This incredibly priced home is a steal at this price!!! encanto norte is situated in a small enclave of just 18 custom homes,this private home sits deep into the natural...
This spacious plan is perfect for a second home with it's dual master suites & beautiful double door den/office + powder room. the kitchen & family room provides a comfo...
Darling cachet townhome situated right on the golf course at grayhawk. location, location, location! fully furnished with 3 bedrooms, 2 full baths, spacious great room,...
Click here to view the current Northeast Valley Market Trend Report
The Cromford Report, founded by Michael Orr, a mathematician and REALTOR®, offers the most up to date statistical information and commentary on the Valley real estate market. Unlike information from other sources which is at least a quarter behind, The Cromford Report is up to date assuring that no fresher data exists. What makes The Cromford Report unique is that its data is validated and corrected before it is incorporated into the analysis.
Need something to do this February? Take a look at all the events going on in Arizona. Click on the links for additional information. Have fun!
Day Trips From Phoenix
Out of Africa
Out of Africa Wildlife Park started as a research project to see what would happen if wild animals were to co-exist among humans in the animals habitat. What started as a hypothesis turned into a beautiful 104-acre nature presrvation that allows humans to interact with exotic animals from around the globe. Be sure to bring your camera because there are over 400 different animals living on the preservation.
3503 W. Highway 260 Camp Verde, AZ 86322
928-567-2840 www.outofafricapark.com
Arizona Wineries
Experts say the climate and soil conditions in the Southern Arizona villages of Sonoita, Elgin and the Wilcox area are perfect for growing grapes. The local winteries tend to agree. Why not find out for yourself? Visit: www.ranchorossa.com / www.sonoitavineyards.com
Prescott
Prescott was the first permanent capital of the Arizona Territory. While in Prescott be sure to see the Sharlott Hall Museum complex. See the first territorial governor’s mansion, the historic John C Fremont house, and the restored Bashford house. The charming town square is the center of activity filled with antique shops, charming restaurants and the world famous whiskey row! Visit www.cityofprescott.net for additional information.
Kartchner Caverns State Park
Kartchner Caverns State Park, is the newest state park to open in Arizona and has one of the finest examples of caves found anywhere in the world. This is definitely worth a special day trip, as there is much to see and do here. You must make a reservation to see the cave.
2980 S. State Hwy 90 Benson, AZ 85602
520-586-4100 www.pr.state.az.us
February Happenings…..
Arabian Horse Show
February 16-26 at WestWorld of Scottsdale. One of a kind horse show that is not to be missed. Over 2,000 horses competeting and showing for top prize money.
480-515-1500 or www.scottsdaleshow.com
Parada del Sol Parade
February 11, 10:00 a.m. on Scottsdale Road. The World’s largest horse drawn parade has nearly 150 entries and is an Arizona tradition. Trails End activites for kids!
For details visit www.paradadelsol.org
Fountain Hills Great Fair
February 24-26 in downtown Fountain Hills. Three day juried art fair with over 450 artist and artisans from across the country. Food booths, beer garden and live music. Visit www.fountainhillschamber.com
Foreclosures can offer big bargains, but buyers need to be careful that they don’t get over their heads in purchasing a home that may need more repairs than they bargained for.
Foreclosures are usually sold as-is, and homes that are left vacant standing too long can have a lot of maintenance problems.
Real estate experts suggest buyers consider the following questions:
1. How long has the home been vacant? Be cautious of a foreclosed home that has stood vacant for more than a few weeks or had its utilities shut off a long time. Marvin Goldstein, a home inspector for many foreclosed properties, says a home can deteriorate quickly when heating, cooling, electricity, and running water have been turned off for awhile.
2. How old is the home? Goldstein says that homes that are more than 50 years old may have a failing plumbing system or inadequate electrical wiring.
3. How does the home look? Are there broken windows, gutters hanging down, or damaged siding? “Trust your instincts. If the house looks bad from the outside, it’s probably worse than you think,” Goldstein told The Oklahoman.
4. Is there anything missing? Sometimes former owners remove anything of value from the home, such as built-in light fixtures, bathroom tile, water heaters, air-conditioning units, and hardwoods, says Bill Jacques, president-elect of the American Society of Home Inspectors.
Housing experts encourage buyers to get a home inspector to look at the property, even if it is sold as-is, so that home buyers know any repairs needed and cost estimates before they purchase the home.
“Buying a bank-owned home gives you the opportunity to enter the market at a very low price level,” says Dorcas Helfant, a past president of the National Association of REALTORS®. “You can find terrific values among foreclosures, especially if they’re not in too bad shape. But, remember, these houses are discounted for a reason.”
What does “short sale” mean? A short sale in real estate occurs when the outstanding obligations (liens) against the property are greater than what the property can be sold for.
If the lender agrees to a short sale, they are buyng back the loan for less than what they are owed. This is not something a lender has to do, but it is an option for them. Why would they consider this? The real cost for the lender in a foreclosure action is that they have to carry the loan until they can sell the house. They have to pay the taxes and insurance and HOA fees. So in many cases it is more beneficial for them financially to take the short sale.
So How Does Each of These Affect the Owner’s Credit?
Typically the loan will show up on a credit report as “settled for less than the full balance”. this will have a negative impact on the borrowers score, however, it will be less than if it shows as a “foreclosure”. How much it will actually affect the score will depend on the rest of the borrowers credit history. The higher the score to start with the harder this type of entry will hit the score.
An additional consideration is if the lender issues a deficiency judgement. If the lender takes this route, it will show on a credit report just as any other judgment would. This creates another major hit on credit.
It is, of course, best to have an experienced Realtor and or attorney review the documents to make sure the lender is not requesting a deficiency judgment on the short sale approval.
The one instance where a lender will NOT consider a short sale is if the borrower is in bankruptcy. Lenders consider a short sale payoff as a collection activity and collection activities are prohibited once a person has filed bankruptcy.
A little care upfront can save time and frustration later. No one is denying that the process of getting a loan through the “system” can be very frustrating for all parties involved. However, there are some tips and tricks that can help speed the process along. The more you know, the better we can all serve our borrowers and make the transaction as smooth as possible.
ABOUT THE CONTRACT
The sooner we can get the executed contract the sooner the wheels start turning. Many times we have very short closing times that are imposed by the bank or entity that owns the property. Every day becomes critical to meeting that transaction COE date. If you have a verbal acceptance many times we can do some of our preliminary work if we know what numbers we are dealing with.
Be sure to check with the borrowers before writing the contract to make sure the names on the contract are written exactly how they want to take title.
Enclosing a copy of the listing with the contract is very helpful.
NO electronic signatures are allowed.
ABOUT THE APPRAISAL
We really want the property inspection to be done before we order the appraisal. Although we do not get a copy of the inspection, we want to know that there are no “fatal flaws” that will kill the deal. We don’t want to spend the borrowers money prematurely.
Please make sure that everything is ready for an appraisal, i.e. capped wires, utilities are on,(gas, electric,water). We will use the appraisers comments regarding repairs if they do the appraisal “subject to” repairs. If this is the case, a re inspection will be ordered and usually costs $100.
ABOUT THE TERMITE INSPECTION
No one wants to see this unless it is clearly evident and the appraiser notes it. Have it paid outside of escrow. If it shows up on the HUD, then everything on the report must be fixed, even dry rot and excessive moisture..
ABOUT THE BUYER
If the borrower has a home they are vacating and then renting or selling this property, make sure borrower has a letter of intent written. This will be required even if the home is free and clear. In addition, if the home they are leaving is upsidedown in value, we will need management approval before we can proceed with the process. Suburban does these on a regular basis, but there are internal procedures in place to handle this situation.
Does your investor own more than 4 financed properties? Expect 45 days in underwriting, 25% down and 6 months of reserves (PITI) for each property. Suburban is one of the few lenders that can still write and investment loan for borrowers that have 5-10 financed properties.
ABOUT THE PROPERTY
Is the property a flip? (bought and sold within 90 days for new primary buyers or bought and sold within 12 months for investment buyers).
If a flip, was the property price more than a 20% increase from the acquired price? if so, and the loan is going FHA, we will need two appraisals and an inspection ordered by Suburban.
Does the tax records match the real square footage? Are there any non permitted additions? This situation is still doable, we just need to know upfront so there are not surprises later.
Property condition is always a concern. If you know of a repair or health and safety issue with the property, let’t talk about it upfront. Many times we can come up with a plan and save everyone alot of tense moments.
Pools continue to be an issue in Arizona. The requirement for pools right now is they have to be filled with water or dirt. An empty pool is considered and health and safety issue. The only exception is if the home is a HUD home, then the pool does not need to be filled.
Good communication is the key to property issues. We have a variety of situations that come up and we try very hard to address these with a solution oriented mindset. What CAN we do, not what CAN’T we do.
Banks in Arizona shift to short sales – After more than 175,000 foreclosures in metro Phoenix in the past several years, mortgage lenders in Arizona have done an about-face, approving a record number of short sales. Rather than taking back homes and selling them at auction, bankers say, they are more frequently allowing distressed owners to sell the homes for less than the borrowers owe. The trend could lead to rising sales prices, because short sales in metro Phoenix tend to sell for higher prices than homes taken back by lenders and resold.
It also probably means fewer empty homes across the region, or at least more homes that are now owned by investors who are fixing them up to resell or rent.
“Lenders don’t want to foreclose in Arizona anymore. They want to do short sales,” said Steve de Laveaga, senior vice president of Fidelity National Title, who led a panel discussion with lending executives at an industry forecast this week.
Each short sale is still a case of a borrower losing a home, but the impact of a short sale is less damaging for both the housing market and the homeowner’s credit.
The consensus among lenders and housing-market experts at the standing-room only event Thursday was that short sales would continue to climb in the Phoenix area and foreclosures would continue to fall. The trend could lead to a rise in the median home value as soon as next year, because it decreases the number of homes sold for bargain prices at auction.
A shift to short sales is momentous for lenders, which only two years ago handled delinquent mortgages almost exclusively by foreclosure. After taking the homes back, banks resold so many for such low prices that sales pushed the area’s median home price to a 10-year low.
Now, top lending executives say, they are seeing that while short sales mean a loss for the bank, that loss is less than they would suffer from a foreclosure auction.
At the same time, housing-market indicators are showing positive signs. Continue reading →
Here are the basic facts about the Valley of the Sun
By Amy Silverman, FrontDoor.com | Published: 10/24/2008
Population: 1,600,000
Major Airport: Phoenix Sky Harbor International Airport
Major Employers: Intel, Honeywell, Raytheon, Wells Fargo, Banner Health, Target, Arizona State University, Safeway, Albertsons, Osco, American Express, Bank One
Although Phoenix is considered a youngster, the Hohokam Indians settled in what is now the heart of the city in about A.D. 700, long before the eastern United States was touched by Western civilization. Coping with life in the desert, the Hohokam built 135 miles of canals to carry water to their communities. The Hohokam disappeared centuries ago after a severe drought, but their canals are used to this day. And you can visit the Pueblo Grande Ruins, remnants of prehistoric Hohokam village, near the city’s Sky Harbor International Airport.
Today, the central Arizona metropolis is far-flung, encompassing about a dozen cities and towns including Phoenix, Scottsdale, Mesa, Tempe, Gilbert, Chandler, Glendale, Peoria, Surprise, Cave Creek, Carefree and Queen Creek. People here like their space, and they don’t mind driving to the far reaches of town to find it, even though good freeway access is a relatively new thing. A light rail system connecting Tempe and Phoenix just opened, bringing a mass transit option to the car-driven lifestyle.
And water? Surprisingly, it’s not an issue. Thanks to good deals brokered by Arizona’s political forefathers, metropolitan Phoenix actually has more water than it can use — for now, anyway.
If you’re like many people who work inside all day and struggle to catch up on chores or other obligations over the weekend, you know that finding a bit of time to enjoy what you’ve created in your garden during the sunlight hours—without feeling guilty about not tending the weeds or watering the annuals—can be difficult.
Garden writer Lia Leendertz’s delightful new book, The Twilight Garden (Ball Publishing, 2011) helps us imagine all the possibilities for creating a garden that comes alive when the sun goes down. She offers suggestions for enjoying your garden in the evening hours: “Garden chores can become a part of that enjoyment—puttering, exploring, and smelling,” she says. “Many scents become stronger at dusk, and the sound of trickling or splashing water travels further in the still of the night.”
If you like to entertain, moving your party out into a garden that glows after dark makes it a special event, Leendertz suggests. “Besides,” she explains, “you put on your rose-tinted spectacles when you remember outdoor events—you’ll recall a night [in the garden] far more fondly than any other night spent comfortably snuggled into your friend’s new sofa—no matter how beautiful her living room is!” Continue reading →
Exquisite iron gated courtyard accented with Canterra stone fountain transitions into the extraordinary foyer with stianed & leaded glass surround & 9 ft carved entry door! Natural light reflects throughout the foyer & living room overlooking the resorty-style backyard…you’ll be blown away!
Beautiful built-ins make this 29×23 ft living-dining room! Home features include custom chandeliers, granite counter tops, custom cabinets, stone, tile, plantation shutters, surround sound, 8 ft interior wood paneled doors & 12 foot ceilings! South backyard exposure – enjoy your gas heated pebble-tec spool with jets & waterfall enhanced with combination flagstone, decorative concrete & pavers patio. Ramada includes gas BBQ, side burner & flagstone counter bar. Kiva gas fireplace with bench seating surrounded by lush landscaping, mature foliage & quaint walkways throughout!
This home offers 3929 sf, 3 BR + office, 2.5 bath, 3 car garage and is aggressively priced at $659,000
View the virtual tour here and to get additional property information click here
How a Foreign National Can Buy Real Estate in America By Maria Gudelis
Opportunities for real estate investment for foreigners is wide and varied in the United States. It doesn’t matter where you’re from and what currency you’d be using to purchase a property, you have a property waiting for you.There are generally three kinds of real estate investment available to foreigners. These investments include the commercial estate investment and residential property investment. Residential properties are further classified into single family properties, apartments or condominiums and recreational properties. Regardless of what kind of real estate you are interested in, there are all sorts of tax ramifications, financing options and legal requirements that you have to deal with.
Why Should You Invest in the U.S. Real Estate Market?You’ve probably heard of the increasing number of foreign real estate investments in the United States. This is not surprising. With the troubles that the real estate investment market is facing in the United States, greater opportunities in real estate investment were opened to foreign investors.With the dollar’s value in its all time low, foreign investors are finding real estate bargains all over the United States. There are no shortages of deals in this market. More and more distressed properties are being sold everywhere and foreigners are pouring in millions buying these foreclosed or distressed properties. The United States real estate has become a fairly attractive long-term investment for foreign investors.In November of 2006, the National Association of Realtors released a report entitled “Foreign Investments in U.S Real Estate: Current Trends and Historical Perspective”. The report showed that there has been a steady increase in foreign real estate investment in the United States. This is especially after the euro and the loonie became stronger in the face of the continuous devaluation of the US dollar. Prime bargains were opened to foreigners. Many foreigners have now looked into the possibility of Continue reading →
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