Let's take a quick look at the production for August '09 to date according to the Arizona Regional Multiple Listing System (ARMLS). This is in Maricopa county and includes residential sales only. We will do Pinal County tomorrow.
Active listings as of 8/28/09= 31,719 with an Average List Price of $387,554. We added 9,179 listings so far this month, and have sold 5,333 and 6,126 are currently pending for close. The average sold price is $175,314 average Days on Market (DOM) is 99. These statistics represent a good sign. The number of active listings is going down each month and we are maintaining a consistent sales number of 10,000+. We will have to wait until the first week of September to verify the actual number of sales because it is typical for most home sales to occur on the last day of the month.
If you are interested in contributing to the improving numbers above, give us a call we would love to assist you in finding a home, or selling yours if you so choose. Contact Marie Zubkoff 480.233.7051 or Andrew Walsh 602.527.2639 to discuss. Or visit us at http://YourGilbertHome.com. Thank you for visiting!
Showing posts with label Marie Zubkoff. Show all posts
Showing posts with label Marie Zubkoff. Show all posts
Friday, August 28, 2009
Wednesday, August 26, 2009
New Push to Extend Tax Credit
Okay, this is a long one but necessary.....
By Kenneth R Harney
It's one of the biggest unknowns bugging would-be buyers of houses and condos this summer: Will Congress let the $8,000 nonrepayable tax credit for first-time purchasers expire as scheduled 14 weeks from now? Or will the credit get a second life and be extended for another six to 12 months, taking pressure off buyers, realty agents and settlement companies?
That's an especially urgent matter if you're a buyer just starting to shop and you see entry-level prices bottoming out or rebounding. The tax credit statute requires buyers to fully close on their purchases -- not just be under contract -- no later than Nov. 30. This doesn't leave a lot of leeway for people who haven't yet decided on a specific house and who haven't nailed down mortgage financing.
The whole process of negotiating offers, signing sales contracts, applying for a loan and completing the closing can easily extend for two months -- or a lot more if things get off track.
Given the rapidly approaching deadline, what's the likelihood that Congress will blow the whistle and allow at least a little extra time? Here's a quick overview: Though Congress technically is on its summer break, most members of the Senate and House use part of the August recess to meet with and listen to constituents back in their home districts.
This year, the two biggest housing trade groups -- the 1.2 million-member National Association of Realtors and the National Association of Home Builders -- are spending the month mounting unusually intense grass-roots lobbying campaigns to make the case for extending the credit, and maybe even expanding it.
Delegations of home builders and realty brokers already have begun descending on district offices, delivering what Jerry Howard, president and CEO of the builders association, calls "the hard economic facts" -- the numbers of houses sold in each congressman's district that are attributable to the tax credit; the economic ripple effects on local businesses, manufacturers and service industries; new jobs and income; plus the additional tax revenues that all this activity will help produce for local governments.
On a national basis, according to economists at the National Association of Realtors, anywhere from 300,000 to 350,000 additional sales of houses will be stimulated this year by the credit. Each home sale generates about $63,000 in downstream "ripple effects" elsewhere in the economy, they say -- sales of furnishings, appliances, lawn mowers, landscaping, renovation materials, plus moving expenses.
If you accept the numbers -- and some analysts consider them a stretch -- this means the housing credit provides a powerful, immediate stimulus bang for the buck. Failure to extend what may be one of the most effective pieces of the Obama administration's 2009 stimulus legislation would cost jobs, economic growth and tax revenues, the housing groups argue.
There are some early signs Congress may be getting the message. Bills already are pending in both houses to extend the credit for another year. Senate Majority Leader Harry M. Reid (D-Nev.), whose state has been among the worst hit by the housing bust, reportedly now favors an extension of the credit. Sen. Chris Dodd (D-Conn.), chairman of the Senate Banking Committee and in a tight race for re-election next year, is co-sponsoring a bill with Georgia Republican Johnny Isakson that would raise the credit amount to a maximum of $15,000. Meanwhile, both the Realtors and the builders are pushing not only for extension of the credit, but for broadening it to cover all home purchases in 2010.
But can any of this happen before the Nov. 30 deadline? The key complicating factor here is Congress' heavy load of higher-profile, pressing issues that will get attention before anything else in September and October: health care reform, climate change and energy, financial system regulatory reform and a new Consumer Financial Protection Agency, among others. On top of that, a tax credit extension would cost billions in lost revenues.
In the end, however, given the political economics of the housing credit, the odds favor some sort of extension, probably later rather than sooner. Don't bank on a bigger credit, however, or broadening the concept to cover all purchasers next year.
If you are eligible for the first time homebuyer tax credit and are looking for a house in Gilbert, Phoenix, Laveen, Surprise or another city or town in Maricopa or Pinal counties, contact Marie Zubkoff at 480.233.7051 or Andrew Walsh 602.527.2639 with US Preferred Realty.Visit us at http://YourGilbertHome.com Thank you!
By Kenneth R Harney
It's one of the biggest unknowns bugging would-be buyers of houses and condos this summer: Will Congress let the $8,000 nonrepayable tax credit for first-time purchasers expire as scheduled 14 weeks from now? Or will the credit get a second life and be extended for another six to 12 months, taking pressure off buyers, realty agents and settlement companies?
That's an especially urgent matter if you're a buyer just starting to shop and you see entry-level prices bottoming out or rebounding. The tax credit statute requires buyers to fully close on their purchases -- not just be under contract -- no later than Nov. 30. This doesn't leave a lot of leeway for people who haven't yet decided on a specific house and who haven't nailed down mortgage financing.
The whole process of negotiating offers, signing sales contracts, applying for a loan and completing the closing can easily extend for two months -- or a lot more if things get off track.
Given the rapidly approaching deadline, what's the likelihood that Congress will blow the whistle and allow at least a little extra time? Here's a quick overview: Though Congress technically is on its summer break, most members of the Senate and House use part of the August recess to meet with and listen to constituents back in their home districts.
This year, the two biggest housing trade groups -- the 1.2 million-member National Association of Realtors and the National Association of Home Builders -- are spending the month mounting unusually intense grass-roots lobbying campaigns to make the case for extending the credit, and maybe even expanding it.
Delegations of home builders and realty brokers already have begun descending on district offices, delivering what Jerry Howard, president and CEO of the builders association, calls "the hard economic facts" -- the numbers of houses sold in each congressman's district that are attributable to the tax credit; the economic ripple effects on local businesses, manufacturers and service industries; new jobs and income; plus the additional tax revenues that all this activity will help produce for local governments.
On a national basis, according to economists at the National Association of Realtors, anywhere from 300,000 to 350,000 additional sales of houses will be stimulated this year by the credit. Each home sale generates about $63,000 in downstream "ripple effects" elsewhere in the economy, they say -- sales of furnishings, appliances, lawn mowers, landscaping, renovation materials, plus moving expenses.
If you accept the numbers -- and some analysts consider them a stretch -- this means the housing credit provides a powerful, immediate stimulus bang for the buck. Failure to extend what may be one of the most effective pieces of the Obama administration's 2009 stimulus legislation would cost jobs, economic growth and tax revenues, the housing groups argue.
There are some early signs Congress may be getting the message. Bills already are pending in both houses to extend the credit for another year. Senate Majority Leader Harry M. Reid (D-Nev.), whose state has been among the worst hit by the housing bust, reportedly now favors an extension of the credit. Sen. Chris Dodd (D-Conn.), chairman of the Senate Banking Committee and in a tight race for re-election next year, is co-sponsoring a bill with Georgia Republican Johnny Isakson that would raise the credit amount to a maximum of $15,000. Meanwhile, both the Realtors and the builders are pushing not only for extension of the credit, but for broadening it to cover all home purchases in 2010.
But can any of this happen before the Nov. 30 deadline? The key complicating factor here is Congress' heavy load of higher-profile, pressing issues that will get attention before anything else in September and October: health care reform, climate change and energy, financial system regulatory reform and a new Consumer Financial Protection Agency, among others. On top of that, a tax credit extension would cost billions in lost revenues.
In the end, however, given the political economics of the housing credit, the odds favor some sort of extension, probably later rather than sooner. Don't bank on a bigger credit, however, or broadening the concept to cover all purchasers next year.
If you are eligible for the first time homebuyer tax credit and are looking for a house in Gilbert, Phoenix, Laveen, Surprise or another city or town in Maricopa or Pinal counties, contact Marie Zubkoff at 480.233.7051 or Andrew Walsh 602.527.2639 with US Preferred Realty.Visit us at http://YourGilbertHome.com Thank you!
Tuesday, August 25, 2009
NO! You can't sell your home!
Remember the day when builders said you could not sell your home? They put a minimum requirement of how many years you needed to live in it? And often times this would not come up until the closing table? Well how about that? They proved to be serious too, by means of putting a lien on the title of the home so it could not be sold with out their knowledge. So let's see.... You buy a home from them, they do not allow you to sell it while real estate is hot... Why? because they did not want YOU to undersell them after they raised their prices... Think about that for a minute. There was no competition for new homes except amongst the builders themselves. Towards the end of the boom it was almost impossible to find a home that was only 1-2 years old because so many people got tied up in not being able to sell them. So you either had to buy a brand new home or one that was at least a few years old. So putting this into perspective, the builders were the only ones able to sell a brand new home and make a profit on it. So the buyer was forced to wait to sell. That means... they had to wait until the market dclined? They had to wait until there was no equity in their home? Before they could consider selling? Well this would be a good conspiracy theory but most of the iiens had clauses where the builder could look at each case individually and allow the buyers to sell their property in the event of a relocation, call to duty, and yes even a hardship.
If you are interested in buying or selling your house in Gilbert, Phoenix, Scottsdale, Mesa or another city or town in Maricopa or Pinal counties, contact Marie Zubkoff at 480.233.7051 or Andrew Walsh 602.527.2639 with US Preferred Realty.Visit us at http://YourGilbertHome.com Thank you!
If you are interested in buying or selling your house in Gilbert, Phoenix, Scottsdale, Mesa or another city or town in Maricopa or Pinal counties, contact Marie Zubkoff at 480.233.7051 or Andrew Walsh 602.527.2639 with US Preferred Realty.Visit us at http://YourGilbertHome.com Thank you!
Friday, August 21, 2009
Prime loan delinquencies rising
Per results from the latest survey of the Mortgage Bankers Association, 13.2% of mortgages on homes with one to four units in the second quarter this year were a minimum month overdue or in foreclosure. This figure is higher than the 12.1% in the first quarter of this year, and 9% this time last year.
Prime loans are at 9% from 5.35% last year, and subprime loans at 39.5% up from 30% last year. Under 300,000 borrowers have been able to refinance, or modify their loans under government sponsored modification programs. Drastically less than what was anticipated. Job loss and declining home values are big factors in why modification is not working and the increasing number of foreclosures.
Where does Arizona rank in all this? Together with California they account for 44% of all foreclosures. Nearly half of all borrowers in Arizona had negative equity
at the end of June.
Please read the article that was my source for this information at the Wall Street Journal written by Nick Timiraos. http://online.wsj.com/article/SB125082120504548471.html
If you are interested in buying or selling your house in Gilbert, Phoenix, Scottsdale, Mesa or another city or town in Maricopa or Pinal counties, contact Marie Zubkoff at 480.233.7051 or Andrew Walsh 602.527.2639 with US Preferred Realty.Visit us at http://YourGilbertHome.com Thank you!
Prime loans are at 9% from 5.35% last year, and subprime loans at 39.5% up from 30% last year. Under 300,000 borrowers have been able to refinance, or modify their loans under government sponsored modification programs. Drastically less than what was anticipated. Job loss and declining home values are big factors in why modification is not working and the increasing number of foreclosures.
Where does Arizona rank in all this? Together with California they account for 44% of all foreclosures. Nearly half of all borrowers in Arizona had negative equity
at the end of June.
Please read the article that was my source for this information at the Wall Street Journal written by Nick Timiraos. http://online.wsj.com/article/SB125082120504548471.html
If you are interested in buying or selling your house in Gilbert, Phoenix, Scottsdale, Mesa or another city or town in Maricopa or Pinal counties, contact Marie Zubkoff at 480.233.7051 or Andrew Walsh 602.527.2639 with US Preferred Realty.Visit us at http://YourGilbertHome.com Thank you!
Friday, August 14, 2009
REO sales see reduced market share
According to ARMLS sales reports for July, REO sales have seen a reduced market share. The past few months the REO property shares have dropped from a high of 68% in January to 54.4% in July. Traditional resales, and short sales making up the remaining 45.6%.
If you are interested in buying an REO property or selling your home or other real estate in Surprise, Phoenix, Scottsdale, Glendale or another city or town in Maricopa or Pinal counties, contact Marie Zubkoff at 480.233.7051 or Andrew Walsh 602.527.2639 with US Preferred Realty.Visit us at http://YourGilbertHome.com Thank you!
If you are interested in buying an REO property or selling your home or other real estate in Surprise, Phoenix, Scottsdale, Glendale or another city or town in Maricopa or Pinal counties, contact Marie Zubkoff at 480.233.7051 or Andrew Walsh 602.527.2639 with US Preferred Realty.Visit us at http://YourGilbertHome.com Thank you!
Thursday, August 13, 2009
Lost Our Home Pet Foundation
A group of REALTORS in the South East Valley Association of REALTORS has put forth an effort to save and adopt pets who have been left behind in foreclosed homes. Unfortunately, sometimes foreclosure even leaves these wonderful animals lost and homeless. LOHPF is a non-profit group that rescues, fosters, heals and adopts these animals. If you would like more information, please visit http://LostOurHome.org and you can see pictures of the pets and find out how you too can make a difference.
If you are interested in buying or selling your home or other real estate in Gilbert, Phoenix, Scottsdale, Mesa or another city or town in Maricopa or Pinal counties, contact Marie Zubkoff at 480.233.7051 or Andrew Walsh 602.527.2639 with US Preferred Realty.Visit us at http://YourGilbertHome.com Thank you!
If you are interested in buying or selling your home or other real estate in Gilbert, Phoenix, Scottsdale, Mesa or another city or town in Maricopa or Pinal counties, contact Marie Zubkoff at 480.233.7051 or Andrew Walsh 602.527.2639 with US Preferred Realty.Visit us at http://YourGilbertHome.com Thank you!
Wednesday, August 12, 2009
Count down to Tax Credit Elimination
ALL FIRST TIME HOMEBUYERS MUST CLOSE BY MIDNIGHT NOVEMBER 30, 2009.
Well, that is if you qualify for, and want to take advantage of.... the $8,000 tax credit for purchasing a home. In past posts we went over some of the qualifications for the tax credit such as:
1) You cannot have owned a home in the past three years.
2) Income requirements cannot exceed $75,000 if single and $150,000 for married.
3) The credit is worth 10% of the purchase price of the home up to a maximum credit of $8,000.
Now, what does the December 1, 2009 due date mean? Well it means that your home must CLOSE on or before midnight of November 30, 2009. OR YOU LOSE THE CREDIT.... Make sure if you are presenting offers that you allow a few days to a week for minor delays... Do not risk $8,000! Because you cannot get an extension unless Uncle Sam gives it to everyone.
Exactly how much time does that leave you if you have not even started to find a home? Well let's work backwards. Say to be safe you allow the closing two Fridays before the deadline. That makes it November 20th. Now once the property is found you need an average of 45 days to close. So let's figure the under contract date to be October 6. So if your home is to be under contract by October 6, that allows about seven weeks from today to find your home. Certainly plenty of time for you to find an agent, obtain financing from a qualified lender, and start looking. But, you do not have time to sit on the fence to determine whether or not you want to continue renting for another couple months before looking while you wait to see what the market does.
So, it's time to contact that qualified agent. Marie Zubkoff at 480.233.7051 or Andrew Walsh 602.527.2639 with US Preferred Realty. Visit us at http://YourGilbertHome.com Thank you!
Well, that is if you qualify for, and want to take advantage of.... the $8,000 tax credit for purchasing a home. In past posts we went over some of the qualifications for the tax credit such as:
1) You cannot have owned a home in the past three years.
2) Income requirements cannot exceed $75,000 if single and $150,000 for married.
3) The credit is worth 10% of the purchase price of the home up to a maximum credit of $8,000.
Now, what does the December 1, 2009 due date mean? Well it means that your home must CLOSE on or before midnight of November 30, 2009. OR YOU LOSE THE CREDIT.... Make sure if you are presenting offers that you allow a few days to a week for minor delays... Do not risk $8,000! Because you cannot get an extension unless Uncle Sam gives it to everyone.
Exactly how much time does that leave you if you have not even started to find a home? Well let's work backwards. Say to be safe you allow the closing two Fridays before the deadline. That makes it November 20th. Now once the property is found you need an average of 45 days to close. So let's figure the under contract date to be October 6. So if your home is to be under contract by October 6, that allows about seven weeks from today to find your home. Certainly plenty of time for you to find an agent, obtain financing from a qualified lender, and start looking. But, you do not have time to sit on the fence to determine whether or not you want to continue renting for another couple months before looking while you wait to see what the market does.
So, it's time to contact that qualified agent. Marie Zubkoff at 480.233.7051 or Andrew Walsh 602.527.2639 with US Preferred Realty. Visit us at http://YourGilbertHome.com Thank you!
Tuesday, August 11, 2009
Investor Short Sales Part Two
Yesterday I gave you five key points to determine whether or not you should list your house with an investor who is ultimately going to purchase your home in a short sale situation. Here are a few more topics.
6). Earnest deposit. Let's face it, an earnest deposit is required on nearly every real estate transaction in the United States. So expect them to open escrow upon your acceptance of the purchase offer and put down a reasonable earnest deposit.
7). What if the offer is cash? Well then you should require to see proof of funds, you may be surprised to find out that some cash offers are really not cash at all. It is just financing and a buyer trying to present a "better looking" offer.
8). You need to know what will happen if the bank does not accept the offer that is presented from the investor. Your home is listed with their preferred listing agent, who has submitted an offer to the bank with an amount they want to pay for it. Remember you as the seller have signed the purchase offer and agreed to sell your home to them. You cannot just back out now, but what if the bank is not accepting the offer? Will they continue to market your home to other potential buyers? Or will they keep your home under contract until it forecloses.
9). As with any transaction, whether it be real property or other, you need to use your best judgment and be sure to do your due diligence.
As with any real property transaction in Maricopa and Pinal counties, we recommend you use us! Marie Zubkoff 480.233.7051 and Andrew Walsh 602.527.2639 with US Preferred Realty. Visit us at http://YourGilbertHome.com Thank you!
6). Earnest deposit. Let's face it, an earnest deposit is required on nearly every real estate transaction in the United States. So expect them to open escrow upon your acceptance of the purchase offer and put down a reasonable earnest deposit.
7). What if the offer is cash? Well then you should require to see proof of funds, you may be surprised to find out that some cash offers are really not cash at all. It is just financing and a buyer trying to present a "better looking" offer.
8). You need to know what will happen if the bank does not accept the offer that is presented from the investor. Your home is listed with their preferred listing agent, who has submitted an offer to the bank with an amount they want to pay for it. Remember you as the seller have signed the purchase offer and agreed to sell your home to them. You cannot just back out now, but what if the bank is not accepting the offer? Will they continue to market your home to other potential buyers? Or will they keep your home under contract until it forecloses.
9). As with any transaction, whether it be real property or other, you need to use your best judgment and be sure to do your due diligence.
As with any real property transaction in Maricopa and Pinal counties, we recommend you use us! Marie Zubkoff 480.233.7051 and Andrew Walsh 602.527.2639 with US Preferred Realty. Visit us at http://YourGilbertHome.com Thank you!
Monday, August 10, 2009
Investors Listing & Buying Short Sales?
Have you been contacted by an investor that wants to list and buy your short sale? Here are five tips to think about and questions to ask before listing with them. We will cover more on another day.
1). Are they requiring the use of their preferred listing agent or REALTOR? If so who is that listing agent representing. Who is going over the listing agreement with you? Is it the investor who is buying the property or the listing agent who is supposed to represent you?
2). Make sure you receive and fully understand the agency disclosure and election. NO real esate transaction should ever take place without a buyer AND seller acknowledging both sides by signing this!
3). What are the current market comparables to your home? Ask for this and review them. Make sure the homes accurately represent yours.
4). Short sale addendum, make sure there is a short sale addendum included and you thoroughly read and understand it.
5). Look for, Read and Understand the opt out clause. Generally as a seller if you accept a buyer's offer, you must sell your home to them. In the presence of a short sale though, the sale is contingent upon the lender's or "third parties" approval (if a short sale addendum is included).
A bonus tip when you are working with investors, is to make sure all of the forms are drafted from boiler plate Arizona Association of REALTORS forms. These forms are created in the interest of the general public. Please please please if you do not understand any of the forms, consult an attorney to help explain them to you.
If you are approached by an investor looking to purchase your home, please also interview other agents whose primary focus is to sell your home rather than buy it to make a profit. A traditional REALTOR has the same goal as you which is to sell the home. Not to buy it in hopes to make a big profit.
Contact Marie Zubkoff at 480.233.7051 or Andrew Walsh at 602.527.2639 with US Preferred Realty to discuss your Arizona Real Estate needs. If you are a buyer or seller, we can help. visit us at http://YourGilbertHome.com Thank you!
1). Are they requiring the use of their preferred listing agent or REALTOR? If so who is that listing agent representing. Who is going over the listing agreement with you? Is it the investor who is buying the property or the listing agent who is supposed to represent you?
2). Make sure you receive and fully understand the agency disclosure and election. NO real esate transaction should ever take place without a buyer AND seller acknowledging both sides by signing this!
3). What are the current market comparables to your home? Ask for this and review them. Make sure the homes accurately represent yours.
4). Short sale addendum, make sure there is a short sale addendum included and you thoroughly read and understand it.
5). Look for, Read and Understand the opt out clause. Generally as a seller if you accept a buyer's offer, you must sell your home to them. In the presence of a short sale though, the sale is contingent upon the lender's or "third parties" approval (if a short sale addendum is included).
A bonus tip when you are working with investors, is to make sure all of the forms are drafted from boiler plate Arizona Association of REALTORS forms. These forms are created in the interest of the general public. Please please please if you do not understand any of the forms, consult an attorney to help explain them to you.
If you are approached by an investor looking to purchase your home, please also interview other agents whose primary focus is to sell your home rather than buy it to make a profit. A traditional REALTOR has the same goal as you which is to sell the home. Not to buy it in hopes to make a big profit.
Contact Marie Zubkoff at 480.233.7051 or Andrew Walsh at 602.527.2639 with US Preferred Realty to discuss your Arizona Real Estate needs. If you are a buyer or seller, we can help. visit us at http://YourGilbertHome.com Thank you!
Sunday, August 9, 2009
Underwater Homes
Another real estate milestone number crunch. Due to the decline in home prices, now 32% of homes in the US are without equity as compared to 15% a year earlier. This is according Moody's Economy.com. The states at the top of this list? You ready? They are pretty close... Nevada at number one with 40%, Arizona number two at 37% and California number 3 at 33%. Who is doing the best? Well that is West Virginia at 13%, and Louisiana at 16% is number 2. Here is an article you may find of interest at the WSJ. http://blogs.wsj.com/developments/2009/08/05/more-homeowners-upside-down-on-mortgages/
Remember for your Arizona real estate questions and needs, contact Marie Zubkoff 480-233-7051 or Andrew Walsh 602-527-2639. Your US Preferred Realty agents, visit us at http://YourGilbertHome.com Thank you!
Remember for your Arizona real estate questions and needs, contact Marie Zubkoff 480-233-7051 or Andrew Walsh 602-527-2639. Your US Preferred Realty agents, visit us at http://YourGilbertHome.com Thank you!
Saturday, August 8, 2009
Taylor Bean to Cease Operations
Here is a link to an article by James R Hagerty regarding the Taylor Bean mortgage lending corporation... http://http://online.wsj.com/article/SB124949523458308423.html
This anouncement will hold up many home purchases that were awaiting to close if they were using Taylor, Bean & Whitaker for lending or funding. Not only that, but many of the borrowers may find themselves having to pay perdiem charges if they were purchasing an REO home. Many sellers may lose their buyers and ultimately end up with their home foreclosed if that buyer cannot get new financing right away. This is not just a secondary purchaser of loans, this is a company that would actually fund the purchase.
Please call Marie Zubkoff 480.233.7051 or Andrew Walsh 602.527.2639 with US Preferred Realty to purchase your home in Arizona or if you need to sell your home. We excel in short sales and distressed properties. Visit us at http://YourGilbertHome.com.
This anouncement will hold up many home purchases that were awaiting to close if they were using Taylor, Bean & Whitaker for lending or funding. Not only that, but many of the borrowers may find themselves having to pay perdiem charges if they were purchasing an REO home. Many sellers may lose their buyers and ultimately end up with their home foreclosed if that buyer cannot get new financing right away. This is not just a secondary purchaser of loans, this is a company that would actually fund the purchase.
Please call Marie Zubkoff 480.233.7051 or Andrew Walsh 602.527.2639 with US Preferred Realty to purchase your home in Arizona or if you need to sell your home. We excel in short sales and distressed properties. Visit us at http://YourGilbertHome.com.
Friday, August 7, 2009
Fannie Mae posts $14.8 Billion net loss
In a Wall Street Journal article "Fannie Seeks $10.7 Billion From Treasury After Big Loss" written by Nick Timiraos, he says Fannie posted a $14.8 Billion loss and needs $10.7 Billion for the US Treasury. The loss is due to rising unemployment and more prime borrowers defaulting on their loans. See the story here http://online.wsj.com/article/SB124960826802413197.html
The treasury has already pledged to provide as much as $400 Billion to keep Fanie Mae and Freddie Mac going. We have yet to see how the Obama administration will ultimately determine how the two companies will be run and/or divided or privatized or nationalized. Fannie Mae and Freddie Mac are the two largest buyers of mortgages on the secondary mortgage market.
If you are considering to purchase a home and looking for a lender to purchase real estate in arizona, please contact Marie Zubkoff 480.233.7051 or Andrew Walsh 602.527.2639 for a referral. We can also keep you away from brokers who were relying on the Taylor Bean who has recently ceased operations. Visit and send us a message at http://yourgilberthome.com/
The treasury has already pledged to provide as much as $400 Billion to keep Fanie Mae and Freddie Mac going. We have yet to see how the Obama administration will ultimately determine how the two companies will be run and/or divided or privatized or nationalized. Fannie Mae and Freddie Mac are the two largest buyers of mortgages on the secondary mortgage market.
If you are considering to purchase a home and looking for a lender to purchase real estate in arizona, please contact Marie Zubkoff 480.233.7051 or Andrew Walsh 602.527.2639 for a referral. We can also keep you away from brokers who were relying on the Taylor Bean who has recently ceased operations. Visit and send us a message at http://yourgilberthome.com/
Thursday, August 6, 2009
Short Sales
Much has been made of short sales and foreclosures in the state of Arizona. People generally argue which is better and often bring the topic of bankruptcy in their conversation. This post will be relatively short considering the depth of this overall topic of Arizona Real Estate. Some key differences between a short sale and foreclosure are the credit reporting, a foreclosure will do more damage to your credit score and for a longer period of time. Your eligibility to get another loan (conforming loan that Freddie or Frannie would buy on the secondary market). If you are foreclosed on a home, then you cannot get a conforming loan for FIVE (5) years! A short sale will only cost you TWO (2) years. In a foreclosure, if the lender (usually the second if it is a HELOC or a cash out refinance) has a right to a deficiency, they can still try to collect from you after a foreclosure. In a short sale, it is sometimes possible to have both or at least the second lien holder to put in writing they will NOT pursue the deficiency! There are three valuable reasons to entertain a short sale instead of a foreclosure. I did not discuss a "Deed in Lieu of Foreclosure" because lenders generally will not accept those without first trying to do a short sale, and a Deed in Lieu will leave that lender responsible for all other liens on the property.
Contact Marie Zubkoff 480.233.7051 or Andrew Walsh 602.527.2639 for more information on a short sale. If you need a referral to a qualified CPA or Attorney, call us we can get you help. http://yourgilberthome.com/
Contact Marie Zubkoff 480.233.7051 or Andrew Walsh 602.527.2639 for more information on a short sale. If you need a referral to a qualified CPA or Attorney, call us we can get you help. http://yourgilberthome.com/
Wednesday, August 5, 2009
Arizona Residential Landlord and Tenant Act
The Secretary of State has issued a new Landlord Tenant Act in February of this year. However they will no longer be available via print once the current issues run out. So either call today and pick up your free printed copy, or you can go to this link http://www.azsos.gov/public_services/Publications/Residential_Landlord_Tenant_Act/residential.pdf and print out your own copy. Either way, for those of you who own rental or investment properties and those of you who are renters, PLEASE do yourself a favor and print off the latest copy and read.
If you have other questions or need a property management service or a referral for legal advice, contact Marie Zubkoff 480-233-7051 or Andrew Walsh 602-527-2639 right away for your Arizona Real Estate needs.
If you have other questions or need a property management service or a referral for legal advice, contact Marie Zubkoff 480-233-7051 or Andrew Walsh 602-527-2639 right away for your Arizona Real Estate needs.
Tuesday, August 4, 2009
BEWARE -Bogus Property Tax Offer
Please read the following message from Arizona Attorney General Terry Goddard:
Attorney General Terry Goddard is warning Arizona homeowners to be wary of official-looking advertisements claiming that a homeowner’s property qualifies for a “property tax reduction review.” This solicitation appears to be an attempt to scam homeowners who are looking to reduce their property tax bill.
The solicitation, which requests a $189 processing fee, is not affiliated with any government entity. The document attempts to appear official and contains a “notice number” and deadline for prompt processing.
Assessed valuations for 2009 cannot be changed since the appeals process for 2009 has ended. In addition, there is no fee required to file a property valuation appeal with county treasurers’ or assessors’ offices in Arizona.
If you believe you have been a victim of consumer fraud, please contact the Attorney General's Office in Phoenix at 602.542.5763, in Tucson at 520.628.6504, or outside the Phoenix and Tucson metro areas at 1.800.352.8431. Consumers can also file complaints online by visiting the Attorney General’s Website. To file a complaint in person, the Attorney General’s Office has satellite offices throughout the state with volunteers available to help. Locations and hours of operation are posted on the Attorney General’s website http:///www.azag.gov/
If you need other information, contact Marie Zubkoff or Andrew Walsh, your Arizona real estate professionals.
Attorney General Terry Goddard is warning Arizona homeowners to be wary of official-looking advertisements claiming that a homeowner’s property qualifies for a “property tax reduction review.” This solicitation appears to be an attempt to scam homeowners who are looking to reduce their property tax bill.
The solicitation, which requests a $189 processing fee, is not affiliated with any government entity. The document attempts to appear official and contains a “notice number” and deadline for prompt processing.
Assessed valuations for 2009 cannot be changed since the appeals process for 2009 has ended. In addition, there is no fee required to file a property valuation appeal with county treasurers’ or assessors’ offices in Arizona.
If you believe you have been a victim of consumer fraud, please contact the Attorney General's Office in Phoenix at 602.542.5763, in Tucson at 520.628.6504, or outside the Phoenix and Tucson metro areas at 1.800.352.8431. Consumers can also file complaints online by visiting the Attorney General’s Website. To file a complaint in person, the Attorney General’s Office has satellite offices throughout the state with volunteers available to help. Locations and hours of operation are posted on the Attorney General’s website http:///www.azag.gov/
If you need other information, contact Marie Zubkoff or Andrew Walsh, your Arizona real estate professionals.
Sunday, August 2, 2009
First Time Homebuiyer's Tax Credit -CLOSING COSTS
The first-time homebuyer tax credit can be used to pay closing costs or an additional amount over the required 3.5% down on an FHA loan. HUD has strict guidance and regulations on this so you must contact your lender for direction as to how the loan from the tax credit would be repaid and when. Using the tax credit for this purpose is done through what is considered to be a bridge loan or personal loan. For more information on the $8,000 tax credit uses in Arizona, contact Andrew Walsh or Marie Zubkoff for our recommendation of lenders and to ultimately purchase your property here in the valley of the sun.
Saturday, August 1, 2009
$8,000 Tax Credit -How much will it be?
Follow the next couple days while we detail some of the information on the first time homebuyer's tax credit.
The maximum allowable credit is $8,000. The credit is equal to 10% of the purchase price of the home. The income limits are $75,000 for single buyers and $150,000 for married couples with incomes up to $150,000. The credit decreases for higher incomes, and eligibility is lost at $95,000 for single buyers and $170,000 for married couples.
Contact Marie Zubkoff or Andrew Walsh to purchase your home in Arizona. We work the entire valley, from Surprise, Florence, Casa Grande, Maricopa, Scottsdale, Phoenix, and all in between.
The maximum allowable credit is $8,000. The credit is equal to 10% of the purchase price of the home. The income limits are $75,000 for single buyers and $150,000 for married couples with incomes up to $150,000. The credit decreases for higher incomes, and eligibility is lost at $95,000 for single buyers and $170,000 for married couples.
Contact Marie Zubkoff or Andrew Walsh to purchase your home in Arizona. We work the entire valley, from Surprise, Florence, Casa Grande, Maricopa, Scottsdale, Phoenix, and all in between.
Thursday, July 30, 2009
Home discount coupons?
Your friends Marie Zubkoff and Andrew Walsh are currently in negotiations with a local company that is heading up a negotiation with local builders for us to market their properties and even provide YOU our clients with a coupon to discount the price of the house! Check back soon or contact us for details. This is intended to be available valley wide for our clients, whether in Gilbert, Surprise, Phoenix, Mesa, etc... You can save more on a new home when you contact Andrew Walsh or Marie Zubkoff first. Find out the added benefits of using a REALTOR instead of being a walk-in.
Tuesday, July 28, 2009
Mortage Modifications Effort Falters
In this brief article by Ruth Simon of the Wall Street Journal, she mentions some of the problems with mortage modifications is that the lenders are requiring the borrowers to be behind in payments to receive help. The Obama administration officials have summoned the executives of 25 servicing companies to Washington on Tuesday to discuss efforts. Please read the full article here http://online.wsj.com/article/SB124873920406585271.html
If you have questions about modifying your loan, contact Andrew Walsh or Marie Zubkoff to discuss your options and let us point you in the right direction and suggest some resources.
If you have questions about modifying your loan, contact Andrew Walsh or Marie Zubkoff to discuss your options and let us point you in the right direction and suggest some resources.
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