bank owned properties
Not a Short Sale..Not a Bank Owned, A Brand New Build For $500.00 Move-In!
January 17, 2010 by Michael Manning · Comments
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
bank owned properties
So Your Offer has Been Accepted: Action Steps Following Accepted Offer
January 12, 2010 by Tim Broderick · Comments
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 transaction is being financed and let them know that you have an accepted offer. Your agent will be sending them a copy of the executed contract. Also provide your lender with your homeowners insurance agents contact info. ( I have included several numbers below of agents I have used in the past.) Make sure your lender has all the documentation they need to complete your loan such as paystubs, tax returns, financial statements etc.
Contact your homeowner’s insurance agent and inform them that you have an accepted offer and that you will be in need of a homeowner’s insurance policy to be effective by the close of escrow date.
Ken Stephens Allstate 480-948-8817
Toni Allen Farmers 602.324.4668
Be on the look out for information from the title company. They will be sending you a packet to get some information from you. It will also determine how you will take title to the property. Additionally they will include wiring instructions for any funds that need to be brought in at close of escrow. Certified funds are also acceptable.
You will also want to contact the local utility companies about ten days to two weeks prior to close of escrow and make arrangements for the utilities to be turned on and/or transferred into your name.
Salt River Project Electric 602-236-1889
Arizona Public Service https://www.aps.com/customer/ratewizard/start.asp
Southwest Gas 877-862-6020
City of Phoenix Water 602-262-6251
Please contact me with any questions or comments:
Tim Broderick
602-741-0862
bank owned properties
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 — and 20 percent of mortgage refinancings. Just three years ago, the FHA’s share of the mortgage market was 3 percent.
Among the steps outlined by Housing and Urban Development Secretary Shaun Donovan in congressional testimony Wednesday were plans to increase the down payment and FICO score required. The agency also may ask Congress for permission to increase either the upfront mortgage insurance premium, the monthly premium or both. Details of the plan are expected next month.
“We have made the decision to exercise our authority to increase the upfront cash that a borrower has to bring to the table in an FHA-backed loan — to make sure that FHA borrowers have more ’skin in the game’ and a stronger equity position in their loans,” Donovan said in written testimony submitted to the House Financial Services Committee.
One detail Donovan did provide is that sellers would be able to help buyers with only 3 percent, rather than the current 6 percent, of “concessions” that help fund closing and loan-related fees.
The moves are part of a plan by the FHA to lessen risks to its portfolio; an independent actuarial study found the agency’s insurance fund reserves have fallen far below the congressionally mandated minimum. The agency also plans to take steps to increase FHA capital and to hold lenders more accountable for the quality of loans they write.
This may be the time to get off the fence..
Please feel free to contact me with any questions you may have. I will be happy to assist you in the purchase of your new home. I can be reached at Julie@phoenixpowersearch.com or 480 628 2967
I look forward to hearing from you!
Chicago Tribune Article
bank owned properties
Call to Action! $8,000.00 Tax Credit Going Away!
September 15, 2009 by Michael Manning · Comments
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 to help.
Michael Manning 602-738-8236
HomeSmart BuyerTours Team
michael.manning@phoenixpowersearch.com
bank owned properties
Arizona is Your Home for Baseball! Welcome Home!
September 6, 2009 by Tim Broderick · Comments
What a Labor Day weekend it has been so far. My son just became a member of The Outlaws Baseball Club here locally and is playing in his first tournament at The Peoria Sports Complex.
There are teams from all over the valley playing. If you love baseball then Arizona is the place for you.
In addition to the Arizona Diamondbacks of the National League playing here during the regular season, we (the Phoenix Metro Area, Arizona) are host to Cactus League Spring Training for the Arizona Diamondbacks, Chicago Cubs, Chicago White Sox, Cincinnati Reds, Cleveland Indians, Colorado Rockies, Kansas City Royals, Los Angeles Angels of Anaheim, Los Angeles Dodgers, Milwaukee Brewers, Oakland Athletics, San Diego Padres, San Francisco Giants, Seattle Mariners, and the Texas Rangers.
This weekend, local youth teams 18 years and younger have converged on Peoria Sports Complex to battle it out for top honors. The Peoria Sports Complex is the Spring Training home to the San Diego Padres and the Seattle Mariners. The kids are thrilled to be playing on the same fields that the big leaguers play on. Baseball Club Teams from as far away as Queen Creek, Chandler, and Ahwatukee made the trip across town to play in this Labor Day tournament. The since of community and family fun was at an all time high. You could just about here the lyrics to “Take Me Out to the Ballpark” resonating in the air. The kids had access to major league batting cages, bull pens and practice fields.
Please use the link below for more information on the Cactus League Spring Training. There are also links for individual ball parks around town. So chose your neighborhood based on your favorite team and after I have helped you close on your new home I’ll see you at the ballpark. By the way The Outlaws are in first place in this weekend’s 16 and under tournament bracket and will be playing for the championship on Monday. Shoot me an email and I will let you know how it turned out.
http://www.springtrainingonline.com/ includes both Cactus and Grapefruit League info.
Peoria Sports Complex http://www.peoriaaz.gov/sportscomplex/sportscomplex_main.asp
The Cubs play at Hohokam Stadium located in Mesa, Az http://hohokamstadium.com/Home.aspx
http://camelbackranchbaseball.com/ Home of the LA Dodgers located in Glendale, AZ
Brewers play at Maryvale Baseball park in Phoenix http://www.mlb.com/spring_training/ballpark.jsp?c_id=mil
The Oakland As play in Phoenix at the Phoenix Municipal Stadium http://mlb.mlb.com/spring_training/ballpark.jsp?c_id=oak
http://www.tempe.gov/diablo/ Tempe Diablo Stadium home to the Los Angeles Angels of Anaheim
http://www.scottsdaleaz.gov/stadium/springtraining.asp Scottsdale Stadium home to the San Francisco Giants
If you have any additional questions please give me a call. For additional information on homes available in the Phoenix and Scottsdale Metro Area please call:
Tim Broderick @ 602-741-0862 or toll free @ 888-481-4447 ext. 126.
You can also reach me by email: tim@phoenixpowersearch.com.
bank owned properties
Canadian Buyers: Considerations and Preparation
September 1, 2009 by Tim Broderick · Comments
Canadians love Arizona. As time goes on I have had the opportunity to be of service to more and more Canadians buying homes in the Valley. This is the first in a short series of blogs that will cover important information for Canadian Buyers to keep in mind. There are items for both cash buyers and those choosing to finance a property. A future blog will go into more detail regarding financed properties. The following information was graciously supplied by Penny Esparza of Great American Title.
First of all, when sending a wire transfer, even if in US Dollars, the wire will often times come in about $15 to $50 LESS than what you wired! This is because both reserves may apply a fee when transferring the money, unbeknownst to you. It is always a good idea to send a little more, just in case. Title companies will refund whatever is left over, we promise!
Also, when depositing a Canadian check…if the check does not reference directly on the face of the check a US Bank, the check may be returned by the bank. As well, if the check does not state the words “US Dollars” on the face of the check, it may deposit as Canadian funds, making your escrow short somewhere between $400 and $600!! It is always best, in my opinion, to wire, even if those fees are withdrawn by the reserves. That way you know immediately what the deposit is. Whereas, a check may take sometimes several weeks to physically deposit. This could cause a delay if the title company is unable to verify whether or not it will deposit as US dollars or Canadian dollars.
When delivering items over-night to Canada, plan on the delivery taking a minimum of two deliver days. There are many “rural” areas in Canada where that delivery may take even longer. Particularly if there is a loan, it is very important to ensure that the documents are sent out in plenty of time. For Example:
Loan documents come in at 3pm, making it TOO LATE for the title company to prepare a HUD, have the lender approve it, and get a package out FedEx. Now the package leaves the next day…Friday. It doesn’t arrive until Tuesday because of the weekend. The buyer signs very timely, but the package does not leave Canada until Wednesday and is delivered back to the title company on Friday. Documents arrived at title Thursday a WEEK AGO! AND, now the documents have to be sent over-night to a lender, arriving there on Monday. The lender then takes 48 hours to review documents and funding takes place Wednesday, 9 business days from the day the documents arrived at escrow…Wow! It is VERY important to communicate both with your escrow officer and your loan officer from the very beginning.
One last thing…I have learned that Canadian Credit Reports are not as readily available as credit reports are here in the US. They can sometimes take two or three weeks to obtain. This will have Quite an Affect on your loan approval time. If your lender needs a Canadian credit report, ask that they order it even if you don’t have an offer on a house yet. That way if they need an update, they can order it at the time the offer is put in, and have it in time to draw docs.
When there is a loan involved, you may want to plan on that minimum 45 day escrow.
When there is no loan, allow the full 10 business days for the HOA (Home Owners Association) to respond to title, and from there docs go out…two days there…one day out…two days back. So about 2 ½ weeks, maybe less, if the HOA is timely.
This has been a limited over view of items to take into consideration when planning on buying a home in Arizona. If you have any additional questions please give me a call. For additional information on homes available in the Phoenix and Scottsdale Metro Area please call:
Tim Broderick @ 602-741-0862 or toll free @ 888-481-4447 ext. 126.
You can also reach me by email: tim@phoenixpowersearch.com.
bank owned properties
22% Forgivable Seconds! Your Way Home AZ Grant Program
August 25, 2009 by Tim Broderick · Comments
The “Your Way Home AZ Grant Program” is a program set up for purchase assistance of foreclosed homes. The borrower must qualify for a 75% 1st mortgage as they would with a standard purchase transaction. The state will provide a 22% 2nd mortgage with no interest (silent 2nd). A 3% down payment is required.
75% 1st + 22% 2nd + 3% Down Payment = 100%
This program is for buyers of foreclosed properties only.
$20M available for purchase assistance.
The program does not limit closing cost paid by seller.
Must have 3% down, regardless of what mortgage product is used for the financing of the 1st 75% (VA, USDA, Conventional, FHA, etc).
Income cannot be greater than 120% of median for household by county.
www.yourwayhomeaz.com Click on: Am I Eligible, to find out if you can qualify based on household income ( income is for ALL people over 18, regardless of them being on the loan application).
The purchase price of the home MUST be 1% less than appraised value.
Subsidy by the state is 22% of the purchase price.
The program only applies for a primary residence.
Consumers must complete 8 hours of homebuyer education program.
There are specific debt to income rations that apply for the program. All income from all household members over 18 are used in the calculations even if they are not on the 1st mortgage loan application.
A 2 month Principal, Interest, Taxes, and Insurance reserve is required.
Single family residence, Condos, Townhomes, and Manufactured homes qualify.
Property must be vacant at the time it was listed.
The 2nd is forgiven ( don’t have to ever pay it back) if the2nd mortgage loan amount is:
$15K or less and you live in the property for five plus years.
If more than $15K but less than $40K if you live in the property for ten plus years.
And if more than $40K if you live in the property for fifteen plus years.
The maximum qualification is based on FHA loan limits for the county the property is being purchase in.
The 1st mortgage has to be 75% of the purchase price.
Three things will trigger repayment of 2nd mortgage ( grant money)
Transfer of Ownership
Vacating the property
Refinancing the property (even if it is a rate and term refinance)
Can close with FHA 1st mortgage with a 3% down payment not 3.5%, because that half percent would come from this grant program.
FHA 203K loans cannot be used with this program.
The minimum down payment is 3%, 1% must come from the borrower’s own funds, 2% can come from any approved source such as non-profit- if that works for the 1st mortgage lender it should work for this program.
This information was graciously supplied by 1st Rate Home Mortgage, Inc.
For more information on this program go to www.yourwayhomeaz.com
For additional information on homes available in the Phoenix and Scottsdale Metro Area please call:
Tim Broderick @ 602-741-0862 or toll free @ 888-481-4447 ext. 126.
You can also reach me by email: tim@phoenixpowersearch.com.
bank owned properties
Common Ways of Holding Title to Real Property in Arizona
August 24, 2009 by Tim Broderick · Comments
Many people ask me what is the best way to take title to the property they are about to purchase. I don’t have the answer as the answer truly varies from case to case. The best person to ask about how you should take title to a property is your attorney, your estate planner and your accountant. Below I have listed the common ways that title is held in the state of Arizona. This information has been provided by Great American Title Agency. My thanks go out to Great American title for their assistance in providing this information.
Common Ways of Holding Title to Real Property in Arizona
COMMUNITY PROPERTY:
Arizona is a community property state. This is statutory presumption that all property acquired by husband and wife is community property. Community property is a method of co-ownership for married persons only. Upon death of either spouse, the interest of the deceased spouse will pass by either a will or in testate succession.
COMMUNITY PROPERTY WITH RIGHT OF SURVIVORSHIP:
A version of holding title between married persons that vest title to real property in the surviving spouse when it is expressly declared in the Deed. This vesting has the tax benefits of holding title as “community property” and the probate avoidance features of “survivorship rights”.
JOINT TENANTS WITH RIGHT OF SURVIVORHIP:
Joint Tenancy with Right of Survivorship is a method of co-ownership that gives title to the real property to the last survivor. Title to real property can be acquired by two or more individuals either married or unmarried. If a married couple acquires title as joint tenants with right of survivorship, they must specifically accept the joint tenancy to avoid the presumption of community property.
TENANTS IN COMMON:
A method of co-ownership where parties do not have “survivorship rights” and each owns a specific interest in the entire title.
SOLE AND SEPARATE:
Real property owned by a spouse before marriage or any acquired after marriage by gift, descent or specific intent. If a married person acquires title as sole and separate property, his/her spouse must execute a disclaimer deed.
CORPORATION:
Title may be taken in the name of a corporation provided that the corporation is duly formed and in good standing in the state of its incorporation.
GENERAL PARTNERSHIP:
Title may be taken in the name of a general partnership duly formed under the laws of the state of the formation of the partnership. A partnership is defined as a voluntary association of two or more persons as co-owners in a profit business for profit.
A partnership formed by two or more persons under the laws of Arizona or another state having one or more general partners and one or more limited partners. A certificate of limited partnership must be filed in the office of the Secretary of State, a certified copy of which must be recorded.
For additional information on homes available in the Phoenix and Scottsdale Metro area please call:
Tim Broderick @ 602-741-0862 or toll free @ 888-481-4447 ext. 126.
You can also reach me by email: tim@phoenixpowersearch.com.
bank owned properties
Ahwatukee Foothills; Bank Owned and Short Sale Properties
August 20, 2009 by Tim Broderick · Comments
“I want to find a repo or a foreclosure”
“I want to find a good deal”
“Now is the time to buy with all the REOs on the market”
How many times have you heard these statements made around the water cooler at work, or during the weekend barbeque? Have you been thinking or saying these things to yourself or others. Well if you want a great neighborhood at some of the best price points in years then look towards Ahwatukee Foothills.
The three zip codes; 85044, 85045, and 85048, which comprise the Ahwatukee Foothills area is one of the most desirable places to live in the Phoenix metro area. Nestled away on the south side of South Mountain, it offers award winning school districts, mountain hiking trails, views that greeting cards are made of, family values with lots of activities for the kids, and golf that most people only dream about. The only thing that makes it better is finding a home at a terrific price point.
While many of the Metro Phoenix area cities have an enormous amount of foreclosures and short sales on the market, Ahwatukee as of 8/18/09 had only 32 lender owned properties listed on the MLS and 119 short sales available. With such little inventory you would think that the pricing would be higher, but you can find a beautiful home in a great neighborhood for historically affordable pricing.
If you are planning on placing an offer on a bank owned property or short sale listing, weather it be in Ahwatukee or elsewhere in the valley keep in mind a few things. Short sales can be a lengthy process. Not only does the owner of record have to accept your offer, but the lender and/or the servicing agent has to approve the offer as well. Many times this process can take 90 to 120 days and more. As for lender owned properties they are a quicker by far. The response time to an offer can still be a bit longer than if mom and pop were selling their own home. Response times can vary from 3 calendar days to 5 or 10 business days. Then once the offer is accepted response times to inspection notices, HOA disclosures, and title work can be a little longer than normal.
In conclusion, lender owned properties and short sales offer a better price point for the purchase of your next home or real estate investment. You will however have a little longer wait, or a much longer wait to close the transaction.
Be on the look out for more blogs regarding an in depth look at short sales, lender owned and REO properties. If you have questions or would like to view a property in Ahwatukee Foothills or any other valley location please give me a call. For a free list of bank owned properties and short sales available, please call or email me.
Tim Broderick can be reached at tim@phoenixpowersearch.com.
By phone toll free at 888-481-4447 ext. 126 or locally at 602-741-0862
