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Buy another home now EVEN with a Short sale or Forclosure. DON'T Wait for 2-3 years!

Another year Another new loan for the many homebuyers who have short sold or foreclosed on their home recently.

Buy a home within a day of short selling your property, buy a home and get bank approval to short sell your current home after !    You think it cannot be done?  The Experts have written about it, the friends have told you ?  They might even work at the Title company or be another realtor!   Yikes!  Because there is so much information and each persons circumstance is different you never know until you find the people who specialize and do the loans outside of the mainstream box.

 I have helped my clients short sell their homes and disclose to both lenders and gotten full approval.    My clients that thought they had to wait years have purchased the next day or been able to close on a home within 6 months.

 It is ALL possible and each case is different.     Feel free to contact me for a free consultation with our Attorney/Negotiator today at 480-540-1443. 

Single Story For Sale in Sonoran Foothills

2320 Horsetail front
Gorgeous Remodel -New Inside

• 3,020 sq. ft., 3 bath, 4 bdrm single story - MLS $377,000 USD - Includes Private Pool!

 -  Gorgeous Home-Like NEW inside on a Cul-de-Sac . Ranch Style home in a Gated Community ..SEPARATE attached Casita (aka motherlaw suite) with full bed and Bath! Lovely home with Gorgeous Granite counters throughout the home, Stainless Steel Appliances, Gas Stove, Wonderful kitchen and 2 greatrooms off the kitchen for Entertaining and Formal dining. This home is having new blinds put in and already has Plush New Carpeting. Backyard features a Covered Patio and a separate area for entertaining with a Sparkling pool. You might see a little cottontail rabbit on occasian:) . Master Bath includes two sinks plus a separate counter niche for your individual needs. This area is conveniently located off I17 on Carefree highway with shopping close by. Cave Creek, Carefree, Scottsdale and Phx attractions close by for all of your individual needs. One level and North.South Exposure make this home move in ready.

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NEW LISTING: 2320 W. Horsetail Trail in Sonoran Foothills

Sonoran Foothills, Phoenix  -  2320 W. Horsetail Trail, a 3,020 sq. ft., 3 bath, 4 bdrm single story. Now MLS $377,000 USD - Includes Private Pool!.

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Just Sold
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JUST SOLD IN PRESCOTT! Above appraisal price! 1205 W. Cougar. I NEED MORE LISTING TO SELL FOR YOU FOR TOP DOLLAR.

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Why Short Sale and Who Negotiates it is Almost Always Better Than a Foreclosure!

If you owe a lot more on your home than it is worth, you may be contemplating throwing up your hands and walking away.  However, you need to consider your choices and consequences - short sale or foreclosure?  Which would be your best option?  See the differences:

 

A foreclosure is a legal process where a lender – the bank – attempts to obtain the balance of a loan from the borrower by forcing sale of the property used as collateral for the loan.   

 

A short sale, on the other hand, is defined as a sale of real estate in which the income from selling the property will fall short of the balance owed.  The lien holder of the property agrees to release their lien on the real estate and accept less than the amount owed on the balance – also called the deficiency. 

 

Here are a few facts about both foreclosure and short sale: 

 

Foreclosure –

  • It’s easier to throw in the towel and let the bank take over the property, but is usually not smarter.
  • With restrictions, you will be eligible to buy again in 3-5 years if the property was primary residence.
  • Without restrictions, you will be eligible to buy again in seven years.
  • Possible IRS tax liability and owe bank, that counts as “gain” on taxes
  • IRS can attach your wages – usually in a few years when you are back on your feet and when you least expect it!
  • Foreclosure on credit report
  • Security risk – can lose your job!

 

Short sale –

  • You are in control, not the bank.
  • You can be current on payments and still do a short sale.
  • Home will be handled like any other home sale.
  • The more popular choice due to the housing market and economy.
  • Decreases additional fees and costs for creditor and borrower.
  • Incur credit ding as long as 35 points
  • You must qualify for a short sale:  financial hardship, job loss, medical condition, divorce, or simply the house is upside down! 

 

Who negotiates your short sale, their bank contacts and knowledge will make all the difference on a successful short sale. 

 

Lisa Schofield, Designated Broker – Desert Pines Realty

100% success since 2010, personally!

Increase in Listing Prices this Year – Phoenix

Nationwide listing prices have risen 2.68% and some markets have shown more than a 30% increase in asking prices - Phoenix being one of them. 

According to June housing date from REALTOR.COM, Phoenix is the number two metro for rising media prices.  As a result, there is a decline in the number of houses on the market, which places the area in the lead with most other U.S. cities on the road to recovery, according to real estate experts.

The median price for Phoenix-area homes in May was about 30 percent higher than it was the same time last year, according to a monthly report released by the W. P. Carey School of Business's Center for Real Estate Theory and Practice at Arizona State University. Additionally, the report reveals there are about half as many houses on the market as there were this same time last year.

The Phoenix area market was one of the hardest hit in the nation in terms of distraught properties.  However, the state's foreclosure system allows it to work through the backlog faster than states that must go through the judicial process for foreclosures. In Arizona, Banks and mortgage companies have the authority to foreclose homes without a judge's consent.

5 Myths of the Current Arizona Real Estate Market I could not have said better! Thanks Carl Medford!

Beginning in 2007, foreclosures rocked the real estate world. Like an out-of-control freight train, they began decimating the market, peaking in 2009. Myths and rumors began propagating like mushrooms as consumers struggled to understand the new reality. Although many misconceptions have come and gone, we still encounter five myths on a regular basis.

1. There is going to be a flood of new foreclosures to the market.

This rumor has appeared every year since 2008 and has been routinely debunked. However, recent announcements that the Feds reached a settlement over the robo-signing scandal have reignited speculation. The idea is simple: Since the cork is now out of the foreclosure bottle, we’ll soon see another flood of REOs inundating the marketplace.

My personal opinion: don’t hold your breath.

Banks have learned that if they control inventory, they can affect local prices. By releasing homes in measured amounts, they realize higher prices than if they released a glut of homes. In addition, they’ve learned that if they can mitigate their losses by agreeing to a short sale, everyone wins.

2. You can go directly to a bank to buy a foreclosure.

Every few weeks I’m asked how to buy foreclosures direct from a bank. Someone knows a friend being foreclosed on and they want to step in and grab the house before it hits the market. Don’t we all? In reality, banks have a simple system – they first offer properties on the courthouse steps. The rest they assign to asset mangers who then hire local real estate agents to put them on the market along with all the other homes. Want an REO? Pay cash at the courthouse steps or get in line witheveryone else when they hit the local MLS (Multiple Listing Service).

3. You can get a killer deal by submitting lowball offers on foreclosures.

You would think this myth would be dead by now. Unfortunately, like Elvis sightings, it just won’t go away. Here’s the truth: Banks want REOs sold in 30 days or less, so they typically appear on the market priced slightly under comparable properties. If the property doesn’t sell quickly, the bank will lower the price after about 30 days. Lowball offers are ignored and are, quite frankly, a waste of everyone’s time and effort. You might get a deal by offering a lower price on a foreclosure that’s been sitting on the market for more than 90 days, but remember that there are good reasons it’s gone unsold for so long. And even if you have cash, your lowball offer won’t be accepted —seriously.

4. You can’t use foreclosures when doing an appraisal.

Or short sales, for that matter. That is no longer true. In fact, in many neighborhoods, that’s all that’s there. Therefore, foreclosed or distressed sales represent the actual value of homes in the area and HAVE to be used to appraise other properties. Don’t like it? Get over it. Times have changed and the ways neighborhoods are valued have changed as well.

5. Foreclosures are only affecting the bottom end of the market.

This used to be true. However, while foreclosure rates on the lower end of the market have actually decreased, they’re actually increasing on the upper end. According to Daren Blomquist, vice president of RealtyTrac, the market share of foreclosed homes under $1 million is shrinking, but those among properties valued over $1 million are rising – up 115% since 2007. And foreclosures on properties valued upwards of $2 million have increased by 273%. While some well-known jet-setters have melted down and lost everything, others are choosing to strategically default. They see it like liquidating a poorly performing portfolio – they have enough resources to cut their losses and move on. Historically, banks have been reticent to foreclose high-end homes and absorb a large loss, but defaulters are now forcing their hands and mansion foreclosure rates are moving on up.

Myths control behavior, and this has never been truer than in the housing market. Savvy agents will work hard to educate their clients, debunk myths, explain market trends, educate with solid facts – and actually close transactions.

Let Desert Pines Realty Help You With Your Short Sales Solution

Short Sales:  It is a sign of the time and short sales are not going away anytime.  Here are few myths and facts:

 

Myth: You have to stop making payments do a short sale.

Fact:  You can short sale your home and make payments up until the day you close!

 

Myth: Your credit will go down hundreds of points!

Fact:  You will only receive a 35 point ding to your credit with many short sales

 

Myth:  You cannot buy another home with a loan for 3 years.

Fact:  In many cases, you can get another loan within 30 days of short selling your property.

 

 

At Desert Pines Realty, we have the facts and most current laws that many banks are still unaware of!  Call us today if you prefer a MARS compliant or an Attorney backed negotiator to help us with the sale of your property.

Reasons to Go With Desert Pines Realty: Your Marketing and Negotiation Solution

When you are thinking about putting your house for sale, you will have to keep a few important things in mind.  Each sale is different in Arizona.  For instance, if a friend put their house on the market a few years ago, the laws that they followed may be completely different than if you were to put your house on the market today.  Though the circumstances and the loans are different, we at Desert Pines Realty may be able to determine what loans will work with your particular listing.  We may even be able to prequalify the buyer beyond what the lender gives them on their prequalification letter!

You want top dollar for your house.  The buyer wants a bargain.  At Desert Pines Realty, we will figure out how to make it work without lowering the price beyond reason.  We have strategies that we can offer buyers up front so they won’t automatically offer less than current market value. 

At Desert Pines Realty, our years of success, expertise, and experience in the Arizona real estate market ensures that we will know how to handle anything that may arise. We also have an edge on our competitors.  We evaluate the marketing and reevaluate based on activity in the first week.   We will be on hand to do everything possible to ensure a successful and smooth sale of your home for top dollar in the shortest amount of time.   

Non MLS listings with Tenants in Place-YOU Won't believe this!

The head of a hedge Fund called me 2 weeks ago and says, "I have newer homes (1999+) and they have tenants in place and property manager in place"  Cap rate is between  6-7.5%! 

I thought this was a joke especially since he did not want to put them on MLS!?

 NO Joke!   

Sometimes Investors do get lucky.    The Phoenix area is being overrun by investors and home buyers all fighting for the nicer homes in the $150k or less price range right now.   Out of town or out of state buyers are surprised that they have less time to make a decision or that there are other offers.

Right now if it is within FHA loan limits and the house is priced well and looks great (move in ready)  it is selling quickly.   Your realtor can tell you the average day on the market in that particular subdivision.

Happy Hunting! :)

Short Sales are shorter! Really!

Short sales stories can be good, bad or Ugly.   As a broker who regularly handles short sales for clients in the Phoenix, Prescott and Prescott Valley area, there are few items all potential sellers should know if you are thinking about short selling your property.

1. you can short sale without stopping your payments

2. you can short sale and only ding your credit approximately 35 points. Not bad if you are in the 700-850 range!

3. you can sometimes buy a house using an FHA loan within 30 days of short selling your current home!

 Please feel free to call or email me if you have any other questions.  Each Short Sale is different.  Get the CURRENT facts.    What you heard 8 months ago is no longer the norm.

 Kindly,

Lisa Schofield/Designated Broker for Desert Pines Realty

The International Buyer-

This just happened 5 minutes ago.  A client was refered to me and included a link to a website that had Investment properties, managment fees, breakdown of costs..ect.   All very slick.    One problem.   The homes listed in Phoenix were all $20-$25k above the actual MLS list price.    I have never written about the biggest pet peeve of mine.  It is all of these extra websites that are supposedly geared to the general public to help them make a better buying/selling decision.   Hmmm, there is no control of the information given to the general public like there is on the MLS, aka Multiple listing service.   They are not guided by the realtor ethics.  Ok, I know from experience, that yes, every industry has their lemons:) however the content from the MLS is pretty accurate. 

This is a quick blog due to the amount of investors who need my attention (yes they are back in full force in all price ranges!).

The moral of this post is just because it is slick and run a bunch of numbers for you does not mean it is true, especially when they are from OUT of TOWN.    Phoenix is large and divided into many sections and then pockets.   The news is across the board and does not reflect accurate information if you are looking at the 85044 vs. 85032, both Phx!

I don't get advice on property in Connecticut from a person in Florida.   Different markets, different pockets, nuances, ect.

 Hire an agent you trust, ask lots of questions (a good agent does not know everything but they do know when and where to find the answers!:)  A good agent will not agree with you just to keep the conversation pleasant.  I have had to correct many a CEO on what they think regarding prices and I have the information to back it up from the MLS and tax records.

Keep it accurate and keep it honest!  No sugar coating here!

 Lisa

More on Downtown Lofts and Condos

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Condos and lofts in downtown Phoenix offer a wider selection than ever. The Stadium Lofts, the Summit at Copper Square and the "soon to be completed" 44 Monroe are but three examples of the booming loft market that maintains a steady flow of new projects breaking ground every month. For those with a tighter budget but desiring a turnkey accommodation, consider a condo...this market is fresh from an onslaught of condo conversions. This over supply means a good price for the consumer. Don't risk missing the best deal, call a professional at MKR today to get the knowledge you need to make the BEST choice in today's opportunistic market. Call MKR today at 1-800-MKRANDU to learn more and to find the loft or condo perfect for your needs.

"Bank Owned" Properties--What's the Big Deal?

I've heard many buyers and agents express disappointment in the bank's unwillingness to drop significantly from their listed price point. In summary, the comments I've heard go something like this, ""They should have taken our offer...it ended up selling for less---serves them right!"

Serves "who" right? A "bank owned" property is priced and negotiated via a standard process. The fact is, the negotiations are almost predictable based on "time on market", the earnings quarter in which a potential "close of escrow" will occur and other factors specific to the organizations set process, procedures and overall goals. Taking an emotional stance with a bank is like punishing your car by not putting gas in it. Simply put...it's counterproductive.

Timing and realistic expectations are the two most important ingredients in the successful purchase of a bank-owned property. General rules to consider and abide by to avoid wasting time and causing yourself stress are:

1. Don't expect a bank to make an overly generous concession shortly after being put on the market.

2. Don't expect a bank to make any repairs

 3. Don't compare a transaction with a bank  to a standard "seller/owner" sale; you will be setting yourself up for disappointment.

 4. Have a strong grasp on the big picture and don't get caught up in the particulars.

5. Ask questions regarding what to expect from the bank by asking the listing agent in advance.

6. Ask the listing agent for a copy of the purchase contract addendum that the bank will require to be made part of the contract. They will rarely sway from these stipulations, so why not avoid any future disappointments by reviewing this before considering an offer?

7. Ask the listing agent if there have been previous offers and if so how long did it take for the bank to respond, how much did they drop from the list price and anything else that may be important to you. Your agent should be able to assist you in identifying issues that may be unique to bank owned properties and that may affect your decision to purchase. 

 Like anything in life, attitude is everything. With the wrong expecations, you'll end up wasting your time and/or set yourself up for an unpleasant and stressful transaction. However, if you understand what you're dealing with and know some of the simple rules and possible procedural exceptions, you can find some very good deals. Remember....a bank will never say, "We don't have to sell."

MKR Realty has a continuous inventory of foreclosed properties. Feel free to call to inquire about our current inventory and/or new listings soon to come on the market!

 

 

 

 

 

Truly Distinct!!! - 2035 W. Nido Ave. in Dobson Ranch

Dobson Ranch, Mesa  -  Announcing a price reduction on 2035 W. Nido Ave., a 2,405 sq. ft., 2 bath, 4 bdrm single story. Now MLS® #2851685   $450,000 - Everything updated!!!.

Not your typical home. This home was customized with over $100,000 of top quality material and design and style found rarely outside of the much higher custom areas. Some of the details are obvious...others are hard to pinpoint but add up to a whole different experience. You'll feel it almost immediately. The home is not like all the others in this price range. In fact, you won't find anything quite like this home...designed in the neo-classical style without being overbearing. Any pretentious feel of the home is balanced by the casual feel of the satillo flowing throughout the home. This may seem like an unlikely combination, but it actually works quite well in keeping a casual style which is what this house is alll about.

Take note of all of the details, not just the obvious differences...like the stately columns fauxed by talented hands. Enjoy the difference and know that this house is suitable for anyone's tastes. It's refreshing when expecting more of the same, but walking into something different. This is truly a "one-of-a-kind" house that you can feel proud to own and to entertain in. Professional and subtle antique faux wash in various styles add stimulation throughout every nook of the house without bein gaudy in any way whatsoever. You may take note of the crown molding throughout all the rooms of the house with flat ceilings, but you may not notice a more unusual feature of these ceilings. All of the ceilings have been "floated out", a subtle, yet distinctively clean look that really hits your subconscious after being so programmed to expect fully textured ceilings in almost any home you enter in the valley. There are some fun surprises in almost every light switch including hidden recessed lighting in the diningroom soffits that shine onto the ceililng...these, partnered with the dimmer lights shining down in each of the four art niches provide  for a very special romantic or simply awe-inducing  atmosphere. You'll also notice similiar hidden lights in the bathroom skylight. Take note of the custom kitchen island and striking glazed cabinetry---ahhh...something other than oak, maple or cherry!  No need to fret---there is ample granite covering these spacious countertop areas and backsplash.

To be enjoyed from the entry, kitchen, diningroom and familyroom is a custom designed fireplace with a mix of two travertine colors contrasting nicely with lightly fauxed plaster columns and mantel. It's rare to find a mantel, let alone a long inviting hearth...all but extinct in contemporary gas fireplaces. Be sure to open the cabinetry and enjoy the witty custom options that---once you use---you'll wonder how you did without. The same goes for the laundry room with two built-in hampers for your coloreds and whites...and pull-outs for trash and recycling, a hang bar for clothes, built-in ironing board and space for a fridge, along with pantry space and lots of cabinets for making the best use of space. It's hard to imagine anything else you could possibly need in your laundryroom.  

Think of how nice it'll be to have three spacious built-in bookshelves in this home's wide hallway to display your curios and those family and friend photos that put a simile on your face everytime you pass.

Your secondary rooms are NOT those tiny 10x10s---there is space to have a bed and to sit down in THESE rooms. Even a teenager could be satisfied in these spacious, well lit rooms. Storage aplenty in this house made for that most fastidious buyer. In addition to the built in cabinetry and pull down attic staircase in the garage, there is a long custom-built storage structure running parallel to the house on the east side--perfect for storing the jetskis, party supplies, yard tools, etc.

How many houses in a tract home development have four exterior exits other than the main entry---all leading to private and lush landscaped environments--each with its own flavor? Enjoy morning breakfast on the west patio off the kitchen surrounded by lush grass and bountiful citrus trees while greeting the friendly neighbors and enjoying a freshly picked orange or grapefruit (there are lemons too for the bold). Or...how about a barbeque off the south side of the house using the built-in grill and warmer across from the covered patio? Serve your side dishes out of the serving window to the covered wraparound bar.

From the masterbedroom, sneak out through the arcadia doors to enjoy late night dips in a truly A++ pool...take note of the tiled surface with mozaic sea animals....another atypical feature. If visiting at night, please make sure to have the fiberoptics turned on. Imagine laying in your bed with the remote and setting your choice of up to 8 colors or all 8 continually changing as they circle around the pool and work their way down the slide and waterfalls. This...added with the sounds of the waterfalls...is truly mesmorizing and will ensure pleasant dreams.

The front room pushes out from the front of the house like a peninsula, leaving the side open to the courtyard-like entry. To take advantage of this, french doors were added--not just for another opportunity to enjoy the outdoors, but also to create the perfect secluded home office with a private entrance. In winter, imagine leaving the doors wide open. An occassional glimpse of a hummingbird will keep you happy and productive as you go "humming" along with a smile on your face. It's a great entryway to relax and greet the neighbors when you've been alone in the office too long and have a craving to socialize. The 300sf room is well hidden from the rest of the house when clients visit...keeping your personal life separate from your work life. However, with architectural cutouts on the south wall and the east side left open, the floorplan remains open, airy with a wonderful spacious feel from the moment you enter. Consider using this room for a gameroom, hobby room, playroom or it's original intent---a formal livingroom. Across the hall are double glass doors leading to what was once the 4th bedroom. Although a spectacular set up for an assistant or his/her private offices, gameroom and a den, etc., the closet is still in place, as well as the door to the hallway, so transititioning this room back into a bedroom would not be a difficult task---nor would it adversely affect the feel of this fantastic home. It is currently used as the home office, while the front room is dedicated to TV entertainment. 

 Some of the concepts from the 70s and early 80s are really underappreciated. For instance, the master bath was remodeled but the sunken tub with the large picture window to the lighted garden atrium was left in place, while floor to wall travertine was added to enhance the luxurious touch this amenity brings to your mastersuite. Glass block and custom sized glass door finish off this bathing experience. You really need to experience this bath to fully appreciate the 70s appeal of a sunken tub...a feature sure to come back in style some day!

Although the sunken floor in the front was filled in, the old trash compactor was replaced with a new one. Whatever people say about them, I think it's the best invention since the dishwasher. It truly cuts down on your trips to the trash bin and is environmentally smart---just remember to put food items in the garbage disposal only and non-food items in the compactor. Remember...there is a built-in recycling pull-out close by as well!

Why do I know so much about this home?...because, of course, I am the owner. Although I've been gone for three years while it's been lovingly maintained by two wonderful sets of tenants, I still wish I could have brought it with me when I made my move to the downtown core. Whomever purchases this home will truly love it like everyone before. This home just "feels" good!!!

 

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