Join me and take a look at this wonderful new listing in Monetrra - 362 W Spearhead Tucson, AZ 85737 . The open house will run Saturday July 24th from 12pm-4pm. You will not want to miss out on this property!!!
Well loved and cared for home by original owner. Amazing great room
floor plan, with 3 bedrooms plus den. Kitchen includes all appliances,
upgrade silestone counter tops, and designer lightings. Upgraded
flooring throughout, no vinyl anywhere. Professionally painted,
interior and exterior. Beautiful xera-scape landscaping front and back.
Covered patio includes solar awnings, and painted floor and extended
patio floor is flagstone. Home is immaculate and ready for move-in.
Everyone is looking for a deal in the current housing market. They have all heard the stories of rock bottom pricing on the bank owned foreclosure (REO) properties. There one thing that usually holds them back from at least entertaining the thought of buying a foreclosure. "Property being sold As-Is" - Does this raise a red flag with you?
For some buyers this says to them "I am hiding something- something that will cost you a LOT of money". Even if the home is hiding something, and very well could be- this is no different than any other conventional property on the market.
Buyers have been lead to believe that with the As-Is condition, there is no chance for inspections. This is a falsity, the inspection period is still in the contract. For your protection you should inspect, and investigate the home just as you would a conventional property. With proper inspections the element of surprise has now disappeared, and you are knowledgeable about the property.
The As-Is condition does remove the warranted items in the contract, gives no guarantee for the zoning, and fitness for use of the property - but again the inspection process give you time to investigate your investment.
So what happens if a material concern pops up on the home inspection. Well just as a conventional sale you have options. Your first option is to ask for the repairs to be completed by the bank. This is a long shot, but in some cases depending on the banks bottom line they will complete the repairs. Your second option is to take the property knowing of the issues, and correct them yourself. The third option is to walk, WITH your earnest money.
There are many differences between a bank owned foreclosure (REO) and a conventional sale. You wan to find an agent that can address all of these concerns and make sure you are protected and informed of the process. That being said the As-Is condition is not as bad as the myths we have all heard in the past!
You can start searching Tucson/Oro Valley foreclosures below.
Come and join me at this wonderful property in Oro Valley.
We will be holding an open house at 12209 N. Washbed Drive, Oro Valley AZ Friday July 16th from 2-6pm, and Saturday July 17th from 12-4pm.
This Spectacular Oro Valley home located in Vistoso Getaway boasts 4 bedrooms, 3 baths in 2787 square feet. The gated community of Vistoso Getaway, and the near 1 acres lot allows for a private and tranquil setting. Relax in your pebble tech pool in pure privacy.
More details here . We hope to see you at the open house!
We have seen an astounding number of short sale properties
on the market in Tucson and the surrounding areas.There is some basic information that every
buyer should understand before considering the purchase of a short sale.
A short sale is a property that is being sold by the seller
“short” of what is owed on their lien.The caveat to this is the bank must approve the loss that they will be
taking in the payoff of the home.For
example the seller needs to sell their home as they have lost their job and can
no longer make their payments.The home
was purchased in 2006 for $300,000, but the current market value for the home
is $200,000.The seller puts the home on
the market for $200,000 and must get approval from the bank for the $100,000
that the payoff will be short.
As a buyer looking for the home in a market today, some of
the short sale properties may look enticing to you.With the right agent, and some patience this
may be a road you are willing to travel.Here are a few key points to keep in mind while getting started.This is just scratching the surface of the
short sale process; I would recommend asking your agent to explain the process
in more detail as you look for homes.
-Short Sales can take a long time to close, and
rarely is it the first contract that actually ends up with the home.Some short sales have taken 6-8 months or
even longer.Be prepared to be patient, you
may want to continue your house hunt while you are waiting.
-The Short Sale Addendum in Arizona allows you as
the buyer to back out of any contract before the agreement notice is sent by
the seller.So if you do find a better home while waiting
on the bank, you are free to cancel this contract and proceed with a new
one.
-The seller and the buyer are party to the
contract, the bank is not.The bank does
not have to play by the rules of the contract.They often have forms and documents they require you to sign to proceed
forward.The bank will often deal
verbally with the sellers’ agent, and because your agent will not have
authorization to speak to the bank directly this gets frustrating.Have a clear game plan in mind, know your
maximum price ahead of time and stick to it.
-The banks are looking to get market value, or
close to it for the home.They will have
a BPO (Brokers Price Opinion) of the home completed to determine the value of
the home.They will set their bottom
line from there.Remember anything you
ask for in seller concessions (closing costs) will drop that bottom line and
make your offer less attractive.
-Short sales should be priced at market value,
but often times are priced below to save the house from foreclosure.When the short sale is started the seller is
likely behind in their payments, and the trustee sale has been set. The home will
be foreclosed on if the short sale does not elicit and offer.Once an accepted contract has been presented
to the bank it is likely the trustee sale will be pushed back.This is why some agents will price the home
well below market value trying to buy their client some time.They have hopes that offers will come in
above asking price over time and actually have a chance to make the deal
work.If you are a buyer looking at a
short sale that is well below the market value of the home, the odds of the bank
allowing this deal to work are very slim. Your contract and time will serve the purpose
of helping the seller and the sellers’ agent out, but will likely be a waste of
your time.Be careful not to judge other properties on
the basis of this underpriced home – remember this price may be just to get the
process started!
-Short Sales are traditionally sold in As-Is
condition.This means the warranted
items outlined in the contract are not guaranteed to be working at the time of
closing, the zoning and fitness of the homes usage are also not guaranteed.This may raise a red flag as a buyer, but
with proper investigation this As-Is condition is not so daunting.You still have the inspection period as
dictated by the contract; you can back out of the contract if there is anything
material that comes out in your inspections which you object to.You can also ask for repairs after the
inspection process the same as you would in a traditional sale.Remember again that this will affect the
banks bottom line and reduce the offer, but it is possible to have the bank
agree to some repairs, especially if they are health concerns.
-Have your agent do some background work before
presenting an offer.A comparative
market analysis of the home should give you a very good idea of what they bank
will be expecting to get out of the home.Also make sure your agent inquires as to how any additional offers will
be handled.Some banks only want to see
one offer at a time; others will look at any and all offers that are coming
in.The contract addendum that we use in
Arizona may need to be altered when the offer is presented depending on this
situation.
-Once the bank has agreed to the short sale, the
time frames for the contract start, and the transaction progresses very similar
to a traditional sale.
The short sale market is evolving daily.As agents we do our best to stay up to date
with the changes as they happen.This
article was designed to just give you an understanding of some of the main
points involved in this type of transaction.Hopefully they will be your starting or ending point – but at very least
a better informed decision as to whether these are the right type of properties
for you!
The wet winter has brought the wildlife out in droves. The bobcat (see video in prior posts) has now set up shop in out backyard. She is becoming more and more used to us being around and will now stay in the yard while we are out there - though keeping her distance. Now that we see how easily she can disappear in our landscape, I am sure she sleeps here daily, we just never notice her. In fact we have actually watered her twice by accident while she sleeps under our plants. Being a cat we thought the first time we sprayed her with the hose she would never return - we were wrong!
There is some great news for some home buyers today!If you were under contract (signed accepted
offer) by April 30th and had missed the prior deadline of closing by
July 31st, things have been extended.Though you still need to be under contract
per the prior regulations, but the closing time frame has now been
extended.If the contract you are now in
closes by September 30st, 2010 you will still be eligible to receive
your tax credit.More information on the
Federal Housing Tax Creditas well as the eligibility requirements
please refer to this website.
The perfect marriage of luxury and convenience awaits you!
Nestled in an exclusive private enclave of homes, but close to all amenities,
this nearly 2700 square foot “like new” home has it all at a truly fantastic
price point. 3.44 acres, 4 bedroom, 3 bath, solar heated Pebble Tech pool with
waterfall, outdoor shower and fully enclosed garden space. Mature Saguaros and
citrus, Catalina Mountain views, Uni-Brick drive and walkway, entry fountain.
Interior is upgraded to the hilt- lots of custom stonework. jetted tub,
oversized stone and glass block shower, 5 burner gas stainless steel cook top,
granite counters, alder wood cabinets/ interior and closet doors. Storage
everywhere- 3 bay garage (one bay used as workshop/studio with lots of natural
light), separate storage building as well.
Join us tomorrow and view this wonderful home in Copper Creek. Located at 11780 N. Mineral Park Way- this is one of the few homes in Oro Valley well under the $200K mark. It is a 3 bedroom, 2 bath, 1340 square foot home, with a HUGE back yard. This home even boasts Catalina mountain views, has a new A/C unit as well as a new water heater...you get all of this for $184,500.
Please click the information below for more details, and we will see you tomorrow at the open house!
Homeowners that have even distant plans to move should not procrastinate.
If you know you are going to move in a year, two years, or even five years,
it's not too early to start planning.
Tips to Make Your Transition
Easier -
Keep an eye on your housing market- Staying current with your market
trends over while waiting to sell will empower you. With the knowledge and
confidence to enter the market, your expectations for how long it will
take and at what price your home will sell will be realistic. This
will take the stress and surprise out of the equation. While staying
current, you can also plan the best time to list to gain the best market
advantage. Ask us how to set up a customized listing portal to keep an eye on your neighborhood with
little effort!
Keep an eye on the housing market where you're planning to move -
With many of the same advantages listed above, staying up to date on your
future housing market is equally important. We have an excellent network
of REALTORS® worldwide. We can help find the best agent to suit your
needs in your future market, and make sure they provide you with the
information you'll need to put you in a powerful buying position. Contact
us today, and we will take the time to guide you through the process.
Start packing now- This doesn't mean you are going to
put away the dishes, but other items should be prioritized. We all
know how much stuff we can accumulate over the five, ten or
twenty years of living in our homes. How many items have you not
used in the last year? If you haven't worn it or used it in the
last six months, consider packing, selling, or donating it. Beginning to
take care of these items now will make it easier later.
Start staging now- If you know you will not be living
in your current home in the distant future, start making less
emotional decisions about it. Is this the best time to paint the kitchen
chartreuse? Think neutral, think long term, think without your
heart. There will be another person making this their
home. Make it a blank slate and you will appeal to many more
buyers. This leads to a faster sale for more money! Call us
for a free staging consultation. We can meet with you now, give you advice
on preparing your property, and then meet with you again before you are ready
to sell.
Stay current on your maintenance- You can save a lot of money and
enjoy an easy inspection period if you focus your attention on the
maintenance issues of your home. Deal now with items that are most likely
to come up as a red flag to a buyer. You have the time to budget for
these, and by doing so, you won't take the hit during the contract
period. For instance, when was the last time your roof was
inspected? Most roof companies will inspect and provide you a quote free
of charge. Need a list of the most requested repairs to a home? Need a
good recommendation for a contractor? Let us
know we would be happy to provide it to you!
As of yesterday In-N-Out burger has officially opened. This is a great addition to the Oro Valley economy, as a big fan on In-N-Out Burger, I look forward to many lunches looking over the Catalina Mountains!
The In-N-Out burger is located at the Southeast corner of the Oro Valley Marketplace (Tangerine and Oracle).
The same bobcat moved back in to our backyard yesterday in Oro Valley. We captured some more footage and thought we would share it with you. We are looking forward to see what is Moving in to your backyard this summer!!! We know Tucson, Oro Valley and the surrounding area has an abundance of wildlife, lets see what you can capture on film.
It became strikingly evident today that summer is upon us and the amazing wildlife in the Oro Valley/Tucson area is moving in!
We had our first new summer visitor helping herself to some shade, and a drink out of the fountain- in OUR backyard!!! Please use our blog to share some pictures of your wildlife sightings this summer.
Join me this weekend and explore this one of a kind work of art. Yes it is a home, but the attention to detail is second to none. With a convenient location in Oro Valley, and some of the best views you can imagine. This home will not last long. See you there!!!
What do you think of when you hear you word foreclosure?If you
are looking at buying real estate the first term that comes to my clients mind,
is “discount”.There is no denying there
is the potential for great savings when buying distressed properties.When entering into this market there are some
basic points you should understand.A
real estate transaction involving a distressed property is vastly different
than a conventional transaction.
For the sake of this blog post we will focus on REO (Real
Estate Owned) often referred to as Bank Owned properties.Buying properties pre-foreclosure as well as
through a Sheriffs Sale, these are less common and hold a different set of
rules.
An REO property is a property that has been foreclosed on,
the Sheriff Sale has been held, and the high bidder (usually the only bidder) is
the bank.The bank then owns this
property and will sell it as an REO (real estate owned) property. The savings are not usually as high as the
Sheriffs Sale, but there is less risk.The buyer has an inspection period - a chance to get the surprises out
of the way!The property also comes with
a clear title, which is uncertain in a Sheriffs Sale transaction.The last benefit is the ability to finance
these properties through conventional means, whereas buying on the courthouse
steps at a Sheriffs Sale usually requires the full payment due in 10 days or less!
So you have decided that you would like the chance to save some
money on a house, and are willing to do some likely fix-ups.What do you do to get started with REOforeclosure properties?
I would suggest consulting with a REALTOR® and make sure
they have a good grasp of the process.A
good agent will make sure you are protected through the transaction, and their
commissions will most often be paid out of the banks bottom line.
Have your financing in place!REO properties move quickly, especially the
real deals.Banks are looking to unload
the properties quickly, and do not want deals to fall through for lack of
financing.Do everyone including
yourself a favor and be solid with your financing.This will also help to keep you on budget
when searching for that perfect home!
REO properties are sold in As-Is condition.To most buyers this sounds like a real red
flag, it isn’t as horrible as it sounds!Let me clear the air by saying you can and should still complete a home
inspection on the property.Also the
As-Is condition does NOT mean you can’t ask for repairs, you can ask for
anything you want.You can also walk
away from the deal per the contract during the inspection period if you object
to anything you find.Is it a
possibility the bank will complete the repairs you ask for- sure!They will likely not agree to cosmetic repairs,
but they may agree to health and safety issues.
After the negotiation of repairs to the home there will
likely be more work needed. A budget
here is VERY important.You should get solid estimates on any issues
and leave extra room for hidden items that may also need repairs.Experts advise to budget 10-20% of the
purchase price towards these surprise items!
Don’t let the list price fool you!Have a budget and stick to it. Banks will
often price the property low hoping to invoke a bidding war on the property.Make sure you or your agent have checked the
comps in the area closely and know what the property is worth.
You should pay close attention to the number of foreclosures
on the market in the specific area you are searching.The more distressed properties on the market,
the more likely there will be a decrease in market value in the future.If you
are only looking to hold on to the property short term this is crucial.Long term you may be able to ride it out, but
short term could end up costing you money!
Follow these basic points you can make better choices when
choosing your next REO property!
Glorious Catalina views out the front & side and vast space behind all the way to the Tortolitas! This absolutely IMMACULATE and pristinely maintained home has so much to offer - 3 bed, 2 bath, den, fireplace, huge 3 car garage, neutral berber carpet, tile and more! You will be entranced by the wildlife & sunset views from your patio and the custom fountain will lull you into relaxation mode.
Cathedral Peak views in Oro Valley! Enjoy the truly stunning views from your sparkling pool this summer, no neighbors behind, just gorgeous desert. 3 bed 2 bath well laid out AF Sterling home in sought after Catalina Shadows sub. Huge master bedroom with bath and walk-in closet also boasts door leading to patio and pool. Must see to appreciate. No worries - Home Warranty provided. Seller is motivated so make an offer!!
When the media proclaims the hardest hit states in the
housing crisis, invariably Arizona is in the top four.What they don’t also clarify is the vast
difference between the two main cities- Phoenix and Tucson.
Let’s look at some of the hard data…and compare these two
very different cities.
Population
Phoenix4,039,182Tucson946,362
Median family
income
Phoenix$64,200Tucson$55,000
Prices peaked
Phoenix2006
Q2Tucson2006 Q1
Total climb during
the boom (2000 to Peak)
Phoenix123.5%Tucson100.5%
Total decline so
far (Peak to 2009)
Phoenix53.5%Tucson32.4%
One year change
(Q4 2008 –Q4 2009)
Phoenix-14.6%Tucson-8.5%
Forecast from Money Magazine (Predications ONLY!!)
Additional change
to bottom
Phoenix-22.8%Tucson-6.3
When market will
be at bottom
Phoenix2011
Q2Tucson2010
Q4
The differences are truly HUGE.
Median home
prices are for single-family homes through the third quarter of 2009, the most
recent data available, and include sales of bank-owned properties. Sources:Fiserv
and Moody's Economy.com
With a few short weeks left in the Federal Home Buyers Tax Credit, speculation is swirling. Buyers, sellers and agents are all hoping the tax credit gets extended. It certainly has motivated some consumers to hit the market and take advantage of this program. Coupled with some of the lowest interests rates we have seen in decades this can be said to be one of the best times to buy!
What are your thoughts, should and will the program be extended? Do you consider this to be one of the best times to buy?
As reported earlier in this Blog, the Tucson Association of REALTORS had scheduled the switch to the new Flex MLS system for April 1st 2010. This transition has been delayed and is now set for May 3rd, 2010. You can start to use the new MLS now on our website as we have made the change early to make sure we are ahead of the curve!
Our website search has been set up with no obligations, and is 100% free, signing up (which is also free) allows you to save searches, and fully use the features of the new program.
We are available to answer any questions you may have!
The following link to this mornings USA Today article has some positive
notes as well as a few contrasting points of view. During the height of
the boom no one could imagine ever getting excited about a story that
began "Home prices post the smallest decline in 3 years" but excited
some of us are!
I think we still have some rough times ahead-- plenty of
short sales and foreclosures still on the market and on the way.
However--- barring incident that we are not privy to knowing, it seems
that the true bottom has been reached. And the only way to go from the
very bottom is UP. Article
