This spacious two bedroom condo at Emmalani Court, a beautiful Princeville condo complex that was built in 1992. Emmalani Court borders the Makai golf course and affords both golf course and ocean viewsThis unit, #412, just went on the market today. The listing agent promoted that the property is qualified for ExpressPath financing. As a Fannie Mae REO i wanted to know what that meant. I searched on AR and found this answer from Bill Cherry, Dallas Realtor who wrote:
The property owner gets the appraisal and inspections out of the way via the Express Path Financing lender -- a virtual lender. When you, the buyer, apply for the loan through the Express Path lender, the approval/disapproval can be quickly determined from your financial information and cerdit score. The cost of the appraisal, inspections, etc. is hidden in the sales price of the home. The concept seems ok to me, but if you check around, there seem to be a lot of questions about it. Whether the lender is OK or not I don't know...
You can find out more about ExpressPath by google searching like I did. Bottom line is, there have not been any 2 bedroom Emmalani Courts that have sold for under 600K since the summer of 2005. Now, there are four listed under 600k, and it's a great time for a buyer who has an affinity for this fine Princeville condo location.
Call me or email me if you want further details:
Entry to Emmalani Court
Rear View of Emmalani Court from Makai Ocean's #8 Hole
Emmalani Court Fannie Mae REO with views of the ocean
Thanks for the info....I'm trying to learn all I can.....and one about to close in a couple days that was an REO. Didn't know about the express thing.....
I called a couple of lenders who never heard of it either. The nice thing is, you can search AR and find just about any answer you need. Love it.