Buy back your foreclosed home for less than you owe


Buy your foreclosed home at today’s value!

Previously, foreclosed homeowners who wanted to repurchase their home were required to pay the entire amount owed on the mortgage.  This requirement also applied to anyone buying the home for the benefit of the previous homeowner.

However, the Federal Housing Finance Agency (FHFA) recently directed Fannie Mae and Freddie Mac to allow former homeowners, or a third-party acting on their behalf, to repurchase their foreclosed home for the fair-market value.

That’s great news, but securing financing may still be an issue for recently foreclosed homeowners.  Under existing rules, former borrowers must wait a minimum of three years after a foreclosure to be eligible to receive a loan purchased or guaranteed by Fannie Mae or Freddie Mac. However, there is an exception to this rule when borrowers can document they lost their home to foreclosure or filed for bankruptcy because they were laid off or because their income was reduced by at least 20 percent. These foreclosed homeowners may now be able to get a mortgage to buy again after a one-year waiting period through  FHA’s “Back to Work” lending program.

Read more about buying your foreclosed home at today’s value HERE.

Bayview Estates Realty is here to assist you!

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Commission Rebates & Flat Fee Listings

Save money by working with a Bayview Estates Realty agent.

BAYVIEW ESTATES REALTY offers renters, buyers and sellers full-service real estate brokerage services at a price lower than the prevailing commission fees.

Also, we may offer commission rebates (i.e. cash payments), gift certificates, and/or discounted or free services (related to renting, buying, or selling a home) to renters, buyers and sellers.

Additionally, we offer an MLS-only “flat-fee listing” package to sellers. This allows DIY owners/investors, who are not permitted to list their homes on the MLS, to list their homes on the MLS by entering into a flat fee agreement with Bayview Estates Realty.

We welcome you to give us a call to learn more about our extraordinary service, commission rebates, and flat fee listings. We look forward to providing you with additional information.

Call Bayview Estates Realty today at 516-777-0146.

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Rising Home Prices Slowing Down

According to CNNMoney, the increase in home prices may be slowing down due to the rising interest rates. The increase in June was still significant as compared to last year, but it was the first time in twelve months that we didn’t see the gain exceed the previous month. In May, we saw a gain of 12.2% over the last year while June only saw a gain of 12.1%. Experts put the blame on rising mortgage interest rates which climbed up a full point since May.

Read full story here.

Bayview Estates Realty is here to assist you in all of your real estate needs.

Call Mike at (516) 225-1468.

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Landlord Requires Renter’s Insurance

Renter’s insurance

Basic Renter’s Insurance covers a tenant’s personal property. The Landlord’s insurance policy, which covers the building, usually does not cover the tenant’s property.

Requiring Renter’s Insurance

Many Landlords include a provision in their lease that states that they are not responsible for loss or damage to the tenant’s property. Also, the landlord will stress the importance of the Tenant obtaining Renter’s Insurance. Some Landlords go a step further – they include a provision in their lease which requires a Tenant to obtain and maintain Renter’s Insurance for the duration of the lease.

If the policy is optional, then the renter will have to weigh the cost and benefit of having a Renter’s Insurance policy.

Bayview Estates Realty is here to assist you with all of your real estate needs.

Call (516) 777-0146!

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