On August 7 two separate morning and afternoon auction sessions will be held at the Phoenix Convention Center.
Morning Session: 9:30 am – 11:00 am for first-time homebuyers who are pre-approved for NSP assistance. Up to 40 homes will be available for sale. Registration begins at 8 a.m.
Afternoon Session: 1:30 p.m. – 4:00 pm for first-time homebuyers who are pre-approved for a mortgage by any lender but do not necessarily have NSP funding. Up to 100 homes will be available for sale. Registration for the afternoon session starts at noon.
Homebuyers at both sessions will also benefit from HomeSteps’ existing SmartBuy® program. Under SmartBuy, HomeSteps will pay up to 3 percent of the buyer’s actual closing costs and offer a two-year HomeProtect© limited home warranty on homes sold as primary residence to eligible buyers when the purchase price is equal to or greater than $25,000. The limited warranty, provided through Cross Country Home Services, covers electrical, plumbing, heating and air conditioning, ductwork, and major appliances. http://www.homesteps.com for details
Freddie Mac’s network of listing brokers will coordinate open houses on July 24 and 31 and August 1 in Phoenix so interested buyers can tour the HomeSteps homes before the auction. The HomeSteps homes that will be auctioned have been removed from the market, inspected, repaired, and are ready for sale in “as is” condition. Potential buyers can also find property descriptions at http://www.auction.com/phoenix
New Vista is also scheduling consumer homebuying seminars for interested bidders to better prepare them for homeownership and will work with HomeSteps to ensure the homes are in good condition.
A Consumer Education Seminar has also been scheduled for July 20, 27 and August 3 from 5-6:30 p.m.at Neighborhood Housing Services of Phoenix (NHS) 1405 E. McDowell Road, #100 Phoenix, AZ 85006, (602) 258-1659. The seminar focuses on how homebuyers can buy homes using NSP funds.
Auctions That Build New Opportunities for New Homeowners
“Owner-occupants are the key to strengthening neighborhoods in the Phoenix market,” said Jim Park, CEO of New Vista. “Working with Freddie Mac, REDC and the National Community Stabilization Trust, New Vista has created a one day homebuyer event that gives NSP and owner occupant buyers an exclusive opportunity to purchase HomeSteps homes. By working with all the local stakeholders, we will help to revitalize these communities that have been hard hit by foreclosures.”
Jeffrey Frieden, CEO of REDC, says “For families looking to buy a home in Phoenix, this special auction event will be an amazing opportunity. There will be more than 100 homes that are ready to move in, and borrowers may be able to qualify for conventional or FHA financing, allowing buyers to purchase homes with low down payments and nominal closing costs. We’ve had great success this year putting families into homes and we expect this event will be a great boost to the local communities.”
The August 7 auction is also supported by the National Community Stabilization Trust (NCST), a nonprofit organization created to revitalize neighborhoods hit by the foreclosure crisis, and the Neighborhood Housing Services of Phoenix (NHS), which is dedicated to the revitalization of Phoenix neighborhoods by providing a full range of programs and services that encourage, create and support homeownership.
For more information about HomeSteps homes visit http://www.HomeSteps.com
About Freddie Mac
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.
About New Vista
Established in 2007, New Vista was founded by two multicultural real estate leaders: Gary Acosta and Jim Park. With the largest national network of multicultural real estate brokers, New Vista provides a full service REO marketing and asset management services that supports community stabilization and owner occupancy execution for many of the top mortgage providers in the nation.
About REDC
Established in 1990, REDC pioneered the model for modern real estate auctions and has transformed into a comprehensive real estate services company. In addition to being the leading real estate auction marketing firm in the country, the REDC group of companies also provides real estate brokerage services, asset management, short sale facilitation and title insurance. The company has established a dominant position in its industry by selling more than $6.5 billion in real estate assets at auction since 2007. REDC’s primary clients are residential and commercial mortgage lenders and home builders. The success of the company is based on the aggregation of real estate assets (residential, commercial, notes) that are marketed and sold in large event-style auctions across the country and in online auctions.
About Neighborhood Housing Services of Phoenix (NHS)
Neighborhood Housing Services of Phoenix (NHS) is dedicated to the revitalization of Phoenix neighborhoods by providing a full range of programs
and services that encourage, create and support homeownership. For the past 34 years NHS Phoenix has offered counseling, education,
lending and the building and rehab of affordable homes to help hard-working families realize the dream of financially-stable homeownership.
For more information, contact:
Mary Mancera, New Vista
(760) 634-5007
Rick Weinberg, REDC
(949) 639-3558
(480) 614-6432
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