10429 PINEHURST Drive
About This Property
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Please submit Offers on Fannie Mae Website HomePath
select property and click make offer.
(a) PLEASE MAKE SURE NAMES ON OFFER MATCH FULLY WHAT IS ON THE BUYER'S STATE ISSUED PHOTO I.D. OR DRIVER'S LICENSE.
(b) All Offers require :
PASA (NEFAR or FAR-BAR)
Fannie Mae R.E.P.A.,,
Fannie Mae Lead Based Paint Addendum,
Fannie Mae Owner Occ. Cert (if applicable),
HECM Utility Inspection Notice,
HECM Utility Inspection Appointment Request-Five Brothers
PROOF OF FUNDS WITH BUYER'S NAME ON STATEMENT AND DATED IN LAST 30-DAYS.
Mortgage Pre-Approval Letter (Dated in Last 30-days with Loan Amount, Rate and Loan Term)
If Buyer is using an Entity to Purchase (LLC Operating Agreement, Corporate Articles, etc.)
SEE MLS DOCUMENTS TAB FOR THESE FORMS.
Seller will pay:
1. Real Estate Commission
2. Provided the buyer uses the seller's title company the seller will pay for the Owner's Title Policy.
ALL OTHER CLOSING COSTS ARE CONSIDERED TO BE BUYER CLOSING COSTS AND IF PAID BY THE SELLER WILL BE CONSIDERED A SELLER CONCESSION. Any closing costs checked for the seller to pay in Paragraph 9 of the NEFAR Purchase and Sale Agreement will be presented to the seller as a seller concession. This could affect your buyer's offer, particularly in a multiple offer situation.
SELLER WILL NOT PAY STATE DOC STAMPS ON DEED - BUYER MUST PAY (contact Listing Agent for Details).
KEYS WILL NOT BE RELEASED AT CLOSING. Buyer must wait for Fannie Mae Approval to release keys (Title Company has to acknowledge receipt of closing documents and final funds Wires).
Buyer must confirm GLA size, utilities, lot size - anything of importance to buyer. If applicable: amenities, costs of club memberships, covenants and restrictions, HOA requirements and/or restrictions.
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## NOTE: THIS PROPERTY IS BEING SOLD AS-IS. LISTED WITHOUT UTILITIES ON. ELECTRICAL SAFETY INSPECTION REQUIRED. BUYER WILL BE RESPONSIBLE FOR ELECTRICAL SAFETY INSPECTION. BUYER WILL BE RESPONSIBLE FOR TURNING-ON UTILITIES ON IN BUYER'S NAME FOR INSPECTIONS. ##
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This property is a Fannie Mae HECM Reverse Mortgage Foreclosure: The Seller must comply with HUD Guidelines 24 CRF 206.125 and property is sold "as is".
Marketable Title Expires: 10/22/2018
NO OFFERS FOR LESS THAN FULL LISTING PRICE WILL BE ACCEPTED DURING THE 1ST 6-MONTHS 6-MMTP PERIOD.
If not sold by 10/22/2018, then property becomes a regular Fannie Mae Listing, subject to Fannie Mae terms and conditions.
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UTILITIES UPDATE
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A licensed contractor from FIVE BROTHERS will perform dewinterization and re-winterization services at the seller's expense. FIVE BROTHERS's contractor must be present for utility based inspections, acting in an oversight capacity only and will manage the purchaser's contractor to ensure the property is protected at all times. When contacting FIVE BROTHERS to arrange for the inspection: • Allow a minimum 48 hours lead time. • Provide the property information (Loan #, address, city, state). • State the date and time of activation and inspection. • Include the contact information for all participating parties. FIVE BROTHERS will provide access, validate proper utility functionality, verify deactivation of utilities when inspection is complete, and ensure re-securing of the property prior to departure.
UTILITIES NOTICE
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Seller will not turn on any utilities on the property for use in buyer's inspections. If Purchaser wants the utilities on during inspection, the cost to connect utilities and any charges for service will be solely at the expense of the Purchaser. Any actions required to turn on the water or other utilities will be performed by the Purchaser's Contractor. The condition of the property may not support the connection of utilities and no repairs will be done by Purchaser or Seller to make the property available for connection. A Licensed contractor from ("FIVE BROTHERS"), our Property Preservation Vendor, will perform dewinterization and rewinterization services at Seller's expense and will manage the Purchaser's contractor to ensure the property is protected. FIVE BROTHERS's contractor will remain at the home until the Purchaser's inspection is complete to ensure all utilities have been turned off, will re-winterize if necessary and secure the home. The Purchaser must make arrangements to have the utilities disconnected after inspection is completed. The Listing Agent will be responsible for insuring all utilities have been disconnected. Any additional inspections outside of the allowed inspection period will require approval by Fannie Mae and will need to be accompanied by FIVE BROTHERS's Licensed Contractor if utilities are required. Should there be a need to reschedule an inspection or cancel or escalate a hazard issue, the Selling Agent will need to email FIVE BROTHERS at:[email protected] and must copy the Listing Agent who can escalate to Fannie Mae. Note: It is preferred that all inspections are scheduled Monday – Friday. Weekend inspections are acceptable but with the contingency that all utilities are operable and all parties have confirmed attendance by the close of business the Friday before inspection.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
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Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017