Chris Weymouth & The Weymouth Group
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Fannie Mae offering cash incentives to some home buyers

FROM THE LA TIMES:

home in basketFannie Mae, the largest mortgage investor in the country, has a bulging portfolio of houses acquired through foreclosures nationwide. About 31,000 of these properties are listed on its HomePath resale marketing site. To move them quickly out of inventory, Fannie temporarily is offering qualified owner-occupant purchasers — but not investors — cash incentives toward closing costs of 3.5% of the purchase price. But you have to submit your initial offer no later than March 31 and close by May 31.

Homes that are from a one-bedroom condo in San Diego to a four-bedroom, four-bath single-family home in suburban Montgomery Village, Md. Some states have thousands of HomePath listings online: Florida has nearly 12,000; Illinois, 4,360; Ohio, 2,800; California, more than 2,300; Washington state, nearly 1,800; and Nevada, about 1,400. Asking prices range from $30,000 to $600,000 or more. On a $400,000 house, the 3.5% closing cost incentive would amount to $14,000.

You can INCREASE your incentive by registering with My1stHomeRebate.com, where you get a REBATE on the purchase of your 1st home!

www.My1stHomeRebate.com

www.My1stHomeRebate.com

 

You can see the article here.

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About Chris Weymouth & The Weymouth Group, LLC:

Chris Weymouth, Director, Certified Luxury Home Marketing Specialist, CLHMS and Debbie Weymouth, Manager, have marketed and sold over 4000 homes in Maryland since 1983. Expertly trained and award winning agents, they are leaders for The Weymouth Group at Keller Williams that has been recognized by their peers as one of the best in the business. Chris Weymouth is ranked in the top 1% at Keller Williams Select Realtors, top 1% in Howard County and Maryland. Serving Central Maryland and all our friends and family for almost 60 years combined.  You can reach Chris at 443-280-1922 or email at [email protected] Visit our site at www.TheWeymouthGroup.com.

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Michigan millionaire buys all foreclosed homes at auction for $4.8 Million

MyFoxDetroit.com reports Bill McMachen, a businessman and former yacht dealer, paid about $4.8 million for all 650 tax foreclosed properties at Macomb County’s July 31 sale.

He upset quite a few number of other investors that were willing to pay more for the homes. The Michigan County government settled on receiving the back taxes instead. One Canadian investor said the county’s decision was puzzling, as his company had spent weeks preparing a much higher bid.

“The price we were willing to pay is like three to four times what they’re asking,” he told MyFoxDetroit.com. “If we knew it was going to happen like this, we wouldn’t even have spent any time. They could’ve made more money, I mean triple the money they made.”

Read more: http://www.foxnews.com/us/2012/08/06/millionaire-buys-every-foreclosed-home-in-michigan-county-for-48-million/#ixzz22mGkjPDZ

About Chris & Debbie Weymouth, The Weymouth Group, LLC: Your number one source for Maryland Real Estate Blogs, News, Videos, and more! Chris Weymouth, Your Luxury Home Realtor.

 

Chris Weymouth, Director, Certified Luxury Home Marketing Specialist, CLHMS and Debbie Luber Weymouth, Manager, have marketed and sold over 4000 homes in Maryland since 1983. Expertly trained and award winning agents, they are leaders for The Weymouth Group at Keller Williams that has been recognized by their peers as one of the best in the business. Chris Weymouth is ranked in the top 1% at Keller Williams Select Realtors, top 1% in Howard County and Maryland among Realtors. Serving Central Maryland and all our friends and family for almost 60 years.  Need a Luxury Home Marketing and Buyer Specialist in Howard County (Ellicott City, Woodstock, Clarksville, Marriottsville, Fulton, Laurel, West Friendship, Glenelg, Columbia, Elkridge, Dayton, Mt. Airy, Woodbine and more), Carroll County (Elkridge & Sykesville), Baltimore County  (Catonsville, Woodstock, Owings Mills, Pikesville and Reisterstown), Anne Arundel County (Pasadena, Severna Park, Hanover, Severn, Glen Burnie, Annapolis and Odenton), Prince Georges County (Bowie & Laurel), Montgomery County (Silver Spring, Olney, Bethesda and Sandy Spring) or Harford County? We Know This Market! Then call Chris at 443-280-1922 or email [email protected]

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Family can’t get squatters out of home

This is just plain sad.  Sad for the family that owns the home. Sad for the family scammed.

From MSN Real Estate

Here is your worst nightmare: You go temporarily to another town for work, and when you come back, another family has taken over your house. That happened to the Donovan family of Littleton, Colo. The Donovans have been pursuing legal action for eight months to get their home back.

Back in March 2011, Troy Donovan got a job in Indiana, and his wife, Dayna, and two daughters moved with him. After months of trying to sell their Colorado house, the family gave up, winterized the place and turned off the utilities, expecting their vacant home to be waiting for them when they returned.

But to their surprise, it was not. Neighbors informed them other people had moved in.

See the whole article here

About Chris & Debbie Weymouth, The Weymouth Group, LLC: Your number one source for Maryland Real Estate Blogs, News, Videos, and more! Chris Weymouth, Your Luxury Home Realtor.

Chris Weymouth, Director, Certified Luxury Home Marketing Specialist, CLHMS and Debbie Luber Weymouth, Manager, have marketed and sold over 4000 homes in Maryland since 1983. Expertly trained and award winning agents, they are leaders for The Weymouth Group at Keller Williams that has been recognized by their peers as one of the best in the business. Chris Weymouth is ranked in the top 1% at Keller Williams Select Realtors, top 1% in Howard County and Maryland among Realtors. Serving Central Maryland and all our friends and family for almost 60 years.  Need a Luxury Home Marketing and Buyer Specialist in Howard County (Ellicott City, Woodstock, Clarksville, Marriottsville, Fulton, Laurel, West Friendship, Glenelg, Columbia, Elkridge, Dayton, Mt. Airy, Woodbine and more), Carroll County (Elkridge & Sykesville), Baltimore County  (Catonsville, Woodstock, Owings Mills, Pikesville and Reisterstown), Anne Arundel County (Pasadena, Severna Park, Hanover, Severn, Glen Burnie, Annapolis and Odenton), Prince Georges County (Bowie & Laurel), Montgomery County (Silver Spring, Olney, Bethesda and Sandy Spring) or Harford County? We Know This Market! Then call Chris at 443-280-1922 or email [email protected]

 

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One Firm’s Unorthodox Play: Renting Single-Family REO Homes

Nov 21, 2011 3:08 PM, By Susan Piperato, Managing Editor

Reprinted article from National Real Estate Investor

 

Redevelopment and rental professionals like the Chicago-based Mack Companies, which turns foreclosed homes into quality single-family rentals, are seeing significant growth—so much so that the federal government is looking at this sector of the housing industry for answers as to how to address the continuing high inventory of distressed properties.

 

According to a recent Morgan Stanley Research report entitled ‘A Rentership Society,’ the homeownership rate, which officially stands at 66.4 percent, is actually 59.7 percent when delinquent borrowers are excluded, and the demand for multifamily and single-family rental housing throughout the country is likely to remain strong over the long term.

NREI spoke with Jim McClelland, president and CEO of the Mack Companies, about the growth his company is experiencing.

An edited transcript follows.

NREI: Tell me about the Mack Companies.

 

Jim McClelland

Jim McClelland: We specialize in redeveloping distressed single-family properties and renting them in the southern and southwestern suburbs of Chicago. We currently own and operate 512 properties, 500 of which are single-family homes located within a 30-minute radius of our headquarters in Tinley Park in the southwest of Chicago. We like to be close to our properties because it’s easier to manage them that way.

NREI: How and when did you get started redeveloping and renting single-family homes?

McClelland: I’ve been in business for 36 years. I started out as a real estate agent, then I became a real estate broker, and then I opened up my own real estate company and ultimately, I sold it to ReMax. I then started doing planned unit developments—new construction single-family homes.

Fourteen years ago one of my community banks called me up and said, “We’ve inherited a single-family home—would you like to buy it from us?” I said, “Why would I want to buy a single-family home from you?” And [the bank representative] said, “Because you’re a developer and I’m a banker.” So I said okay. That started me buying bank-owned properties that are single-family homes.

Fast-forward to today. We’re the largest redeveloper in the Midwest. We buy about 250 properties a year—all bank-owned single-family homes—redevelop them to new construction standards—I come from new construction, so that’s all I ever knew—and keep them for long-term appreciation, which means 10 to 15 years.

NREI: And your company serves as the property manager of all those properties as well.

McClelland: We own our own property management company, so everything we own, we manage. That’s key.

NREI: What is the Mack Companies’ approach to turning a distressed home into a rental?

McClelland: We almost completely rehab a home before renting it out. In four to six weeks, we supply all new HVAC, electrical, plumbing, kitchens and bathrooms, appliances, flooring and often a new roof. We want the rental family to feel like the place is new. Also, when an asset starts out in good shape, it’s easy to keep it that way and be cost-efficient.

NREI: How popular has your approach been with potential tenants?

 

Mack Cos. buys REO homes from banks, refurbishes them and then rents them out.

McClelland: Our waiting list is always long; the average tenant stays with us for 4.8 years.

NREI: How has your business changed due to the down economy?

McClelland: It’s interesting: The phenomenon of foreclosures or bank-owned properties is viewed as if it’s a situation that just occurred over the past three years. Remember, I’ve been doing this for 14 years—the reality is that there have always been foreclosed bank-owned properties. The difference is that since there is more inventory now, the types of homes that you can buy are more varied.

For the same amount of money I paid for a home five years ago, I can get a later model home now. Instead of getting 1960s homes, now I can get 1980s homes for the same amount of money. It’s not that I’m buying them cheaper; it’s that I’m getting better inventory.

NREI: So have you increased the number of units you’re doing per year?

McClelland: Five years ago we were doing 100 properties a year and we’re currently doing 250, so during that five-year period we’ve had to increase our infrastructure. We do all our redevelopment in-house—we have our own plumbers, electricians, roofers, carpenters.

NREI: It seems like the single-family rental phenomenon has really taken off over the last five years as foreclosures have increased. What kinds of investors are getting involved? What are the challenges?

McClelland:  Let me answer that a couple of ways. Investors have come into the market and said, “That looks like a good investment for me—cash-flowing, appreciating assets. And I don’t have many cash-flowing appreciating assets, so I think this is a good play. And it’ll appreciate because I’m buying it low and eventually it’ll go up high.”

So, yes, investors have been getting in the market. Anyone can buy a property and anyone can even hire a subcontracting crew to redevelop it. It’s the operational side—the property management side—that’s the challenge. In this industry, the word that’s starting to seep out is “operators.”

The inventory is there and it’s growing. There are people who can buy inventory and there are people who can have it redeveloped. But there’s where the rub comes in—right at that redevelopment/operating line—and for a lot of investors, the answer is, “We can buy it, we can develop it, but can we manage it? No, not right now, we can’t.” That’s where I’m seeing the shift.

Now big money—like hedge funds and insurance companies—is starting to look at what I’d seen as a cottage industry, thinking maybe it’s something more, maybe it’s somewhere they’d like to put their money.

Because banks are saying, “We’ve got 250,000 of these units and we’d like to get them off our books.  How are we going to sell them?” And the banks are starting to understand that the key element to getting this inventory off their books is operations—and operators. There are only 15 operators that have been identified in the whole United States that have the experience necessary to take it to the next level.

NREI: Would you say Mack Companies is building hope for the end of the housing crisis?

McClelland: We currently operate in about a dozen communities that have been around 50, 75, even 100 years, and were very vibrant. These are communities that I’ve been involved with my whole life. One of the communities is where I built my first home.

Every time a person is displaced from their home and that home is boarded up, it tears at the fiber of the community—financially and emotionally. Financially it’s bad because without the homeowners, now the villages don’t get their tax revenue, and when they’re not getting the revenue, the services in the village diminish. That’s not good. Also, how would you like to live next door to a boarded-up property? What would that make you think about the value of your own property or the direction the community is going in?

My view is that every time we take one of those homes and redevelop it up to new construction standards, it not only comes back, but it comes back in a glorious fashion. It breeds hope for people.

 

About Chris Weymouth & The Weymouth Group, LLC and the TheMDRealEstateBlog.com: Your number one source for Maryland Real Estate Blogs, News, Videos, and more!

Chris Weymouth, Director, Certified Luxury Home Marketing Specialist, CLHMS and Debbie Weymouth, Manager, have marketed and sold over 4000 homes in Maryland since 1983. Expertly trained and award winning agents, they are leaders for The Weymouth Group at Keller Williams that has been recognized by their peers as one of the best in the business. Chris Weymouth is ranked in the top 1% at Keller Williams Select Realtors, top 1% in Howard County and Maryland among Realtors. Serving Central Maryland and all our friends and family for almost 60 years.  Need a Luxury Home Marketing and Buyer Specialist in Howard County (Ellicott City, Woodstock, Clarksville, Marriottsville, Fulton, Laurel, West Friendship, Glenelg, Columbia, Elkridge, Dayton, Mt. Airy, Woodbine and more), Carroll County (Elkridge & Sykesville), Baltimore County  (Catonsville, Woodstock, Owings Mills, Pikesville and Reisterstown), Anne Arundel County (Pasadena, Severna Park, Hanover, Severn, Glen Burnie, Annapolis and Odenton), Prince Georges County (Bowie & Laurel), Montgomery County (Silver Spring, Olney, Bethesda and Sandy Spring) or Harford County? We Know This Market! Then call Chris at 443-280-1922 or email at [email protected]

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