short sales
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
short sales
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
short sales
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.
short sales
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.
short sales
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.
short sales
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.
short sales
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
short sales
Multiple Offers?! Over LIST PRICE?!! What do you do?!!!
August 14, 2009 by Phoenix Guide · Comments
So you’re out driving around with your Realtor or ME! After you we went through 20+ homes over the past 2 weekends waiting by the door while us Realtors try to open lockboxes with our super duper trusty decoder thing like we’re cracking a safe, that was call SUPRA eKey, which is EVERY Realtor should have on their phone because it’s the cool thing to have!
You’ve seen short sales, you’ve seen REO’s, you’ve seen the “backyard oasis” that is more of a lagoon that makes the Toxic Avenger looking like the next Bachelor…
BUT alas the door opens and to your surprise the utilities are actually on. You take a whiff and smell the Hawaiian Breeze scent from a Glade plug-in. There is hope! Wood floors?! REAL WOOD?! Wait theres clean carpet AND Granite with stainless steel?!!
Your agent checks days on market, it says 1 day. Then you ask “how much is this house?!” They say $150,000 and it’s a BANK OWNED PROPERTY!
Your wife looks at you with that glaze in her eye like the night you fell in love with her… You scream “PUT AN OFFER IN ON THIS HOUSE!”
As you’re waiting anxiously at home your Realtor calls you with some disheartening news… “this property has 5 offers already, 1 cash, and 2 over LIST PRICE!”
NOT TO PANIC!
What do you do?! Let’s look at the numbers for a sec here. You most likely put in a a clean offer at full price and didn’t even ask for closing costs. I can definitely see the frustration here. Automatically you’re thinking why would anyone overbid on a house in these times?
Your Realtor comes back with some analytical data for you. The home is located in a new subdivision where the builder is still selling homes, they’re FIRM at $180k with none of the same options you see in the subject property. Recent 3 month sales shows $140-180’s.
Not to worry, the homes in the $140’s are REO’s you’ve seen those properties and they’re in bad shape. The homes in the $150’s are bare with cultured marble and needs new counter top along with carpeting. The homes in the $180’s are just like the one you have an offer on!
So now what you thought was paying full price for a home was top of the market, we just realized it’s priced below market!
Moral of this all is make sure you do your research! Compare APPLES to APPLES, everything you like about one home make sure it compares to another home. Just because the house you want to buy is $10,000 more than 2 that just sold for $150,000 doesn’t mean it’s overpriced. Look at all the facts, are you looking at a home that has a pool, bigger lot size, more upgrades, next to school/park? No move in maintenance? Question you should ask yourself is “if i couldn’t buy this house, could i find another just like it for THIS price?!”
Remember when putting an offer in on a house do the numbers work? Just because you see homes listed all over $160k doesn’t always mean they’re actually worth that! I know i have tons and TONS of boxes full of comic books at my moms house that i thought were worth tons and tons of money. She always told me, “it’s only worth something, if someone will pay that price!”
Don’t get discouraged some people will overbid, and run into the problem where the house won’t appraise. Buying a home IS an emotional process but don’t let you emotions get the best of you, do your homework and make sure what you offer makes sense!
Emotion is the Barret Jackson and a 63′ split window just pulled up with matching numbers everywhere… starting bid at $60,000
Dalat Nguyen
602-741-3162
dalat.nguyen@phoenixpowersearch.com
short sales
GET THAT HOME WARRANTY!
Whether you are an experienced home buyer or just getting your first home, you should absolutely consider getting a home warranty. This is one of your biggest investments.
In today’s market the houses are rarely occupied full time by the seller.
That means that the chances of the A/C, water heater, pool filtering system etc probably haven’t been maintained; yet alone regularly utilized. Therefore, in most cases, these systems will need servicing and unfortunately repair or replacement. Unexpected costs like these can easily strain your already tight budget.
Nobody wants to move in and find out that the A/C compressor isn’t working and it’s 110 degrees outside! (Especially if you live in the Phoenix area). With a good home warranty negotiated in the deal, you can relax. You can move into your new home and not have the worries of a major appliance failing at just the wrong time. When something does break or fail to operate properly just make the phone call for repair and move on. The cost for the expert to come out is minimal, basically just a service call fee. Big savings to you versus having to pay for all the parts, labor and service call charge. It will pay for itself if you only use it once, especially if that one time is the AC! Isn’t peace of mind worth the little extra cost?
Ask for it upfront when you are negotiating your deal or if you already own your home check out the companies on the web. There are differences, so compare coverages and prices. We all want to enjoy our homes, not be stressed about doing very expensive repairs.
One company you can check out that provides an excellent warranty for Arizona homes is American Home Shield. You can find them on the web at www.ahsrealestate.com
Jean Lawlor
Buyer Specialist REALTOR
BuyerTours Team Phoenix
jclawlor7@gmail.com
short sales
Understanding Short Sales
June 21, 2009 by Rachel Anderson · Comments
Do you truly know what a short sale is? Are you thinking about purchasing a short sale?
Please take some time to read, “Understanding Short Sales”. This has been put together by top Realtors in hopes to let the general pubic get a better understanding on how they work.
Email me for your free copy!
If you are looking to purchase a home and want more information on short sales, or bank owned homes please contact me.
Rachel Anderson 480 309-7968
rachel@phoenixpowersearch.com
