Phoenix Foreclosures

Not a Short Sale..Not a Bank Owned, A Brand New Build For $500.00 Move-In!

No kidding. I know a builder who is competing with short sales and foreclosures and winning. You can get in for $500.00 with a PITI payment of only $903.87 per month, including HOA! A 1321 sqft single level home will cost $129,990. a 1767  sqft home only $137,900.  These  new homes are not dingers either. They are energy efficient, using Low E-Windows, 13 seer A/C units, Water-saving Plumbing Fixtures and Tile Roofs. 9′ ceilings, cultured marble vanity-tops, and raised panel interior doors are some of the upgrades included. Great kitchens include microwaves, deluxe dishwashers, spacious pantries and oak cabinets. You get a large pool-sized lot, a covered patio, a door into the garage from the side, front and rear hose bibs. All the options you might want are already included. I only mentioned some of them. Oh, did I mention that they come with a Side by Side Refer, Washer/Dryer and a 40″ LCD TV? So, $5,000.00 in incentives, An $8,000.  tax credit, Side by Side Refer, Washer/Dryer and a new Big Screen TV. Low move-in (less the rent) and low monthly payment, again less the rent. What are you waiting for? Homes ready to move into now. Michael Manning EXP Realty, LLC 602-738-8236  

So Your Offer has Been Accepted: Action Steps Following Accepted Offer

Order your home inspection immediately. Per the contract there is a specific number of day inspection period which begins on the date the purchase offer is accepted. You and your agent will have pre-determined the inspection period and listed it in the purchase offer. I can give you the name of two different inspections companies that I have dealt with in the past. HouseMaster 480-345-8570 Ecospec Home Inspections 602-332-7132 Home inspection companies will generally do an overview of the home. Making sure things work such as appliances, toilets, hot water heaters, fixtures, HVAC units etc. They are not specialty contractors.If you wish to have specialty inspections performed such as roofing, pool, lead based paint, radon gas etc. you will need to contact a specialty inspection company and/or a specialty contractor to have these types of inspections performed. Again remember to make arrangements for these inspections immediately following your offer being accepted and that they have been completed within your inspection period. I have an additional list of contractors and inspectors that I can provide you with if you wish, feel free to contact me anytime. Contact your lender if the... 

Buyer’s Market With A Seller’s Twist: An Interesting Real Estate Concoction

Happy New Year!  Now what? Is one of your resolutions to be a homeowner?  Whether you are a first timer, down-sizer, moving upper or empty nester…you get the idea… it’s time to get moving!  As a buyer, this may be the perfect time. What is a Buyer’s Market with a Seller’s Twist? Home prices are at an unbelievable low and with inventory high, this can be a great opportunity for a buyer.  This makes for a great Buyer’s Market. Currently, of the homes that are sold, about 60% are foreclosures.  This means that the seller is most likely a bank, and has probably hired a company to represent them such as a property asset management company. There is good news and bad news with buying a home that is bank owned.  The good news is you could possibly get a great deal with listing prices many times lower than market value. Here’s the Seller’s Twist:  The bad news is that you MAY have competition and most likely, there will be a Seller’s Addendum that will be added to the contract and you the buyer will have to accept in order for the seller to accept your offer.  And, believe me, if you as the buyer won’t accept the Seller’s... 

Are you an FHA buyer but still “on the fence” about buying?

There have been many rumors flying around regarding the expected adjustments to the FHA loans provided. Do you want to use FHA financing due to the lower down payment requirements, experiencing some credit issues and or wanting to ask the seller to contribute up to 6% concession? If you are and are counting on utilizing FHA loan products for the purchase of your new home, but aren’t quite ready to get off the fence…You may want to re-think your current position. Per a recent article in the Chicago Tribune – FHA-insured mortgages have become the loan of choice — realistically, the only option available since the private mortgage industry’s problems arose — for consumers who are eager to purchase a home but don’t have a significant down payment or stellar credit history. Currently, borrowers have to make at least a 3.5 percent down payment and have a minimum FICO credit score of 500, but most participating lenders require borrowers to have a score of 620 or higher. Those lending requirements have meant a banner year for the FHA. It has insured almost 30 percent of home purchases — more than 75 percent of which are to first-time homebuyers —... 

**UPDATE**Not only extending the 8k tax credit, but opening it up for others too!!

Per the Associated Press .. November 5th, 2009 First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the House voted 403-12 Thursday to extend and expand the tax credit to include many buyers who already own homes. The Senate approved the measure Wednesday, and the White House said President Barack Obama would sign it Friday. Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn’t owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000. The newly purchased property must become the buyer’s primary residence. It can not be used for “vacation” homes. Please do not hesitate to contact me with any questions you may have. I am here to help. I can be reached... 

Realtors you should make sure your buyers are pre qualified.

Are you in the market to purchase a house?  Do you want to go look at houses, but don’t want to prove that you are qualified to buy what you want?  I have experienced a lot of buyers wanting me to show them houses, but are unwilling to speak to a lender or show me a bank letter stating they are pre qualified. Buyers should always be pre qualified before heading out to look at houses.  If you are a serious buyer, why would you want to go out and waste your time looking at houses that you don’t even pre qualify for? I have worked for some car shows in the past and before they even let buyers register they have to provide, a bank letter of guaranty stating they can purchase the car they want, a valid ID, proof of insurance and much more before they are even allowed in the door. Now why don’t we as Realtors expect our buyers to prove they are pre qualified?  Why do we spend hours with clients, and expect them to know the process of buying a house? I remember purchasing my first home.  I lived in DC and I was so tired of renting so I headed out to buy my first home. The way I found my Realtor was driving up and down streets looking for an office.  Once I found the... 

Dolce Vita, a retirement community worth moving into.

So you want a community that suites your lifestyle, but doesn’t restrict you in any way.  You want to live in a community where other people are your age and have the same interests… A list of events fill their calendar at Dolce Vita, so you will never find yourself with nothing to do.  Amenities include: 33,000 sq ft clubhouse, including a beautiful ballroom, book filled library, workout facility, craft room with kiln, billiards room, card room, computer center, and movie theatre. It is located at the base of the superstition mountains,  beautiful views and a well planned community await you. Rated in the nation’s top 100 communities. Where to Retire Magazine The best, new active adult community we’ve seen Builder/Architect Magazine Close to shopping, activities, culture and entertainment. Visit their website for more information: http://www.dolce-vita-az.com/ Contact me today to make an appointment to view their lovely properties. Rachel Anderson 480-309-7968  

Looking For A Good Deal?

Everyone is looking for a bargain at rock bottom prices!  We are, I believe at the bottom of the market and there are tons of deals out there.  I had an out-of-town client looking for a single family-detached residence between $75-$100K, 1800 square feet with a pool, maybe just a bit of fix up and not too far out of town.  The pictures in the MLS looked good and the client was excited when he got here thinking he was going to pick up a real steal!  The day before arriving, he gave me a list of 45 properties.  Knowing what was ahead of me, I starting checking the MLS.  The list was reduced to 25 properties, because 20 of them had Pending offers or were considered Active With Contingencies (AWC).  With properties going so fast and having multiple offers, I called on the remaining 25 which further reduced my list to down to 6.  Out of these final properties that we were able to see and after driving around the entire Valley of the Sun for 8 hours listening to the client tell me how much he loved Arizona and how great it is here (and I agree!), he realized that getting that great bargain for under $100K with a pool was not going to be as easy as he thought and some of those properties... 

List of items you will need to get your short sale closed quicker.

I know what you are going through, I feel your pain and I want you to know I am here to help you. Are your mortgage payments at least 3 months behind?  Have you received that dreaded letter, Trustee Sale? As a Realtor, I have sold many short sale homes, more on the buyers side, but also on the sellers side.  I know what you are going through and I can advice you what to do and help you list your home. DO, keep your house clean and free of clutter DO NOT, punch holes in walls DO, keep up with your HOA payments as much as possible. DO NOT, strip away any of the appliances DO, get a hold of a Realtor (Rachel Anderson) and allow me to help you. REMEMBER: Your Realtor will give you an estimated sales price based on the comps in the area, however it is ultimately up to the bank(s) to come up with a sales price. Here is a list of some of the items you will need to get ready if you are considering a short sale before the foreclosure. 2 most recent pay stubs 2 years of the most recent tax returns 2 most recent bank statements A hardship letter describing why you can no longer keep up with your payments. There are some other items you will need and some banks require specific paperwork,... 

Call to Action! $8,000.00 Tax Credit Going Away!

The $8,000.00  Tax Credit is going to expire in just 60 days, on November 30, 2009. That means you, as a first time homebuyer will not be able to purchase a short sale. It will not close in time to take advantage of this fantastic program. And bank owned properties are getting very close to that time line as well.  Nearly 50% of the homes sold to first time buyers were sold because of this program. That has been a boon to our economy and a big help in reducing foreclosures and short sale inventory. When that inventory is reduced enough, builders will start building and people will start working again. This is not only important to the individual, but to our economy as well. It is very important for everyone, from potential first time buyers to Realtors, Lenders to New Home Builders to e-mail or call their Congressman. Tell them it is of the utmost importance that they work to extend this program. And the time is now! Let’s keep things going in the right direction. Please do it now. To make it simple, I have included Arizona Congress and Representatives web address’s and phone numbers. If you want me to write it for you just contact me with your info. I will be happy... 

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