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August 2012

Found 13 blog entries for August 2012.

THE CRAZY PHOENIX REAL ESTATE MARKET

By Tina Tamboer for That Real Estate Show with Diane Brennan and Linda Williams

It’s hard to skim through the news these days without seeing a story about the real estate inventory shortage and dramatic price appreciation in the Phoenix metropolitan area.  Reports of 25% or more appreciation in the first half of 2012* have been generating flashbacks of 2004 and 2005 for many people, thus inducing fear of another non-sustainable “bubble” in the Phoenix housing market.  But while the fast rise of sale prices per square foot in the first half of 2012 was at the same trajectory as late 2004 and early 2005, the circumstances behind our most recent growth is much different leading me to believe that this is not the

2,544 Views, 0 Comments

So you're a landlord and don't know what you're doing?

Many of us in the Valley or Phoenix metro area have found ourselves to be "Accidental Landlords."  We "accidentally" became one because of several reasons.  Maybe you got married and you now have an extra home.  Maybe you had to move and can't short sale your home and you're underwater.  Whatever the reason, there are many people in the Valley who are now landlords and don't have a clue what they're doing.  We're going to teach you how to be a landlord.

To the rescue.....The City of Phoenix Neighborhood Services Department.

They offer landlord and tenant counseling.

They have all the resources to help you as well as help tenants understand their rights.

They also hold free

1,180 Views, 0 Comments

by Diane Brennan

So you need to sell your home in the Valley. 

Problem is you owe much more than you can get for it.   Time to start thinking about a short sale.

Whether you live in Phoenix, Scottsdale, Chandler or any other place in the Phoenix metro area, there's good news when it comes to short sales.  Fannie Mae and Freddie Mac have made it easier and faster.  So if you have a mortgage backed by Fannie Mae or Freddie Mac, this is good news for you.  If you have no idea who your mortgage is backed by, your lender will be able to help you out with this one.

I'm sure you've heard the horror stories about how long short sales can take.  Hopefully this is something to speed up the process.

New Guidelines announced by the Federal Housing

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If you're looking to a buy a home in the Valley or the Phoenix metro area, the Cromford Report has put together a list of the cheapest and most expensive areas to buy.  They include the average price per square foot for 41 places in Arizona. Check out the chart below.

As you can see, Paradise Valley is the most expensive at $269.83 per square foot which is almost half a percentage higher than last year.  Carefree, Arizona comes in at number two at $201.41 per square foot and Scottsdale number three at $174.93 per square foot.  Fountain Hills, Rio Verde, Cave Creek, Desert Hills, Gold Canyon, Sun Lakes and then Tempe round out the top 10.

The cheapest place to buy a home are Coolidge, Arizona where property prices are coming in at $34.59 a square

21,145 Views, 0 Comments

October, 2009--- A young couple, tired of losing out to cash investors, finally sealed the deal on a 1400 square foot home being short-sold in West Phoenix.  They paid 60k in a financed full price deal, and moved in with their two children

Flash forward about  three years. Their 60K home is now worth about 40k. Their mortgage payment, though just 500 dollars a month, is still a financial drag on this teacher's aide and her handyman husband. It is a struggle, yet, they tell me, they would still dig deep and buy their piece of the "American Dream" today, even knowing what they know.

How can this be? They should be scrambling to get out, right?  Many friends have urged them to short sale  or even walk away! They are in their mid-20's, so there is plenty of

2,630 Views, 0 Comments

It just depends….

by Lisa the Lender

One of the most common questions I get asked is “How long do I have to wait to qualify for a new mortgage after my short sale or foreclosure?  My answer is, “it just depends.”

There is so much misinformation out there regarding this topic.  What contributes to the confusion?  Regardless of what Fannie Mae, Freddie Mac, FHA and VA require, the investors purchasing these loans have “overlay” that the lenders must adhere to.  What does this mean to you?  You will more than likely fall into one of two categories:  You did not have an extenuating circumstance that caused you to short sale or foreclose, or you did have an extenuating circumstance.  99% of clients I come across fall into the first category. 

What

3,342 Views, 1 Comment

by Diane Brennan

A conversation with Radio Legend & Realtor Preston Westmoreland

When I first started working at KTAR as a news anchor, Preston Westmoreland was doing a talk show during afternoon drive.  He was nice, gracious and welcoming and included me on his show even though I was new.  Preston and his wife Nancy now have an incredibly successful real estate career.  He's an amazing person to work with and I'm pleased that he would let me interview him and share his wisdom and stories with you.  

1.  When did you start your Real Estate Career?
I actually got my real estate license around 1985, but it was never hung with a company until 2004.  My wife Nancy was an escrow officer and branch manager for First American Title.  She thought it

2,958 Views, 1 Comment

by Lisa the Lender

Arizona Down Payment Assistance Programs…..Do your research and you just may end up in the home of your dreams!

Many home buyers are looking for down payment mortgage assistance to buy a home. This may be you. While you can afford a monthly loan payment with taxes and insurance, many people cannot save enough for the down payment required by some lenders to purchase a home.

It is believed that 1 in 5 homeowners whose mortgages are insured by the FHA are not able to make a sufficient down payment. When this is the case, homeowners seek down payment assistance. In simplest terms, down payment assistance involves an independent third party, which is usually a not-for-profit organization that helps a homeowner in making a down

10,096 Views, 3 Comments

You have your house for sale in the beautiful Phoenix metro area or anywhere in this lovely state of Arizona.

You get a phone call from a real estate agent who wants to show your home and asks you to leave for five hours.

How can you tell their legit?

Scammers have targeted homes for sale in Arizona.  Criminals have called sellers and talked them out of their homes to "show" to potential buyers.

It's worked.

Here's the story.

So how do you protect yourself?

Sergeant Darren Burch with Phoenix Police Department says, "Use basic common sense, if that call doesn't sound right, it likely isn't.   Trust your gut, trust your intuition.  If something sounds to good to be true, it probably is."

You can always check if a real estate agent in

922 Views, 0 Comments

Thinking about a short sale?

Up until recently you needed  to prove to your bank that you endured a financial hardship in order to qualify to short sale your property.

For those not familiar with the term short sale.  In a nutshell it means your lender will allow you to sell your home for less than what you owe on the property.

Re-read the first line and then continue here.

Hardship includes but is not limited to losing your job, losing income, divorce, etc.

Attorney Dori Zavala says that's not the case anymore.

She is actually seeing some banks waive that requirement.

I just about fell over when I heard that.

Finally some relief for people who are underwater in their mortgage.

If you don't know what that means, then you are

965 Views, 0 Comments