Arizona Home Talk

Obama’s “Making Home Affordable” - which banks are participating?

Loans with Fannie and Freddie MUST participate in this program. All other banks can voluntarily participate. I’m working on getting a complete list - but most banks are since they need to participate in order to get federal financial help. Chase bank is participating. Don’t know what type of loan you have? Find [...]

Help for homeowners who “played by the rules”

Have you been responsible? Yea, me too. There is new help effective March 4th, 2009 for those of us that have paid their mortgage each month, didn’t speculate and buy a bunch of properties, and still manage to be “underwater” - owe more on your mortgage than what your home is worth. [...]

1/3 of home sales in ‘08 were foreclosures or short sales

This video has some interesting revelations: Pending home sales (contracts signed in December) are up 6.3% Affordability index up 11% - highest on record. 40% of home sales involved foreclosed or distressed properties. 1/3 of all home purchases in 2008 were either foreclosures or short sales. 1 in 5 homes sales in 2008 were bank-owned foreclosures. 11% all sales in 2008 [...]

Auction video - tips and tricks

This video is a MUST watch for anyone considering bidding on real estate properties at an Auction. Great tips and tricks - except she missed one - don’t do all this research alone - take your realtor (me!). I help you do all your homework, inspect and view the properties you are considering. [...]

Fannie Mae Rolls-Back Investor 4 Property Limit

Effective March 1, 2009, real estate investors can once again own and finance up to 10 individual properties. The fannie_mae_logo1restriction reversal does come with new minimum requirements, however. Homeowners buying a 5th, 6th, 7th, 8th, 9th or 10th home must meet the following standards, as set forth by Fannie Mae:

REDC Foreclosure Auction in Mesa - results

Last Saturday I attended the REDC home auction held in Mesa, AZ.  These auctions come to the Phoenix area about every 4 months or so.  The week prior, my clients and I went to look at 4 homes that were to be auctioned.  My clients bid on two different houses.  The smaller one (1,511 square feet [...]

Your House Key in the hands of many

If you have purchased a bank-owned foreclosure lately, please consider getting your home re-keyed and the locks changed.  All Fannie Mae and Freddie Mac properties are re-keyed when foreclosed on and then put up for sale.  Problem is, Fannie and Freddie have a frightening policy in place - they use only 2 types of keys [...]

PROs & CONS of Short Sales

Short sales are different than bank-owned/foreclosure/repo homes, and also different than regular resales. They are a strange mix of the two. With a short sale, the owner still technically owns their home, but owes more on their mortgage than what the home is worth. Therefore, in order to sell, they need to [...]

Filthy Bank-Owned Foreclosures

  Deals. Deals. Deals.  They are everywhere.  Just this month I have a client buying a lovely home for $48 dollars per square foot in Queen Creek.  Another client is spending $82 per square foot for a Gilbert home.  I live in a home where I paid about $160 per square foot. Needless to say, my [...]

No more foreclosures until 2009

Fannie and Freddie announced last week they will suspend Foreclosure sells until Jan 09 starting the day before Thanksgiving. No Foreclosures for the Holidays, business will resume 09. This step coupled with the slowing of Housing Starts could lead to a tighter housing supply, thus stabilize declining market values, in areas that have noticed an increase [...]