real estate

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 Addendum, there is probably a buyer behind you that will.  The most important thing is to know what the terms are, have your Realtor guide you through the process and minimize your risk as much as possible.

I believe that there are two main reasons the banks are pricing these properties so well.  One, banks are not in the business to hold property.  Due to this reason, they need to get these types of assets off of their books so they can loan funds.  Two, a home that is priced well should get more attention.  This most likely means multiple offers and what seller WOULDN’T like to choose the best, most qualified buyer at the best price for their property.

Currently, the most aggressive price point are homes under $200,000.  As the home price increases, there may be competition, but usually not as much.  So see, this is great news…but be ready to jump when you find a home that meets your needs.  Why?  You don’t want to deal with multiple offers, if you can help it.  You want to have the ball in your court as much as possible.  Of course, it’s like playing poker.  You don’t want the seller to see your hand.  Make sure your Realtor plays your hand to your advantage.

Three strategies to buying in today’s market:

1.  Find a great Realtor, one who is available, answers the phone, has great communication, proficient negotiator, knowledgeable, motivated, honest, integrity, hard-working, reliable and most importantly knows they work for YOU!

2.  Have your Realtor do an in-depth profile on what YOU are looking for and create an automatic search where you receive automatic emails.  When a home comes on the  market that meets your needs or a new price reduction has been made to your price comfortability level, you will be the first to know.

3.  Be ready to move!  Follow your Realtor’s advice on being prepared.  If you are looking at homes, you should have your finances  ready…whether that’s talking to a loan officer and getting prequalified or if you are paying cash, having proof of the funds and verifying the availability.

And remember, statistically, when spring rolls around, that time is considered the best time for a seller.  Although currently, it is still considered a buyer’s market, there most likely will be more competition as we move toward spring….ESPECIALLY with the April 30th deadline for the First Time Home Buyer Tax Credit (not just limited to First Time Home Buyers).

If you haven’t found the perfect Realtor for you, contact me!  Customer service is my #1 goal!

Testimonials can be provided upon request.

Jamie Sistek – “That Tickled Pink Girl”
REALTOR

Website: www.tickledpinkhomes.com

Jamie@TickledPinkHomes.com
480-451-1400 – Direct
480-734-1971 – Cell

“Tickled Pink Is What You’ll be;
My Customer Service Is The Key”

real estate

Passing of the bill SB1403

A new bill has passed in Arizona, SB1403, Arizona Renewable Energy Tax Incentive Program and it could mean a lot to the economy.  Passing of this bill has the potential to bring hundreds of jobs and of course using resources that are all natural.

Going green is the topic everywhere, but in Arizona has taken it even further.  This is going to be huge for Arizona and the future looks bright.

SB1403 provides incentives to out of state companies to relocate to the greater Phoenix area.  There are tax credit’s based on the number of jobs created and capital invested.

Please see the link below for more information. 

http://66.39.135.99/blog-gpec/?p=420

http://www.azfamily.com/news/local/Renewable-energy-tax-incentive-about-to-become-law-69556527.html

http://www.gpec.org/media/docs/News_Events/SB1403/AAED_Update_April09web.pdf

 

Rachel Anderson

480-309-7968

real estate

Avoid Hibernation. Arizona Your Fall and Winter Paradise!

If you are tired of the sleet and snow and driving rain, if you are tired of gray skies and blistering winds then it is time to make your way to Arizona. The Phoenix/Scottsdale metro area is your home for some of the best weather around this time of year and more activities than you can shake a stick at.

Month	High Fahrenheit	High Celsius	Low Fahrenheit	Low Celsius
October	87.7	30.9	59.1	15.0
November	74.3	23.5	46.9	8.3
December	66.4	19.1	40.2	4.5
January	65.2	18.4	39.4	4.1
February	69.7	20.9	42.5	5.8
March	74.5	23.6	46.7	8.2
April	83.1	28.4	53.0	11.6

Information courtesy of PHX Shine On, the Official Travel Resource for Greater Phoenix

Just take a look at the temperatures that we average over the course of the next few months. The sunshine sets the stage to take part in all of the great activities here in the Valley of the Sun. Weather you are an avid golfer, tennis player, or just love to hike or bicycle; this is the place for you. The sunrises about 6 to 7ish in the morning depending on the month with plenty of day light to take in a winter league baseball game, a Arizona Cardinal football game, a Phoenix Coyote hockey game, or a Phoenix Suns basketball game.

Numerous hiking trails are available throughout the community for hikers. Check out all the hiking trails at this website: http://www.visitphoenix.com/visitor/index.cfm?action=trails

It is a great time to check out the lakes for the boating and fishing enthusiast. Following is a list of the different lakes in the area.

Bartlett Lake: http://www.bartlettlake.com/lakeInfo/about.php

Saguaro Lake:  http://www.saguarolakemarina.com/maps.html

Canyon Lake: http://www.canyonlakemarina.com/

Lake Pleasant: http://www.go-arizona.com/Lake-Pleasant-Arizona

Roosevelt Lake: http://www.americansouthwest.net/arizona/roosevelt_lake/index.html

Apache Lake: http://www.apachelake.com/

So if you are considering a move away from the cold and into the sunshine consider the Phoenix/Scottsdale area. I will be happy to assist you with a temporary housing rental and ultimately your new home purchase. Arizona is definitely the place to be. Please give me a call if I can be of service.

Tim Broderick 602-741-0862 or toll free: 888-481-4447 ext 126 or by email at tim@phoenixpowersearch.com

real estate

Phoenix Az Neighborhoods-Entrada North

DISCLAIMER: depending on where you get info, this neighborhood might be Glendale 85310, but according to our tax records it is now officially Phoenix, AZ 85083.

Now that we have that cleared up, let us get down to the nitty gritty.  This is a beautiful neighborhood in an up and coming part of town.  Homes in the neighborhood were built in or around 1999, at the base of two beautiful “mountain” peaks (too small to be a mtn, yet too big to be a hill…at least for this Arizonan).  Other immediate amenities include Fry’s Food & Drug, a variety of restaurants (Italian, Sushi, McDonald’s, Pizza, Subway), a neighborhood Wal Mart, dry cleaning, Bank of America, Fletcher’s, a MONSTEROUS church, and other well off neighborhoods consisting of multi million dollar homes.

It is located 3 miles from the Loop 101, and 5 miles from the I-17, which will take you anywhere in the city at a greuling pace (as long as no one is on the side of the road changing a tire).  Hot spots nearby are Arrowhead Mall (10 minute drive), Shops at Norterra, Thunderbird Conservation Park, the 500 Club Golf Course, and the BRAND NEW Wet n Wild waterpark, to name a few.  check out a bird’s eye view!

SCHOOL INFO:

• Elementary-  Las Brisas

• Middle-  Hillcrest

• High-  Mountain Ridge

Current market analysis for this neighborhood:

• 1 Active listing- REGULAR RESALE, 4bed2bath, 1854 square feet @ $194,600

• 5 closed listings within the last 3 months- ranging from $145,000 to $176,000

If interested in purchasing in this neighborhood, I am confident I could negotiate the price of the only active listing down at least 15K (depending on the conditions of your situation/offer, of course)

Want to live here?  Want to live somewhere nearby?

Call Colin Stevens directly @ 623-399-0804 or email him at Colin@PhoenixPowerSearch.com

real estate

First Time Home Buyers…pt 1

I have dealt with my share of 1^st time homebuyers, and I can say from experience, “I’ve been in your shoes,” so I figured a blog was naturally the next step.

One thing I have noticed in first time home buyers is uncertainty. In a market like ours with TONS and TONS of homes available, it is even more complicated, as there are those thoughts racing through the back of your head…“Is this the best deal?” “What if there is something better” “What if I end up not liking this one?” “Do I really need this many square feet?” “Do I want this many bedrooms?” “why are there so many to look at” …Sound familiar?

To help ease these uncertainties and to keep you confident in your search, I have found that you will definitely need the following: TRUST, DETERMINATION, and PERSISTENCE.

TRUST your instinct. In my experience with 1^st time homebuyers and in my own search, I have found that you will know if you like a house within the first 30 seconds of being inside. Your gut will tell you almost immediately, so LISTEN TO IT! Once your gut has communicated, be prepared to ACT QUICKLY for one reason in particular.

• You do not want to lose your top pick by hesitating. If you lose it by being outbid, or failing to come to an agreement, at least you got the opportunity and you went out swinging. Losing your favorite is one of the most discouraging events a 1^st time home buyer can experience.  In today’s market, it is bound to happen, so tough skin is required=]

TRUST your REALTOR. This is one of the most important factors in choosing a REALTOR, not just for 1^st time homebuyers, but for every buyer. I suggest interviewing a few of them IN PERSON. Although technology greatly helps in your search for your first home, NOTHING can replace face time and getting to know your REALTOR; how they act, how they portray information, how you mesh with them, etc.

In case you are unaware, in today’s market there is a good chance you will get outbid or lose out on quite a few homes before securing one. This is where your much needed PERSISTENCE and DETERMINATION come into play.

On that note, TRUST your instinct, TRUST your REALTOR, and KEEP AT IT!

Happy Home Hunting!

contact Colin Stevens directly at 623-399-0804 or colin@phoenixpowersearch.com

real estate

Arizona is Your Home for Baseball! Welcome Home!

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.

real estate

Canadian Buyers: Considerations and Preparation

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.

real estate

22% Forgivable Seconds! Your Way Home AZ Grant Program

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% 1^st mortgage as they would with a standard purchase transaction. The state will provide a 22% 2^nd mortgage with no interest (silent 2^nd). A 3% down payment is required.

75% 1^st + 22% 2^nd + 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 1^st 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 1^st 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 2^nd 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 1^st mortgage has to be 75% of the purchase price.

Three things will trigger repayment of 2^nd 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 1^st 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 1^st mortgage lender it should work for this program.

This information was graciously supplied by 1^st 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.

real estate

Common Ways of Holding Title to Real Property in Arizona

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.

LIMITED PARTNERSHIP:

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.

real estate

Ahwatukee Foothills; Bank Owned and Short Sale Properties

“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

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