Fannie Mae has launched a pilot program in three markets in which it's only accepting offers on properties in its real estate owned (REO) inventory when they are first submitted online by agents representing buyers.
By requiring that all offers be submitted by buyer's agents, Fannie Mae may also be able to prevent "property flopping" -- a fraudulent practice in which listing agents representing distressed or REO properties receive multiple offers but withhold one or more of those offers in order to help an investor purchase the home at a lower price.
If the six-month HomePath Online Offers pilot program is a success in the three test markets -- Orlando, Fla., San Diego and Detroit -- it will be expanded to markets nationwide, Fannie Mae said.
The stated goal of HomePath Online Offers is to provide increased transparency and efficiency in the REO bidding process by providing buyer's agents with offer confirmations and allowing them to track the status of submitted offers.
Pacific Oaks, a private school in Pasadena, has decided to sell off one of the two Craftsman-style mansions it occupies. The 1909 Myron Hunt designed building at 6 Westmoreland Place can be yours for the price of $4 million! The school feels it is not fully utilizing the large space.
The house is 11,000 square feet on three levels. Zoning could make it difficult to restore the building to its original use as a home, so an institutional use is most likely.
If this sounds like something that suits your needs, give us a call at 626.844.2256.
Listing courtesy of Hoss MacVaugh, MacVaugh & Co.
One of the agents in our office pitched his new listing at 1375 Coronet in Pasadena this morning, a 4 bedroom, 3 bath traditional in Hastings Ranch. The cool thing about the pitch was that the sellers had the original ad for the property from 1952. The original list price was $15,005 - at a 4% interest rate! There ya go folks... it's not everyday that you will actually be getting a better deal than you would have almost 60 years ago!
1202 Kipling Avenue is our bright, light and airy new listing in Eagle Rock. Located north of Colorado Boulevard, Kipling is an updated traditional with 3 bedrooms and 2 full baths. Inside you'll find spacious rooms, slate and bamboo floors, central air and heat, updated electrical system and copper plumbing. The open floor plan is destined for entertaining!
Enjoy outdoor dining on the deck off the kitchen/dining area. The landscaped back yard is completely fenced.
Eagle Rock schools include Dahlia Heights Elementary (according to LAUSD School Finder). Easy distance to Eagle Rock Recreational Center and park, Old Town Pasadena, and freeways to further destinations.
Specs: Listed for $549,000. Built in 1948. 2,086 SF on a 5,009 SF lot.
For more pictures, visit www.1202Kipling.com.
If you are looking for a completely done little Craftsman cottage in Highland Park then you are in luck. 533 Neva Place is back on the market! Two bedrooms, two baths, plus over 1,200 square feet of bonus space. Upgrades include: tankless water heater, central air and heat, laundry, and a finished two-car garage.
Specs: Listed for $479,000, 1,050 SF on a 4,600 SF lot. Built in 1908.
Want to see it? Give us a call at 626.844.2211.
Listing Courtesy of Matt Manner, Extraordinary Real Estate