Open House - Oro Valley - The Property Aces

07/13/2010

Open House - Oro Valley

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!

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Jul 13, 2010 3:28:27 PM

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Short Sales - Things you need to know as a buyer 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...

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As-Is - Foreclosure (REO) Homes - Red Flag? 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.

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