Full MLS Search!!!

Posted on August 12, 2011 by mickeysmith

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WHEN THE SELLER IS THE LENDER….

Posted on September 19, 2011 by mickeysmith

Risk aversion runs the gamut from No Sweat to Holy Cow!  In recent years we have  seen both ends of the spectrum and everything in between.  But if your home is not selling and those days on the market are creeping up, it might be time to consider a seller carry back. If a seller owns a home free and clear, he may be able to offer this.   Any deal has to have some benefit to both sides of the transaction.

The benefit to the seller is that he increases the size of the buyer pool for his home.  And he can make some money.  Many of the people who would like to buy are on hold due to a short sale or a foreclosure, but prior  to that they had good credit and a strong payment history.  They often still have good income or have found new jobs after a loss.  Waiting periods can vary from 3 to 7 years depending on the situation. The advantage is that the carryback can be tailored to the situation.  Interest generally is above street rate.  A balloon payment could come at the end of the waiting period when the buyer can get new financing.  There are any number of variations.  However, the seller must still keep in mind the  state’s usury laws.  Most states have them. They set the upper limit on interest that can be charged at 10%. The origin of these laws go back to Medieval times when any interest on money was considered inappropriate.  There was an exception, however.  Interest could be charged for plants and animals since the idea was that they reproduce and thus replenish the original investment.  I think I prefer the 21st century.

If a seller does not own his home free and clear, he might elect to do a lease purchase.  In this case some upfront money is placed in escrow and both a sales and lease contract are signed.  The buyer has a given period of time to close escrow and if he does not, then the upfront money is forfeited.  In the meantime the buyer is a tenant; the seller is a landlord.  Both must abide by the Arizona Residential Landlord Tenant Act.

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Too Much of a Good Thing?

Posted on April 13, 2011 by mickeysmith

Sunshine is great for mood altering, skin tone, and vitamin D.  It’s always been a favorite past time to call friends back east during a blizzard and remind them that it’s 70 degrees here.  But turnabout is fair play and when we hit the triple digits, the calls come this way with reminders of cool summer breezes.  Joan Rivers once said about Arizona that it was easy to bake here because  to pre-heat the oven, you could just open the front door!  While we do not have a wind chill factor (thankfully), we do have the potential for problems.

Click HERE for more information!

 

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PROPERTY TAXES IN ARIZONA

Posted on April 11, 2011 by mickeysmith

In Arizona taxes are paid in arrears. The County Assessor collects and analyzes sales data to place a value on each of the 1.63 million properties in Maricopa County.  For 2012, data is collected through July 2010. Notices of valuation are sent in February. Homeowners have 60 days to file an appeal.  The notice has two parts: FCV or full cash value which is synonymous with market value and is defined as an arm’s length transaction for cash and does not include personal property, good will, financing cost, commissions or appraisal. The taxes levied against the FCV are referred to as secondary taxes which cover annual debt payments, budget overrides; LPV is determined by a mathematical formula and is referred to as primary taxes. These taxes are used for the day-to-day operation and maintenance of general government and schools.

After the appeal period ends, the assessor sends the final tax roll to the various tax districts (cities, schools, community colleges and any special tax districts such as fire and health).  Your tax bill shows each jurisdiction that levies a tax on your property along with their phone numbers.

After the budget for a tax district is set, the total taxable value of all property within the district is divided into the budget to determine the tax rate.  The assessor’s final values and the tax district levy amounts are sent to the County Treasurer in August.  Only one tax bill is sent each year and taxes are due in two equal payments on October 1 and March 1 and become delinquent on November 1 and May 1.  April is skipped since that is IRS territory.  Delinquent taxes are a lien on the property and by law must be offered for sale the following February.   When a lien is purchased by an investor, they must pay all taxes and interest due.  The homeowner has three years to redeem   the property.  After that, foreclosure proceedings can follow.

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So Now You Are A Landlord!

Posted on March 7, 2011 by mickeysmith

So Now You Are A Landlord!

Lots of people are opting to rent their homes until the housing market can support a price that will cover the encumbrances.  The best way to prepare for this is to review the Arizona Residential Landlord Tenant Act.  This governing document spells out the rights and responsibilities of both landlord and tenant.  The document is dynamic and changes reflect the needs of society such as allowing a lease to be cancelled if deployed in the armed services or if domestic violence has led to a restraining order.  If a child under the age of 6 will be in residence and a pool fence is not in place, the landlord can ask the tenant to install and pay for one prior to occupancy.  Any landlord can enter the premises with a 48 hour notice to the tenant.  For first time landlords, you must register your property as a rental with the assessor’s office.  Federal Fair Housing rules apply. Be sure to know the 7 protected classes: race, color, national origin, sex, disability and familial status.

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The Cactus League is Underway: Let Us Entertain YOU!

Posted on March 7, 2011 by mickeysmith

With the Cactus League underway, baseball is the theme of the day from Giant Stadium in Scottsdale to the Salt River Fields at Indian Bend and the 101. The new training facility for the Rockies and Diamondbacks is getting rave reviews and is definitely perking up that side of town. You can also catch a movie at the Pavilions at the new Ultra Star Theatre. The concept there is full service in a luxury setting. Cocktails are available in the lobby or at your seat-just press a button for service.

If you like funky entertainment, you can go to the Phoenix Fringe Festival from April 1-10th. www.phxfringe.org.  This is an annual event that brings together unique performers from around the country to present their acts in unusual venues, many of them along Grand Avenue in the Arts district there. For a flavor of the event, stop by the Paisley Violin for a bite to eat before or after the event. It is located at 1028 Grand Avenue. My best memory of the Fringe Festival in past years is seeing a solo performer do the movie story of the Seven Samarai in mime! Another great venue for those looking for something unusual, is The Duce located at 525 S. Central Ave. This is warehouse made into a nightclub of sorts with great food, a retro look, Fitigues to purchase, a boxing ring, Karaoke if you are so inclined and a few hula hoops available for a trip down memory lane. The name comes from an area of the city called the Deuce by the police at one time. If you want a sense of Phoenix in the 60′s and 70′s along with a description of this area, you can read the Jon Talton mystery novels rich with the history of that time.  Talton was once a columnist here.

For a different look,  try the Musical Instrument Museum-locally known as The MIM-which is a world class institution which shows the history of instruments from country to country pointing out similarities and differences. It’s high tech and low tech at the same time in a gorgeous building. The hands-on room is great fun where you can try out a few oddities that make music. The giant gong can make your teeth rattle-one smack per customer. Have you ever heard of a theremin? it’s an American invention that looks like a heating coil. A performer “plays” this instrument without making contact with it.

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Northern Italian Pumpkin Lasagna

Posted on November 8, 2010 by mickeysmith

All you need is a simple salad and some crusty French bread, and dinner will be the highlight of
your day! And lunch the next day, and the next… (Serves 8-10)
Ingredients:
4 cups pumpkin, seeds & pulp removed, peeled and diced
1 medium yellow onion, thinly sliced
1 tbsp butter 1 tbsp olive oil
1 tbsp oregano, freshly chopped                          1½ cups chicken or turkey sausage
1 large clove garlic, minced                                   Salt & pepper
3 cups mozzarella, grated                                      1½ cups Parmesan, grated
12 no boil lasagna noodles
For Sauce:
5 tbsp butter                                                             5 cups non-fat milk
6 tbsp flour                                                                ¼ tsp ground nutmeg
Cooking instructions:
Heat 1 tbsp butter and olive oil in a large sauté pan over medium heat. Add the onion and
cook 5 minutes, until softened. Stir in pumpkin and cook for 10 minutes, stirring
occasionally. Season with the oregano, salt and pepper. Add the sausage and cook about
5 minutes. Stir in garlic and cook for 1 minute longer. Set aside.
For the sauce, melt the 5 tbsp butter in a large, heavy bottomed saucepan over medium
heat. Add the flour and cook for 1 minute until bubbly. Whisk in the milk and cook,
stirring until the mixture thickens and bubbles. Add the nutmeg, and salt and pepper to
taste. Set aside over lowest heat.
Combine the two cheeses in a large bowl and preheat the oven to 375 degrees.
To Assemble: Spray a 9×13 baking dish with cooking spray.
• Ladle ¾ cup sauce on the bottom of the pan and top with 3 of the lasagna noodles.
• Pour another ¾ cup sauce on top of the noodles, then 1/3 of the pumpkin filling.
• Sprinkle 1 cup of the cheese over the filling.
• Repeat: noodles, sauce, filling, cheese, making sure to end with noodles topped with
cheese. Lasagna should look soupy.
Spray a sheet of aluminum foil with cooking spray and cover the top of the pan. Bake for 45
minutes, then uncover and bake another 15 minutes until top cheese is browned and bubbly.
Remove from oven and let stand for 15 minutes…cut and serve!

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Vacant Homes: 8 Ways to Make Sure They’re Maintained

Posted on October 7, 2010 by Realty Executives

By: Mariwyn Evans
Published: September 30, 2010

Living near a vacant home doesn’t have to mean putting up with overgrown grass and unshoveled snow. Does your community use these eight common local laws, programs, and regulations to force owners to maintain vacant homes?

With the foreclosure crisis, you may have noticed a vacant home or two on your block. Rather than see the home free-fall into disrepair, push local officials to take action before the untended house lowers the value of your own home.
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Avoid Foreclosure Rescue Scams

Posted on October 7, 2010 by Realty Executives

By: Donna Fuscaldo
Published: January 15, 2010

With foreclosure rescue scams widespread as more homeowners fall behind on mortgage payments, be smart if you seek help.

A record high 2.8 million properties were hit with foreclosure notices in 2009, putting even more Americans at risk of facing foreclosure rescue scams. Homeowners who fall behind on mortgage payments need to tread carefully when seeking assistance, since foreclosure rescue scams come in many guises. A day spent researching legitimate options, from a mortgage modification or principal forbearance to a short sale or deed-in-lieu, could keep you from becoming a scam victim.
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Foreclosure Counselors: What They Can and Can’t Do

Posted on October 7, 2010 by Realty Executives

By: G. M. Filisko
Published: August 4, 2010

Foreclosure counselors can make the difference between losing your home and keeping it. Here’s how they work and how to choose one.

If you’re facing foreclosure, your foreclosure counselor will be a key part of your foreclosure team. As you start looking for one, however, you need to know what exactly they do, what they don’t do, and how to choose one who’s legitimate and qualified.

What a foreclosure counselor does
•    Reviews your finances
•    Helps you establish a budget
•    Explains your non-foreclosure options, such as loan modification, short sale or deed in lieu of foreclosure; helps you navigate the process with any chosen option
•    Advocates on your behalf with lenders and loan servicers
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