 2010, Fannie Mae was authorizing lenders to offer the HomePath program for Fannie Mae REOs. In the program,   which is available to individual buyers and investors, home buyers do not need perfect credit and can put down as little as 3 percent of the property price, qualifying for a loan up to  97 percent of the purchase price.

Also, HUD’s National Community Stabilization Trust “First Look” program is providing competitive prices on REO properties and giving buyers priority access to these homes before they are broadly listed for sale.

Some cities are coming up with their own programs to stimulate sales. For example, JPMorgan Chase recently teamed with Detroit city officials to offer down payment assistance to police officers and city employees who purchase a vacant home in the city over the next two years. The first buyers will receive $25,000 in down payment assistance, while 60 other buyers will receive up to $15,000.

Source: “REO Incentives Accelerate,” National Mortgage News (Aug. 29, 2011)

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Hoboken Two Bedroom Apartments Top 10 Best Values

Hoboken Two Bedroom Apartments Top 10 Best Values

Let’s start with what this isn’t, this isn’t a list of the least expensive two bedroom apartments in Hoboken I am working on post based on just that criteria and will publish it soon.This is a list of what I believe to be the Hoboken Two Bedroom Apartments Top 10 Best ValuesThe list is highly subjective and is my own  pinion.  The  price per square foot was a very important criteria but there were many others. Outdoor space was a very important one as well as location and proximity to the the Path or Ferry- in general, location was probably in second place behind price per square foot.   I was very careful to  consider  taxes as that can really put a crimp in the affordability of a home. Some homes indicated that they were appealing taxes however until that’s successful I can’t add them to the list.

In some of the buildings where I acted as the buyer’s agent I was able to negotiate for buyers some of the best prices ever recorded in those building. I can’t wait to do the same for you so by all means please text or call me at 201.562.6850.

The last time we published a list like this one most of the homes went under contract very fast, so please , if you have an interest call me now and  let’s go and see them!

 httpv://www.youtube.com/watch?v=jgq2VVkEMVcIn general I did eschew the homes with higher taxes but some may think that one or two that made  the Hoboken Two Bedroom Apartments Top 10 Best Values list should not be on there because of the tax issue. I fully sympathize with that point and maybe we’ll do a future post containing a list of the lowest tax apartments in Hoboken.Here are some quick stats for the apartments that I selectedHoboken Two Bedroom Apartments Top 10 Best Values average price per square foot $391Hoboken Two Bedroom Apartments Top 10 average size 1334 sq.ftHoboken Two Bedroom Apartments Top 10 price per sq.ft. versus average listed price -17.5%

Hoboken Two Bedroom Apartments Top 10 Best Values

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Mitsuwa Edgewater Japan Day

Mitsuwa is having their annual Japan Day this weekend and if. like me, you missed the first day today, then take heart it goes on ’till tomorrow!The festival is one of my favorites and for culinary adventurists it’s a veritable amusement park! LAst year the  grilled delicacies included Abalone, many kinds of octopus and fish and there was a wide variety of deserts. The carnival atmosphere is further enhanced by troupe  of Taiko drummers  and the traditional Japanese garb donned by dancers and by  many others  in attendance.Getting there is very easy if you come from Hoboken or Jersey City just follow River Road as it snakes it’s way trough Weehawken, West New York, Gutenberg,  North Bergen,  and finally Edgewater.  Once you get to the driving range- you can’t miss it- you are almost there. The address is 595 River Road  Edgewater NJ and this is their phone number (201) 941-9113. See you there

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