Could this just be the beginning? A second wave of unexpected defaults could be coming. Here is an interesting video I wanted to share.
Watch CBS Videos Online
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Monday, December 15, 2008
Thursday, November 20, 2008
When asked "Are we at the bottom of the market?" it is always impossible to tell until we are already there. But, here is a very interesting video about what one county is doing to try and move their foreclosure supply. We may still have a ways to go on this wild ride....
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Wednesday, November 12, 2008
Government Launches New Mortgage Aid Effort.
from the Fox 10 website.....
Once again, the government has offered another plan to help troubled homeowners. Once again, critics say it doesn't go far enough.
The plan announced Tuesday by federal officials and mortgage giants Fannie Mae and Freddie Mac sounds sweeping in its approach: Borrowers would get reduced interest rates or longer loan terms to make their payments more affordable.
But there's a catch. The plan focuses on loans Fannie and Freddie own or guarantee. They are the dominant players in the U.S. mortgage market but represent only 20 percent of delinquent loans.
Sheila Bair, chairman of the Federal Deposit Insurance Corp., said the plan "falls short of what is needed to achieve wide-scale modifications of distressed mortgages."
With the government spending billions to aid distressed banks, "we must also devote some of that money to fixing the front-end problem: too many unaffordable home loans," Bair said in a statement.
Democrats on Capitol Hill aren't satisfied, either. "When the loan is chopped up into a million pieces and any investor can block a modification from happening, a program like this will only scratch the surface of the mortgage crisis," said Sen. Charles Schumer, D-N.Y.
The economic crisis is still unnerving Wall Street. Stocks fell again as investors found few industries safe from the consumer spending slump. With Starbucks Corp. and luxury homebuilder Toll Brothers Inc. both posting disappointing quarterly results, the Dow Jones industrial average closed down nearly 180 points.
The financial crisis took on a new dimension on Capitol Hill. House Speaker Nancy Pelosi called for "emergency and limited financial assistance" for the battered auto industry and urged the outgoing Bush administration to join lawmakers in reaching a quick compromise during a postelection session of Congress.
The new mortgage assistance plan was announced by the Federal Housing Finance Agency, which seized control of Fannie and Freddie in September, and other government and industry officials.
Officials say they hope the new approach, which takes effect Dec. 15, will become a model for loan servicing companies that collect mortgage payments and distribute them to investors. These companies have been roundly criticized for being slow to respond to a surge in defaults.
James Lockhart, director of the housing finance agency, urged investors to "rapidly adopt this program as the industry standard."
Still, government officials had no estimate of how many homeowners would be able to qualify. Fannie and Freddie own or guarantee nearly 31 million U.S. mortgages, or nearly six of every 10 outstanding. But they have far lower overall delinquency rates -- under 2 percent.
To qualify, borrowers would have to be at least three months behind on their home loans and would have to owe 90 percent or more than the home is worth. Investors who do not occupy their homes would be excluded, as would borrowers who have filed for bankruptcy.
Qualified borrowers would get help in several ways: The interest rate would be reduced so that they would not pay more than 38 percent of their gross income on housing expenses. Another option is for loans to be extended to 40 years from 30, and for some of the principal to be deferred, interest-free.
Though lenders have beefed up their efforts to aid borrowers over the past year, their action hasn't kept up with the worst housing recession in decades.
More than 4 million American homeowners, or 9 percent of borrowers with a mortgage, were either behind on their payments or in foreclosure at the end of June, according to the most recent data from the Mortgage Bankers Association.
Indeed, Tuesday's announcement comes too late for Troy Courtney, a 44-year-old San Francisco police officer.
He moved out of his home in Mill Valley, Calif., earlier this month -- taking his children, three dogs and one cat with him -- after failing at several attempts to get a loan modification or a short sale. A short sale occurs when the lender agrees to receive less than the loan is worth.
Courtney worked overtime and tapped into his retirement account to try to catch up with two loans on his home. But in the end, he couldn't persuade Countrywide Financial, which managed the loan for Wells Fargo, to modify the loan.
"I feel like I missed the boat," he said of the new efforts to help more homeowners. "I'm just mad at the whole system."
One reason the problem has been so tough to solve for borrowers such as Courtney is that the vast majority of troubled loans were packaged into complex investments that have proved extremely hard to unwind.
Deutsche Bank estimates more than 80 percent of the $1.8 trillion in outstanding troubled loans have been packaged and sold in slices to investors worldwide. Most of those loans won't likely be helped by the new plan.
The rest are "whole loans," which are easier to modify because they have only one owner.
Still, after more than a year of slow and weak initiatives, there seems to be a serious effort among major retail banks to get at the heart of the credit crisis: falling U.S. home prices and record foreclosures.
Citigroup said Monday it is halting foreclosures for borrowers who live in their own homes, have decent incomes and stand a good chance of making lowered mortgage payments.
JPMorgan Chase & Co. last month expanded its mortgage modification program to an estimated $70 billion in loans, which could aid as many as 400,000 customers. The bank already has modified about $40 billion in mortgages, helping 250,000 customers since early 2007.
Starting Dec. 1, Bank of America Corp. plans to modify an estimated 400,000 loans held by newly acquired Countrywide Financial Corp. as part of an $8.4 billion legal settlement reached with 11 states in early October.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
from the Fox 10 website.....
Once again, the government has offered another plan to help troubled homeowners. Once again, critics say it doesn't go far enough.
The plan announced Tuesday by federal officials and mortgage giants Fannie Mae and Freddie Mac sounds sweeping in its approach: Borrowers would get reduced interest rates or longer loan terms to make their payments more affordable.
But there's a catch. The plan focuses on loans Fannie and Freddie own or guarantee. They are the dominant players in the U.S. mortgage market but represent only 20 percent of delinquent loans.
Sheila Bair, chairman of the Federal Deposit Insurance Corp., said the plan "falls short of what is needed to achieve wide-scale modifications of distressed mortgages."
With the government spending billions to aid distressed banks, "we must also devote some of that money to fixing the front-end problem: too many unaffordable home loans," Bair said in a statement.
Democrats on Capitol Hill aren't satisfied, either. "When the loan is chopped up into a million pieces and any investor can block a modification from happening, a program like this will only scratch the surface of the mortgage crisis," said Sen. Charles Schumer, D-N.Y.
The economic crisis is still unnerving Wall Street. Stocks fell again as investors found few industries safe from the consumer spending slump. With Starbucks Corp. and luxury homebuilder Toll Brothers Inc. both posting disappointing quarterly results, the Dow Jones industrial average closed down nearly 180 points.
The financial crisis took on a new dimension on Capitol Hill. House Speaker Nancy Pelosi called for "emergency and limited financial assistance" for the battered auto industry and urged the outgoing Bush administration to join lawmakers in reaching a quick compromise during a postelection session of Congress.
The new mortgage assistance plan was announced by the Federal Housing Finance Agency, which seized control of Fannie and Freddie in September, and other government and industry officials.
Officials say they hope the new approach, which takes effect Dec. 15, will become a model for loan servicing companies that collect mortgage payments and distribute them to investors. These companies have been roundly criticized for being slow to respond to a surge in defaults.
James Lockhart, director of the housing finance agency, urged investors to "rapidly adopt this program as the industry standard."
Still, government officials had no estimate of how many homeowners would be able to qualify. Fannie and Freddie own or guarantee nearly 31 million U.S. mortgages, or nearly six of every 10 outstanding. But they have far lower overall delinquency rates -- under 2 percent.
To qualify, borrowers would have to be at least three months behind on their home loans and would have to owe 90 percent or more than the home is worth. Investors who do not occupy their homes would be excluded, as would borrowers who have filed for bankruptcy.
Qualified borrowers would get help in several ways: The interest rate would be reduced so that they would not pay more than 38 percent of their gross income on housing expenses. Another option is for loans to be extended to 40 years from 30, and for some of the principal to be deferred, interest-free.
Though lenders have beefed up their efforts to aid borrowers over the past year, their action hasn't kept up with the worst housing recession in decades.
More than 4 million American homeowners, or 9 percent of borrowers with a mortgage, were either behind on their payments or in foreclosure at the end of June, according to the most recent data from the Mortgage Bankers Association.
Indeed, Tuesday's announcement comes too late for Troy Courtney, a 44-year-old San Francisco police officer.
He moved out of his home in Mill Valley, Calif., earlier this month -- taking his children, three dogs and one cat with him -- after failing at several attempts to get a loan modification or a short sale. A short sale occurs when the lender agrees to receive less than the loan is worth.
Courtney worked overtime and tapped into his retirement account to try to catch up with two loans on his home. But in the end, he couldn't persuade Countrywide Financial, which managed the loan for Wells Fargo, to modify the loan.
"I feel like I missed the boat," he said of the new efforts to help more homeowners. "I'm just mad at the whole system."
One reason the problem has been so tough to solve for borrowers such as Courtney is that the vast majority of troubled loans were packaged into complex investments that have proved extremely hard to unwind.
Deutsche Bank estimates more than 80 percent of the $1.8 trillion in outstanding troubled loans have been packaged and sold in slices to investors worldwide. Most of those loans won't likely be helped by the new plan.
The rest are "whole loans," which are easier to modify because they have only one owner.
Still, after more than a year of slow and weak initiatives, there seems to be a serious effort among major retail banks to get at the heart of the credit crisis: falling U.S. home prices and record foreclosures.
Citigroup said Monday it is halting foreclosures for borrowers who live in their own homes, have decent incomes and stand a good chance of making lowered mortgage payments.
JPMorgan Chase & Co. last month expanded its mortgage modification program to an estimated $70 billion in loans, which could aid as many as 400,000 customers. The bank already has modified about $40 billion in mortgages, helping 250,000 customers since early 2007.
Starting Dec. 1, Bank of America Corp. plans to modify an estimated 400,000 loans held by newly acquired Countrywide Financial Corp. as part of an $8.4 billion legal settlement reached with 11 states in early October.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Friday, November 07, 2008
These are interesting graphs, they show data about how many homes are selling. Just as they were 2 years ago, 10% of homes are selling monthly. So, things are moving out there.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Here is a video of one of my preferred lenders, Brian Yampolsky, Co-Owner of Orion Mortgage. He talks about the 1st time home buyer tax credit in this video and I wanted to share this with you.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Monday, November 03, 2008
This is a great chart that I got from the Talon Group. It shows you home sales for the month of October and how many were bank owned properties.
This table shows you details about home sales, REO sales and their median prices.
10/1/2008-10/31-2008
City Total Sales REO Sales* % REO Sales* Median Price REO Price*
Phoenix 1274 624 49% $128,500 $99,700
Mesa 424 163 38% $157,000 $128,000
Scottsdale 319 67 21% $388,250 $270,000
Queen Creek 316 144 46% $126,000 $119,950
Glendale 294 146 50% $149,000 $120,500
Gilbert 289 98 34% $231,000 $191,000
Surprise 277 126 45% $162,500 $153,250
Chandler 240 68 28% $229,250 $179,750
Peoria 186 67 36% $217,000 $180,000
Avondale 156 90 58% $145,450 $135,900
Buckeye 137 88 64% $120,000 $114,500
Goodyear 126 54 43% $165,000 $147,500
Tempe 82 13 16% $223,000 $138,000
Tolleson 73 45 62% $139,900 $130,900
*REO = Bank owned homes
Homes are selling. And if you are in a position to buy an investment property, now is the time. Call me about what is available today!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
This table shows you details about home sales, REO sales and their median prices.
10/1/2008-10/31-2008
City Total Sales REO Sales* % REO Sales* Median Price REO Price*
Phoenix 1274 624 49% $128,500 $99,700
Mesa 424 163 38% $157,000 $128,000
Scottsdale 319 67 21% $388,250 $270,000
Queen Creek 316 144 46% $126,000 $119,950
Glendale 294 146 50% $149,000 $120,500
Gilbert 289 98 34% $231,000 $191,000
Surprise 277 126 45% $162,500 $153,250
Chandler 240 68 28% $229,250 $179,750
Peoria 186 67 36% $217,000 $180,000
Avondale 156 90 58% $145,450 $135,900
Buckeye 137 88 64% $120,000 $114,500
Goodyear 126 54 43% $165,000 $147,500
Tempe 82 13 16% $223,000 $138,000
Tolleson 73 45 62% $139,900 $130,900
*REO = Bank owned homes
Homes are selling. And if you are in a position to buy an investment property, now is the time. Call me about what is available today!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Saturday, November 01, 2008
Here is an article from Friday's paper. I thought this was interesting data and wanted to pass it on:
Here's a shocker: Almost half of Nevada homeowners with a mortgage owe more to the bank than their homes are worth. Here's another: If you add in the homeowners like them in California, Arizona, Florida, Georgia and Michigan, together they account for nearly 60 percent of all homeowners who are 'underwater' on their mortgages. Nationwide, almost one out of every five homeowners with a mortgage owes more to their lender than their properties are worth. But if you subtract those states, the rate drops to about one in 10, according to a report released Friday by First American CoreLogic. The new data underscore the staggering scope of the U.S. housing recession, but also the challenges that government officials face in designing a massive new program to help homeowners avoid foreclosure, with layoffs soaring and the economy sinking. Some experts predict the problem will get much worse.
Nationally, home prices are already down about 20 percent from their peak in mid-2006. By the time the housing market hits bottom, prices may be down 40 percent from the top, leaving 40 percent of homeowners underwater, according to Nouriel Roubini, economics professor at New York University. 'There is a huge incentive to walk away from your mortgage,' said Roubini, who has attracted attention for his gloomy — and accurate — predictions of the U.S. financial market meltdown. He gave no forecast for when the real estate market would bottom out. Another pessimistic analyst, Desmond Lachman of the American Enterprise Institute, said that 'unless there's government intervention on a big scale … we're really not going to bottom.'
The problem is much worse in far-flung suburban neighborhoods where builders flooded the market with new homes and buyers put down small, or no, down payments, said Mark Fleming, First American CoreLogic's chief economist. In desirable urban neighborhoods and close-in suburbs, 'a lot of people bought their homes years ago. It's much more difficult for them to be in a negative equity situation.' Fleming said. Rising mortgage rates are also making matters worse for prospective borrowers. The rate on a 30-year, fixed-rate mortgage averaged 6.46 percent this week, up sharply from 6.04 percent last week, Freddie Mac reported Thursday. Higher rates coupled with lower home values mean fewer people can tap their home equity. The percentage of U.S. homeowners who pulled cash out of their homes remained at a four-year low in the third quarter, Freddie Mac said. While some underwater borrowers certainly will lose their homes to foreclosure absent a massive — and successful — government refinancing plan, many will continue to make their payments and wait for values to recover. And of course roughly 30 percent of Americans own their homes outright.
Still, it remained unclear whether the government would be able to do much for many borrowers in trouble, especially given the amount of time to start up a new program. 'Certainly it can't hurt,' Bernard Baumohl, chief economist at the Economic Outlook Group in New Jersey. 'How much it's going to help is an open question.' On Thursday, White House press secretary Dana Perino tried to dispel reports that the Bush administration is near agreement on a plan to help about 3 million homeowners avoid foreclosure. Perino said several different ideas are on the table, and that no announcement is imminent. The plan, widely expected to be run by the Federal Deposit Insurance Corp., would be the most aggressive effort yet to limit damage from the U.S. housing recession.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Here's a shocker: Almost half of Nevada homeowners with a mortgage owe more to the bank than their homes are worth. Here's another: If you add in the homeowners like them in California, Arizona, Florida, Georgia and Michigan, together they account for nearly 60 percent of all homeowners who are 'underwater' on their mortgages. Nationwide, almost one out of every five homeowners with a mortgage owes more to their lender than their properties are worth. But if you subtract those states, the rate drops to about one in 10, according to a report released Friday by First American CoreLogic. The new data underscore the staggering scope of the U.S. housing recession, but also the challenges that government officials face in designing a massive new program to help homeowners avoid foreclosure, with layoffs soaring and the economy sinking. Some experts predict the problem will get much worse.
Nationally, home prices are already down about 20 percent from their peak in mid-2006. By the time the housing market hits bottom, prices may be down 40 percent from the top, leaving 40 percent of homeowners underwater, according to Nouriel Roubini, economics professor at New York University. 'There is a huge incentive to walk away from your mortgage,' said Roubini, who has attracted attention for his gloomy — and accurate — predictions of the U.S. financial market meltdown. He gave no forecast for when the real estate market would bottom out. Another pessimistic analyst, Desmond Lachman of the American Enterprise Institute, said that 'unless there's government intervention on a big scale … we're really not going to bottom.'
The problem is much worse in far-flung suburban neighborhoods where builders flooded the market with new homes and buyers put down small, or no, down payments, said Mark Fleming, First American CoreLogic's chief economist. In desirable urban neighborhoods and close-in suburbs, 'a lot of people bought their homes years ago. It's much more difficult for them to be in a negative equity situation.' Fleming said. Rising mortgage rates are also making matters worse for prospective borrowers. The rate on a 30-year, fixed-rate mortgage averaged 6.46 percent this week, up sharply from 6.04 percent last week, Freddie Mac reported Thursday. Higher rates coupled with lower home values mean fewer people can tap their home equity. The percentage of U.S. homeowners who pulled cash out of their homes remained at a four-year low in the third quarter, Freddie Mac said. While some underwater borrowers certainly will lose their homes to foreclosure absent a massive — and successful — government refinancing plan, many will continue to make their payments and wait for values to recover. And of course roughly 30 percent of Americans own their homes outright.
Still, it remained unclear whether the government would be able to do much for many borrowers in trouble, especially given the amount of time to start up a new program. 'Certainly it can't hurt,' Bernard Baumohl, chief economist at the Economic Outlook Group in New Jersey. 'How much it's going to help is an open question.' On Thursday, White House press secretary Dana Perino tried to dispel reports that the Bush administration is near agreement on a plan to help about 3 million homeowners avoid foreclosure. Perino said several different ideas are on the table, and that no announcement is imminent. The plan, widely expected to be run by the Federal Deposit Insurance Corp., would be the most aggressive effort yet to limit damage from the U.S. housing recession.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Thursday, October 09, 2008
Here is another take on how the bailout will affect the overall housing market. The bailout does not necessarily allow for the reduction in mortgage amount or interest rate. See my previous blog for BofA's answer to that. Here's the full story:
http://rismedia.com/wp/2008-10-07/bailout-no-quick-fix-skips-strapped-homeowners-advocates-say/
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
http://rismedia.com/wp/2008-10-07/bailout-no-quick-fix-skips-strapped-homeowners-advocates-say/
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Wednesday, October 08, 2008
Bank of America announced this week that it will begin helping people stay in their homes by adjusting their mortgages to no more than 34% of gross income. This is expected to help 400,000 people. What a novel concept, helping people STAY in their homes and keep paying rather than take over huge debts that then must be sold. Hopefully this will be a step in the right direction of helping people to continue to pay on their mortgages rather than helping them walk away from them. Read the full story here:
http://money.cnn.com/2008/10/06/real_estate/Drastic_plan_slashes_mortgage_costs/index.htm?postversion=2008100616
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
http://money.cnn.com/2008/10/06/real_estate/Drastic_plan_slashes_mortgage_costs/index.htm?postversion=2008100616
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Friday, September 26, 2008
Here is another great email from Mary Ellen Kohut of The Mortgage Advantage, Inc:
~~~~~~~~~~~~~~~~~~~~~~~~~~~
Good morning comrades. "Practices of the unscrupulous money changers stand indicted in the court of public opinion, rejected by the heart and minds of men there must be strict supervision of all banking and credits: and investments, so that there will be an end to speculation with other people's money." President Bush? John McCain? Barack Obama? Jon Stewart? Nope. Franklin Delano Roosevelt, President from 1933 to 1945. By 1933 depositors had lost over 140 billion dollars due to the frolics of Wall Street. Along with the stock market crash of 1929 it began a downward spiral into what is known as the "Great Depression".
The U. S population then was a mere 123 million souls compared to over 305 million today. Through the years we have allowed Wall Street to ease back in to take control of our money and our country. As a result the 700 billion dollar proposed bail out plan may be the socialist answer to save our economy, but it may be the only answer. While our leaders on Capitol Hill are posturing for a plan to carve their initials, Washington Mutual was taken over last night by the Fed and will be chopped up with a big slice being given to Chase. This is by far the largest bank failure in U. S. history. Why is the government stepping in when our capitalist motto is for the government to stay out of our companies? The sins of Wall Street have seeped into virtually every business (think 401k's) in the U. S. and the world. We all should be mad as heck, but if we do not have banks or have lending - we do not have an economy. This time around it is not just about us. Banks, investments, all ethnic groups, cultures, careers and savings are intertwined throughout our globe.
FYI: Get Out!!! We, as a country will get through this. Houses are selling. Fannie, Freddie, FHA and VA are all controlled by the government, so there are loans for home buyers. Step away from the T. V. , your P.D.A, and talk radio and take yourself and family on a drive to Sedona to the State of the Art Festival, or to the high country and go hiking, or visit a museum for free, compliments of the Smithsonian on Saturday. Take in a happy movie. Eat at your favorite restaurant. Get out and enjoy the life we have!
Mary Ellen
Truth In Lending Promotes Trust In Lending
Mary Ellen Kohut, Mortgage Specialist
The Mortgage Advantage, Inc.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Wise words. Especially about getting out and enjoying our families at a time when the economic structure seems so shaky. There is no better time to get back to basics and remember what is TRULY important, the health and happiness of our families.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
~~~~~~~~~~~~~~~~~~~~~~~~~~~
Good morning comrades. "Practices of the unscrupulous money changers stand indicted in the court of public opinion, rejected by the heart and minds of men there must be strict supervision of all banking and credits: and investments, so that there will be an end to speculation with other people's money." President Bush? John McCain? Barack Obama? Jon Stewart? Nope. Franklin Delano Roosevelt, President from 1933 to 1945. By 1933 depositors had lost over 140 billion dollars due to the frolics of Wall Street. Along with the stock market crash of 1929 it began a downward spiral into what is known as the "Great Depression".
The U. S population then was a mere 123 million souls compared to over 305 million today. Through the years we have allowed Wall Street to ease back in to take control of our money and our country. As a result the 700 billion dollar proposed bail out plan may be the socialist answer to save our economy, but it may be the only answer. While our leaders on Capitol Hill are posturing for a plan to carve their initials, Washington Mutual was taken over last night by the Fed and will be chopped up with a big slice being given to Chase. This is by far the largest bank failure in U. S. history. Why is the government stepping in when our capitalist motto is for the government to stay out of our companies? The sins of Wall Street have seeped into virtually every business (think 401k's) in the U. S. and the world. We all should be mad as heck, but if we do not have banks or have lending - we do not have an economy. This time around it is not just about us. Banks, investments, all ethnic groups, cultures, careers and savings are intertwined throughout our globe.
FYI: Get Out!!! We, as a country will get through this. Houses are selling. Fannie, Freddie, FHA and VA are all controlled by the government, so there are loans for home buyers. Step away from the T. V. , your P.D.A, and talk radio and take yourself and family on a drive to Sedona to the State of the Art Festival, or to the high country and go hiking, or visit a museum for free, compliments of the Smithsonian on Saturday. Take in a happy movie. Eat at your favorite restaurant. Get out and enjoy the life we have!
Mary Ellen
Truth In Lending Promotes Trust In Lending
Mary Ellen Kohut, Mortgage Specialist
The Mortgage Advantage, Inc.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Wise words. Especially about getting out and enjoying our families at a time when the economic structure seems so shaky. There is no better time to get back to basics and remember what is TRULY important, the health and happiness of our families.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Tuesday, September 23, 2008
This is something that came across my desk from Mark Sheck, Senior Loan Officer of Cherry Creek Mortgage. Changes in lending are being made for people trying to rent their existing home to purchase a new primary residence. With all the shake up in the market and mortgage industry, it is no wonder they are trying to regulate this new tactic as people want to take advantage of the lower prices and get more house for less money. Here are key points to the new Federal Housing Administration (FHA) guidelines:
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Here are the 7 things you need to know about these changes:
1. This is a temporary change, and effective as of September 19th, 2008.
2. The borrower must be relocating to a new job location.
3. The new home must be outside reasonable commuting distance from the current residence (UW's discretion).
4. The borrower must have a fully executed lease with at least a 1-year term from the closing date of their new mortgage.
5. The borrower must document receipt of the security deposit and/or first month's rent.
6. Current residence must have an LTV of 75% or less.
7. The value of current residence can be proved with the following:. * Appraisal no more than 6 months old, or * Original HUD-1 and current bank statement.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Thanks to Mark Sheck from Cherry Creek Mortgage for keeping us up to date on these changes!!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Here are the 7 things you need to know about these changes:
1. This is a temporary change, and effective as of September 19th, 2008.
2. The borrower must be relocating to a new job location.
3. The new home must be outside reasonable commuting distance from the current residence (UW's discretion).
4. The borrower must have a fully executed lease with at least a 1-year term from the closing date of their new mortgage.
5. The borrower must document receipt of the security deposit and/or first month's rent.
6. Current residence must have an LTV of 75% or less.
7. The value of current residence can be proved with the following:. * Appraisal no more than 6 months old, or * Original HUD-1 and current bank statement.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Thanks to Mark Sheck from Cherry Creek Mortgage for keeping us up to date on these changes!!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Friday, September 19, 2008
This was sent to me by another agent in our office. I thought it was worth passing on. This could mean good things for home buyers, in addition to the great low mortgage rates AND super deals on foreclosed properties!!
***************************************
Washington, DC - September 16, 2008
By: Nehemiah Corporation of America
A Bill that would save seller-funded downpayment assistance from being eliminated on October 1 passed the House Financial Services Committee today on a voice vote amidst strong bipartisan support. The Bill, The FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008, or H.R. 6694, is expected to move to the floor for a full vote in the coming days.
"We continue to believe that reinstating downpayment assistance (DPA) will ensure that working-class families that have nowhere else to turn for help will still be able to own a home," said Scott Syphax, president and CEO of the Nehemiah Corporation of America, the largest and oldest provider of downpayment assistance. "The strong bipartisan support demonstrated during today's hearing speaks to the growing sentiment that the original Housing Bill was wrong to ban DPA. As H.R. 6694 continues to move through the House and onto the Senate, we urge members of Congress, like so many others, to vote to 'amend - not end' these important programs and correct the mistake made through the initial ban."
The October 1 ban was written into law by President Bush when he signed H.R. 3221 Housing and Economic Recovery Act of 2008 on July 30, 2008. H.R. 6694 was introduced in the House of Representatives by Congressmen Green, Miller and Shays and Congresswoman Waters on July 31, 2008. If enacted into law, it will allow downpayment assistance to continue indefinitely.
Ben Allred
~~~~~~~~~~~~~~
Mike Billingsley
Remax Power Realty
**************************************
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
***************************************
Washington, DC - September 16, 2008
By: Nehemiah Corporation of America
A Bill that would save seller-funded downpayment assistance from being eliminated on October 1 passed the House Financial Services Committee today on a voice vote amidst strong bipartisan support. The Bill, The FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008, or H.R. 6694, is expected to move to the floor for a full vote in the coming days.
"We continue to believe that reinstating downpayment assistance (DPA) will ensure that working-class families that have nowhere else to turn for help will still be able to own a home," said Scott Syphax, president and CEO of the Nehemiah Corporation of America, the largest and oldest provider of downpayment assistance. "The strong bipartisan support demonstrated during today's hearing speaks to the growing sentiment that the original Housing Bill was wrong to ban DPA. As H.R. 6694 continues to move through the House and onto the Senate, we urge members of Congress, like so many others, to vote to 'amend - not end' these important programs and correct the mistake made through the initial ban."
The October 1 ban was written into law by President Bush when he signed H.R. 3221 Housing and Economic Recovery Act of 2008 on July 30, 2008. H.R. 6694 was introduced in the House of Representatives by Congressmen Green, Miller and Shays and Congresswoman Waters on July 31, 2008. If enacted into law, it will allow downpayment assistance to continue indefinitely.
Ben Allred
~~~~~~~~~~~~~~
Mike Billingsley
Remax Power Realty
**************************************
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Wednesday, September 10, 2008
Here is a video that explains the take over of Freddie Mac and Fannie Mae and what that may mean for you. I know many may be interested in this latest news and what this means for the economy and real estate market.
http://www.myfoxphoenix.com/myfox/pages/Home/Detail;jsessionid=0D2A6FE1DD0BCA86E9D6CBCD21DFFE8B?contentId=7379081&version=2&locale=EN-US&layoutCode=VSTY&pageId=1.1.1&sflg=1
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
http://www.myfoxphoenix.com/myfox/pages/Home/Detail;jsessionid=0D2A6FE1DD0BCA86E9D6CBCD21DFFE8B?contentId=7379081&version=2&locale=EN-US&layoutCode=VSTY&pageId=1.1.1&sflg=1
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Sunday, September 07, 2008
Wow, things just keep getting more "interesting" in the mortgage industry. If you've been wondering about this take over and how it may impact you, here are a couple of links worth looking at. Rates will likely get lower before they go higher, that plus the screaming deals make it a great time to pick up an investment property if you are so inclined.
http://webmail.west.cox.net/do/redirect?url=http%253A%252F%252Fwww.remax.net%252Fstories%252Fmainst%252F20080910%252F8683.htm
http://webmail.west.cox.net/do/redirect?url=http%253A%252F%252Fwww.marketwatch.com%252Fnews%252Fstory%252Ftreasury-set-bail-out-fannie%252Fstory.aspx%253Fguid%253D46d1439e-a2c4-418c-9be0-09be0b9ee60d
http://webmail.west.cox.net/do/redirect?url=http%253A%252F%252Fwww.sfgate.com%252Fcgi-bin%252Farticle.cgi%253Ff%253D%252Fc%252Fa%252F2008%252F09%252F09%252FED7R12R6CA.DTL
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
http://webmail.west.cox.net/do/redirect?url=http%253A%252F%252Fwww.remax.net%252Fstories%252Fmainst%252F20080910%252F8683.htm
http://webmail.west.cox.net/do/redirect?url=http%253A%252F%252Fwww.marketwatch.com%252Fnews%252Fstory%252Ftreasury-set-bail-out-fannie%252Fstory.aspx%253Fguid%253D46d1439e-a2c4-418c-9be0-09be0b9ee60d
http://webmail.west.cox.net/do/redirect?url=http%253A%252F%252Fwww.sfgate.com%252Fcgi-bin%252Farticle.cgi%253Ff%253D%252Fc%252Fa%252F2008%252F09%252F09%252FED7R12R6CA.DTL
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Friday, September 05, 2008
Here are a couple of graphs to give you a visual representation of the market levels these days. The top one covers all areas of the Valley and the bottom one just focuses on Maricopa and Queen Creek.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Wednesday, September 03, 2008
As property values drop, you may be wondering just how you can build equity in your home. Paying extra per month, even small amounts, can really add up in terms of paying off your loan sooner and building more equity. Simple things like 1 extra payment per year can save you thousands in interest. Even something as little as $20 extra per month can really make a difference. Here is a flyer I scanned which has some other great ways to save you money and help pay off your mortgage faster! Click for full size image. 
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Monday, September 01, 2008
Woodside Homes is the latest to go into bankruptcy. They were ranked the 26th on Builder Magazines list of 100 largest homebuilders in 2007. They have 9 communities in the valley. Read more about it here:
http://www.azcentral.com/realestate/articles/2008/08/28/20080828biz-woodside0829-ON.html
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
http://www.azcentral.com/realestate/articles/2008/08/28/20080828biz-woodside0829-ON.html
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Wednesday, August 27, 2008
Selling your house in today's market can be challenging but certainly is not impossible!! Listen to Margaret Kelly, President of Re/Max on the Today Show and her thoughts on the market and selling your home.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Sunday, August 24, 2008
Here is another article from Mary Ellen Kohut from The Mortgage Advantage, Inc. that I thought I would share with you:
*************************************
A piece of the American pie is fading fast with one of the last of the zero down programs, eliminated by HR3221, Housing and Economic Recovery Act of 2008 , kicking Down Payment Assistance programs Ameridream and Nehemiah to the curb October 1st. Banks are requiring close of escrow before the October 1st deadline. Will the DPAs bounce back? Maybe. There are court appeals, new legislation introduced, grass roots movements; but the reality is that a new law would have to be signed off by the House of Representatives, the Senate and the President. It will be months, if indeed any legislation is passed, and it will be highly regulated with many stipulations. The original Down Payment Assistance Programs, ie: Mom and Dad, are still in effect.
The Down Payment Assistance Programs are going away, but how about that new tax credit? Pretty darn cool! Buyers who have not owned homes in the past three years are eligible and it applies to homes closed after April 9, 2008 and before July 1, 2009. The tax credit is a straight dollar-for-dollar deduction of your tax bill. So a married couple who would ordinarily pay $8,000 in taxes would pay just $500. But no, your buyer is not going to get a check in the mail from the government for $7500 after closing on their home. They will have to fill out a to-be-determined form with their tax return in January or February, and the tax credit will be calculated from the taxes paid in. As always, with anything regarding the IRS; check with an accounting professional to get exact information.
FYI: Boys and Girls, read the contracts that you receive from the banks, asset managers and trustees! Escrow was opened yesterday with a contract from a bank trustee, signed by the borrowers, stating that the trustee had up to 60 days to get bank approval for deed re-conveyance. The borrowers are utilizing Ameridream, so you do the math. On Tuesday, we were waiting to close on another bank owned property, when the bank refused to give our borrower back his earnest money. He had signed a bank addendum that he would not receive ANY funds at closing. ~Mary Ellen
******************************************
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
*************************************
A piece of the American pie is fading fast with one of the last of the zero down programs, eliminated by HR3221, Housing and Economic Recovery Act of 2008 , kicking Down Payment Assistance programs Ameridream and Nehemiah to the curb October 1st. Banks are requiring close of escrow before the October 1st deadline. Will the DPAs bounce back? Maybe. There are court appeals, new legislation introduced, grass roots movements; but the reality is that a new law would have to be signed off by the House of Representatives, the Senate and the President. It will be months, if indeed any legislation is passed, and it will be highly regulated with many stipulations. The original Down Payment Assistance Programs, ie: Mom and Dad, are still in effect.
The Down Payment Assistance Programs are going away, but how about that new tax credit? Pretty darn cool! Buyers who have not owned homes in the past three years are eligible and it applies to homes closed after April 9, 2008 and before July 1, 2009. The tax credit is a straight dollar-for-dollar deduction of your tax bill. So a married couple who would ordinarily pay $8,000 in taxes would pay just $500. But no, your buyer is not going to get a check in the mail from the government for $7500 after closing on their home. They will have to fill out a to-be-determined form with their tax return in January or February, and the tax credit will be calculated from the taxes paid in. As always, with anything regarding the IRS; check with an accounting professional to get exact information.
FYI: Boys and Girls, read the contracts that you receive from the banks, asset managers and trustees! Escrow was opened yesterday with a contract from a bank trustee, signed by the borrowers, stating that the trustee had up to 60 days to get bank approval for deed re-conveyance. The borrowers are utilizing Ameridream, so you do the math. On Tuesday, we were waiting to close on another bank owned property, when the bank refused to give our borrower back his earnest money. He had signed a bank addendum that he would not receive ANY funds at closing. ~Mary Ellen
******************************************
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Friday, August 22, 2008
Whew, it has been a crazy few months for us!! We have been BUSY helping people buy houses for incredible prices and values! We've been so busy in fact that we've added Terri Hirning to Your Advisory Team in the form of Client Care Manager. She handles a lot of the behind the scenes things so we can focus on the many details of completing a real estate transaction. So evem with the upheaval in the market, we continue to help people realize their real estate dreams. And the numbers are moving up, per the Arizona Republic's figures. Here is some data about the last few months home sales in the Valley.
Last month, 4,695 existing homes changed hands, according to Arizona State University's Morrison School. That compares with 4,565 resales in June. Valley foreclosures, or trustee sales, climbed to 3,470 in July, up from 3,275 in June. In July 2007, there were 4,080 resales and 660 foreclosures.
Analysts say foreclosures must slow before the Valley's housing market begins to come back. A good sign is that pre-foreclosures, or notice of trustee sales, dipped slightly in July. That means foreclosures could begin to fall in the next few months.
Despite the uptick in home sales, prices continue to fall. The median price of a Valley resale in July was $200,750, down from $218,000 in June.
(From Arizona Republic)
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Last month, 4,695 existing homes changed hands, according to Arizona State University's Morrison School. That compares with 4,565 resales in June. Valley foreclosures, or trustee sales, climbed to 3,470 in July, up from 3,275 in June. In July 2007, there were 4,080 resales and 660 foreclosures.
Analysts say foreclosures must slow before the Valley's housing market begins to come back. A good sign is that pre-foreclosures, or notice of trustee sales, dipped slightly in July. That means foreclosures could begin to fall in the next few months.
Despite the uptick in home sales, prices continue to fall. The median price of a Valley resale in July was $200,750, down from $218,000 in June.
(From Arizona Republic)
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Wednesday, August 13, 2008
The information listed below came from an appraiser who spoke with an FHA HUD appraisal processor working with the Department of HUD directly regarding HUD Guidelines. I thought this might help explain how an FHA appraiser will be looking at properties with "liveability issues". "Subject To" means that the repairs or missing appliances/ fixtures will have to be completed and the property re-inspected (at an additional fee) before loan documents can be drawn.
Listed below are just a few (not all) of the major questions asked relating to FHA appraisal reports.
Regarding carpet. If the carpet is removed it must be replaced and the report made “subject to” due to it is a health and safety issue. The same goes for soiled, stained and cat urine carpets. This according to him is a health and safety issue and the carpets must be replaced and the report made “subject to”.. If concrete flooring is exposed where prior carpet has been removed then the report must be made “subject to” due to health and safety issue.
Also I clarified. Per HUD guidelines a stove that is a pullout-slideout is not considered a built-in stove and is not required. A dishwasher with counter above is considered built-in and is required if missing. The same goes for a microwave that is built-in. If it is missing and has the holes showing as to where it was, then it is required if missing and the report is to be made subject to.
All utilities must be on and tested at the time of the inspection. Toilets flushed, faucets tested, outlets tested, light switches tested, air conditioner and furnace tested, water heater tested for hot water and water pressure tested.
All outlets and light switches must have plate covers or the report must be made “subject to”. Exposed wires are a health and safety concern.
Homes built prior to 1978 will be made “subject to” if chipped and peeling paint is found present. (lead based paint concerns).
Pools are required to be in operating condition with functioning pumps and filters. Reports must be made “subject to” if pool is empty, green and stagnant, low water level or pumps are not functioning properly.
Broken windows will require replacement and the report must be made “subject to”.
Info courtesy of Mary Ellen Kohut, The Mortgage Advantage, Inc.1720 E. Warner Rd. Suite 1Tempe, AZ 85284
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Listed below are just a few (not all) of the major questions asked relating to FHA appraisal reports.
Regarding carpet. If the carpet is removed it must be replaced and the report made “subject to” due to it is a health and safety issue. The same goes for soiled, stained and cat urine carpets. This according to him is a health and safety issue and the carpets must be replaced and the report made “subject to”.. If concrete flooring is exposed where prior carpet has been removed then the report must be made “subject to” due to health and safety issue.
Also I clarified. Per HUD guidelines a stove that is a pullout-slideout is not considered a built-in stove and is not required. A dishwasher with counter above is considered built-in and is required if missing. The same goes for a microwave that is built-in. If it is missing and has the holes showing as to where it was, then it is required if missing and the report is to be made subject to.
All utilities must be on and tested at the time of the inspection. Toilets flushed, faucets tested, outlets tested, light switches tested, air conditioner and furnace tested, water heater tested for hot water and water pressure tested.
All outlets and light switches must have plate covers or the report must be made “subject to”. Exposed wires are a health and safety concern.
Homes built prior to 1978 will be made “subject to” if chipped and peeling paint is found present. (lead based paint concerns).
Pools are required to be in operating condition with functioning pumps and filters. Reports must be made “subject to” if pool is empty, green and stagnant, low water level or pumps are not functioning properly.
Broken windows will require replacement and the report must be made “subject to”.
Info courtesy of Mary Ellen Kohut, The Mortgage Advantage, Inc.1720 E. Warner Rd. Suite 1Tempe, AZ 85284
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Thursday, July 31, 2008
I know people have been wondering what exactly will happen with the mortgage situation and the new bill that was just passed to help homeowners in trouble. Below is some additional information about the program courtesy of Bill Kamboukos of Strategic Mortgage's blog:
FACT SHEET: FHA TO PROVIDE ADDITIONAL MORTGAGE ASSISTANCE TO STRUGGLING HOMEOWNERS
The President has signed into law legislation that will allow HUD's Federal Housing Administration (FHA) to continue providing targeted mortgage assistance to homeowners. The Hope for Homeowners program will continue FHA's existing and successful efforts to provide aid to struggling families trapped in mortgages they currently cannot afford. Under the program, certain borrowers facing difficulty with their mortgage will be eligible to refinance into FHA-insured mortgages they can afford. The program will be implemented on October 1, 2008.
Sustainable, Affordability Homeownership: Hope for Homeowners maintains FHA's long-standing requirement that new loans be based on a family's long-term ability to repay the mortgage. FHA only allows owner-occupants to be eligible for FHA-insured mortgages. Borrowers must also meet the following eligibility criteria:
Their mortgage must have originated on or before January 1, 2008;
Their mortgage debt-to-income must be at least 31 percent;
They cannot afford their current loan;
They did not intentionally miss mortgage payments; and
They do not own second homes.
Features of FHA-insured loans under the new program include:
30-year, fixed rate mortgage;
Maximum 90 percent loan-to-value ratio;
No prepayment penalties;
$550,440 maximum mortgage amount;
Extinguishment of any subordinate liens; and
New home appraisals from FHA-approved appraisers.
HUD, Treasury, FDIC and the Federal Reserve will form the Congressionally-mandated Board of Directors and work together to establish additional program standards.
Voluntary Lender Participation: FHA will continue to offer lenders an alternative to foreclosing on borrowers. Similar to FHASecure's recent expansion, lenders will be encouraged to write-down the outstanding mortgage principal balances to 90 percent of the new value of the property. In many cases, reductions in principle will cost lenders less than the losses associated with foreclosure.
Market Stability and Liquidity: By continuing to slow the rate of foreclosures, this program will support FHA's existing effort to stabilize local housing markets. From September 2007 to June 2008, FHA has guaranteed more than $93 billion of mortgage capital.
Funding: FHA will insure up to $300 billion in new loans. Borrowers will pay an upfront premium of 3 percent of the original mortgage amount and an annual premium of 1.5 percent of the outstanding mortgage amount. Any additional costs incurred by FHA will be reimbursed by Fannie Mae and Freddie Mac.
Program Timeline: The program will last from October 1, 2008 through September 30, 2011. Since September 2007, FHASecure has helped more than 290,000 families obtain safer, more affordable mortgages. FHASecure is on pace to help 500,000 families by the end of the year
For more info, check out the Strategic Mortgage blog, here's the link: http://activerain.com/blogs/vbkamb
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
FACT SHEET: FHA TO PROVIDE ADDITIONAL MORTGAGE ASSISTANCE TO STRUGGLING HOMEOWNERS
The President has signed into law legislation that will allow HUD's Federal Housing Administration (FHA) to continue providing targeted mortgage assistance to homeowners. The Hope for Homeowners program will continue FHA's existing and successful efforts to provide aid to struggling families trapped in mortgages they currently cannot afford. Under the program, certain borrowers facing difficulty with their mortgage will be eligible to refinance into FHA-insured mortgages they can afford. The program will be implemented on October 1, 2008.
Sustainable, Affordability Homeownership: Hope for Homeowners maintains FHA's long-standing requirement that new loans be based on a family's long-term ability to repay the mortgage. FHA only allows owner-occupants to be eligible for FHA-insured mortgages. Borrowers must also meet the following eligibility criteria:
Their mortgage must have originated on or before January 1, 2008;
Their mortgage debt-to-income must be at least 31 percent;
They cannot afford their current loan;
They did not intentionally miss mortgage payments; and
They do not own second homes.
Features of FHA-insured loans under the new program include:
30-year, fixed rate mortgage;
Maximum 90 percent loan-to-value ratio;
No prepayment penalties;
$550,440 maximum mortgage amount;
Extinguishment of any subordinate liens; and
New home appraisals from FHA-approved appraisers.
HUD, Treasury, FDIC and the Federal Reserve will form the Congressionally-mandated Board of Directors and work together to establish additional program standards.
Voluntary Lender Participation: FHA will continue to offer lenders an alternative to foreclosing on borrowers. Similar to FHASecure's recent expansion, lenders will be encouraged to write-down the outstanding mortgage principal balances to 90 percent of the new value of the property. In many cases, reductions in principle will cost lenders less than the losses associated with foreclosure.
Market Stability and Liquidity: By continuing to slow the rate of foreclosures, this program will support FHA's existing effort to stabilize local housing markets. From September 2007 to June 2008, FHA has guaranteed more than $93 billion of mortgage capital.
Funding: FHA will insure up to $300 billion in new loans. Borrowers will pay an upfront premium of 3 percent of the original mortgage amount and an annual premium of 1.5 percent of the outstanding mortgage amount. Any additional costs incurred by FHA will be reimbursed by Fannie Mae and Freddie Mac.
Program Timeline: The program will last from October 1, 2008 through September 30, 2011. Since September 2007, FHASecure has helped more than 290,000 families obtain safer, more affordable mortgages. FHASecure is on pace to help 500,000 families by the end of the year
For more info, check out the Strategic Mortgage blog, here's the link: http://activerain.com/blogs/vbkamb
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Sunday, July 27, 2008
Well here we go again, major change to lending guidelines, if you have been planning or wanting to purchase another home & had planned to rent yours out, you need to READ this! Feel free to call me with any questions afterwards and I will refer you to great lenders who are keeping up to date with these changes- they will be able to guide you in the best direction to reach your goals.
https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0816.pdf
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0816.pdf
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Tuesday, July 22, 2008
Here's more troubling info on the mortgage front. But, once again this is a great buying opportunity for anyone who has ever thought about owning a rental property. There are foreclosures all over the valley.
http://www.azcentral.com/arizonarepublic/news/articles/2008/07/22/20080722foreclosure0722.html
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
http://www.azcentral.com/arizonarepublic/news/articles/2008/07/22/20080722foreclosure0722.html
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Sunday, July 20, 2008
This article gives good tips for what to look for if you are interested in pursuing a foreclosed property. Careful review upfront can help ensure a happy and prosperous outcome with a rental property. Not all foreclosed properties are in need of major repairs. Some in this market at even brand new! The homes run the gamut and as always, you need to do your homework to protect yourself, along with having a skilled, knowledgeable realtor helping you each step of the way!
http://www.azcentral.com/community/gilbert/articles/2008/07/12/20080712ev-foreclosures0712-ON.html
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
http://www.azcentral.com/community/gilbert/articles/2008/07/12/20080712ev-foreclosures0712-ON.html
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Thursday, July 17, 2008
Have you heard the buzz about the mortgage bailout yet? Here's some info on what it means for the economy and for you.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Wednesday, July 16, 2008
Here is an interesting article from the Fox news website about Mortgage company (Fannie Mae and Freddie Mac) and their use of lobbyists to help enable them to open up lending with reduced down payments and looser loan terms than we've seen in past years. Although this does not change the current state of affairs in the mortgage industry, it may shed some light on why it is happening.
http://www.myfoxphoenix.com/myfox/pages/Business/Detail?contentId=7001808&version=1&locale=EN-US&layoutCode=TSTY&pageId=4.1.1
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
http://www.myfoxphoenix.com/myfox/pages/Business/Detail?contentId=7001808&version=1&locale=EN-US&layoutCode=TSTY&pageId=4.1.1
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Monday, July 14, 2008
This video may seem dismal to be posting on a Realtor's blog, but you have to look at the brightside. If you are in a position where you could take advantage of the low prices, this would be a great time to buy a rental property. This unique time in our Valley's real estate market has left an opening for some budding entrepenuers! Yes the lending is tighter but the reward could be big. When the market levels back out and the normal appreciation begins again, you could see this time as one of great opportunity.
http://www.myfoxphoenix.com/myfox/pages/Business/Detail?contentId=6999301&version=1&locale=EN-US&layoutCode=VSTY&pageId=4.1.1
Check our website here for our bank owned listings.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
http://www.myfoxphoenix.com/myfox/pages/Business/Detail?contentId=6999301&version=1&locale=EN-US&layoutCode=VSTY&pageId=4.1.1
Check our website here for our bank owned listings.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Thursday, July 10, 2008
Since this topic is more of a reality today I thought I would help people understand what a short sale is. This article by K. Michelle Lind does a good job of explaining it.
Short Sale Transactions
By K. Michelle Lind
Unfortunately, some homeowners today owe more on their home than what the property is worth. Some programs that were intended to make it easier to obtain financing and increase homeownership resulted in loans that required small or no down payment, interest-only loans that do not build equity, and other loan programs that require such small payments that the loan amount actually increases rather than decreases. As a result, some homeowners have negative equity in their homes. Stagnant or decreasing property values add to the problem. Homeowners who financed their homes with loan programs with low initial rates of one percent to two percent will experience dramatic increases in their monthly payment when the loan resets to the market rate. These and other factors have contributed to a striking increase in home loan defaults and foreclosures.
Shorts Sales
In a loan default situation, the lender may be willing to work with the homeowner to avoid foreclosure. For example, a homeowner in default who owes $300,000 on a property that is worth $250,000 may be able to convince the lender to allow the home to be sold for less than the loan amount, or even accept less than the amount owed as payment in full. This is known as a short sale. A lender may agree to a short sale to save the costs associated with a trustee’s sale, such as attorney’s and trustee’s fees, eviction, property repair and resale costs. Additionally, a lender may agree to a short sale because, if the property is foreclosed upon, the loan becomes a “non-performing” loan on the accounting books, which may affect the funds the lender can obtain from the Federal Reserve for other loans.
Seller Considerations
When considering a short sale, the seller must first determine how much is owed on the property. For example, in addition to the delinquent loan, there may be a home equity loan, past due homeowner’s association fees or unpaid property taxes. Then, the seller must add the costs of a sale, such as closing costs, escrow fees and brokerage commissions. All of the seller’s debt and costs must be factored in before determining whether a short sale is feasible.
The seller should also be aware of some of the downsides to a short sale. A short sale could affect the seller’s credit score. Further, even if a lender agrees to a short sale, the lender, the VA or the FHA may not agree to forgive the debt entirely, and may require the seller to pay the difference as a personal obligation. The outstanding debt could result in a subsequent collection action. Therefore, the seller should be certain the terms of any short sale before making a decision and obtain any debt forgiveness agreement in writing.
Also, a short sale in which the debt is forgiven is a relief of debt and may be treated as income for tax purposes. A lender who forgives a debt must submit a 1099 form to the IRS indicating the amount of the debt that has been forgiven. (Note: The NATIONAL ASSOCIATION OF REALTORS supports proposed legislation that would change this tax law.)
The seller must convince the lender that it will fare better by agreeing to a sale for less than the outstanding loan amount. Thus, a short sale may involve more documentation than the original loan application since the seller must “reverse qualify” and prove that the seller is financially incapable of paying the loan. Also, different lenders have different short sale department names, so contacting the person who has the authority to authorize a short sale on behalf of the lender may require some tenacity. The appropriate department may be called the loss mitigation, work-out, foreclosure, loan modification or loan reinstatement department.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Short Sale Transactions
By K. Michelle Lind
Unfortunately, some homeowners today owe more on their home than what the property is worth. Some programs that were intended to make it easier to obtain financing and increase homeownership resulted in loans that required small or no down payment, interest-only loans that do not build equity, and other loan programs that require such small payments that the loan amount actually increases rather than decreases. As a result, some homeowners have negative equity in their homes. Stagnant or decreasing property values add to the problem. Homeowners who financed their homes with loan programs with low initial rates of one percent to two percent will experience dramatic increases in their monthly payment when the loan resets to the market rate. These and other factors have contributed to a striking increase in home loan defaults and foreclosures.
Shorts Sales
In a loan default situation, the lender may be willing to work with the homeowner to avoid foreclosure. For example, a homeowner in default who owes $300,000 on a property that is worth $250,000 may be able to convince the lender to allow the home to be sold for less than the loan amount, or even accept less than the amount owed as payment in full. This is known as a short sale. A lender may agree to a short sale to save the costs associated with a trustee’s sale, such as attorney’s and trustee’s fees, eviction, property repair and resale costs. Additionally, a lender may agree to a short sale because, if the property is foreclosed upon, the loan becomes a “non-performing” loan on the accounting books, which may affect the funds the lender can obtain from the Federal Reserve for other loans.
Seller Considerations
When considering a short sale, the seller must first determine how much is owed on the property. For example, in addition to the delinquent loan, there may be a home equity loan, past due homeowner’s association fees or unpaid property taxes. Then, the seller must add the costs of a sale, such as closing costs, escrow fees and brokerage commissions. All of the seller’s debt and costs must be factored in before determining whether a short sale is feasible.
The seller should also be aware of some of the downsides to a short sale. A short sale could affect the seller’s credit score. Further, even if a lender agrees to a short sale, the lender, the VA or the FHA may not agree to forgive the debt entirely, and may require the seller to pay the difference as a personal obligation. The outstanding debt could result in a subsequent collection action. Therefore, the seller should be certain the terms of any short sale before making a decision and obtain any debt forgiveness agreement in writing.
Also, a short sale in which the debt is forgiven is a relief of debt and may be treated as income for tax purposes. A lender who forgives a debt must submit a 1099 form to the IRS indicating the amount of the debt that has been forgiven. (Note: The NATIONAL ASSOCIATION OF REALTORS supports proposed legislation that would change this tax law.)
The seller must convince the lender that it will fare better by agreeing to a sale for less than the outstanding loan amount. Thus, a short sale may involve more documentation than the original loan application since the seller must “reverse qualify” and prove that the seller is financially incapable of paying the loan. Also, different lenders have different short sale department names, so contacting the person who has the authority to authorize a short sale on behalf of the lender may require some tenacity. The appropriate department may be called the loss mitigation, work-out, foreclosure, loan modification or loan reinstatement department.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Monday, July 07, 2008
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Wednesday, July 02, 2008
Check out this new listing. It is amazing! The home is gorgeous and what a value for the size. It is perfect for a growing family that needs more room to spread out! Here is the description:
THIS HOUSE IS A STEAL! WHY BUY NEW WHEN YOU CAN HAVE A LANDSCAPED YARD, WINDOW TREATMENTS IN A GREAT HOME SUPER FAMILY HOME IN REMINGTON HEIGHTS! 4 BEDROOM/2.5 BATH POPULAR MODEL BY PULTE. VERY CLEAN, CRISP AND WELL TAKEN CARE OF. GREAT HOME FOR THE GROWING FAMILY! DOWNSTAIRS HAS LIVING ROOM/DINING ROOM/FAMILY ROOM AREA WITH KITCHEN AND BREAKFAST AREA/ISLAND. UPSTAIRS COMPRISES ROOMY BEDROOMS AND HUGE LOFT LARGE ENOUGH FOR BACKUP FAMILY ROOM, OFFICE SET-UP, ETC.
Contact me for more information about this great property! You can also see more information on it including additional photos by clicking here.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Tuesday, July 01, 2008
Here's an email I received from a friend about her son. Please read below and help if you can!
***********************************
Hey All,
Our son Easton and his team won the District 14 Championship for Allstars Little League!!!!! They had a little help from their coaches, one of whom in John Hilland (he is the littler coach on the far right in the picture- Easton is the third from the left behind the banner). All this means his team will represent the District 14 (east valley) area in the state playoffs which will be held in the lovely city of Kingman, Arizona from July 16-25, 2008. That means TEN DAYS of hot baseball and TEN DAYS of hotel and meal costs for twelve players! Therefore we are sending out this request for any help you can provide with a donation or sponsorship to help these kids get to the state playoffs, they need to raise $6,000.00 in the next two weeks, that is how much it costs to house and feed twelve kids for ten days (makes me glad I only had two kids!). These boys have worked very hard to beat out all the other teams for the opportunity to represent their District in the state tournament. In addition to practicing during the next two weeks, the players will be washing cars and doing any other jobs they can to earn money for their trip. Keep in mind all donations are tax deductible, a letter from the league president is attached which gives more information.
Should you have the ability to help, please contact Rochelle Hilland at 480-694-6822 or by e-mail at rochellehilland@cox.net
Larger donations of $300 or $500 Sponsorship can be done on-line note the team as 10-11 Teal All Stars ****http://www.gilbertlittleleague.com/online_sponsorships.htm
THANKS SO MUCH FOR ANY HELP YOU CAN PROVIDE. GO GILBERT AMERICAN ALLSTARS!!!!.
********************************************
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
***********************************
Hey All,
Our son Easton and his team won the District 14 Championship for Allstars Little League!!!!! They had a little help from their coaches, one of whom in John Hilland (he is the littler coach on the far right in the picture- Easton is the third from the left behind the banner). All this means his team will represent the District 14 (east valley) area in the state playoffs which will be held in the lovely city of Kingman, Arizona from July 16-25, 2008. That means TEN DAYS of hot baseball and TEN DAYS of hotel and meal costs for twelve players! Therefore we are sending out this request for any help you can provide with a donation or sponsorship to help these kids get to the state playoffs, they need to raise $6,000.00 in the next two weeks, that is how much it costs to house and feed twelve kids for ten days (makes me glad I only had two kids!). These boys have worked very hard to beat out all the other teams for the opportunity to represent their District in the state tournament. In addition to practicing during the next two weeks, the players will be washing cars and doing any other jobs they can to earn money for their trip. Keep in mind all donations are tax deductible, a letter from the league president is attached which gives more information.
Should you have the ability to help, please contact Rochelle Hilland at 480-694-6822 or by e-mail at rochellehilland@cox.net
Larger donations of $300 or $500 Sponsorship can be done on-line note the team as 10-11 Teal All Stars ****http://www.gilbertlittleleague.com/online_sponsorships.htm
THANKS SO MUCH FOR ANY HELP YOU CAN PROVIDE. GO GILBERT AMERICAN ALLSTARS!!!!.
********************************************
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Wednesday, June 25, 2008
I love, love, love when I can help families achieve their home ownership dreams! To see their smiles and know they are going to be thrilled living in their new home is what motivates me! And I love it even more when my clients are equally thrilled with the home buying/selling process. It can be the most exciting time of your lives but it can also be stressful. So, when I hear from clients who are not only happy with the outcome but also the process, I really appreciate that. Here's feedback from one family who recently sold one house and bought another:
***************************************
We would recommend Erika to anyone seeking real estate counsel and/or services in today's crazy market. Erika is intimately familiar with the east valley real estate scene. She relentlessly marketed our home, and was in touch almost daily. We always knew where she was focused as well as the temperature of our surrounding community real estate waters. We are moving to our new home on 5/10 and you will have new neighbors on 5/13! If you need to move, call Erika -
she has our highest personal endorsement!
Chris & Lori Bisgrove
**************************************
Here's a great picture of their kids in front of the sold sign:
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Friday, June 20, 2008
Do you own a business? Whether it’s small or BIG you need to take note. This fall once school starts I will be building a business network of homeowner’s in our area… the purpose will be to bond business owners together with ideas for growth, opportunity sharing & support of Highland Park Elementary events & programs, etc. (You do NOT need to have a student in the school). If you are interested in participating, call me NOW!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Sunday, June 15, 2008
It seemed like we had such a mild summer (so far) but things are eventually going to really heat up. Did you know that is a great time to golf for less? That's right, the summer heat means less money out of pocket for time on the course. Here is an article on where to go and what the costs are.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Thursday, June 12, 2008
Here's a fun article on the Mayor of Gilbert and it gives some interesting information about our city that I thought you may enjoy reading.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Wednesday, June 11, 2008
Remember my post on June 1st about auctions where I highlighted our listing on Capri about to go to auction? Just as I guessed, it is still available! If you are looking for a low price investment, here it is again. It is still available and listed at $109,500. It has 3 bedrooms, 1 bath, 1282 square feet and was built in 1973.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Tuesday, June 10, 2008
Are you beginning to think about July 4th already and wondering what you'll be doing to help celebrate our independence day? Here's some great information on cool things to do in the east valley for the 4th.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Monday, June 09, 2008
10 fastest growing Real estate markets
Read article here
I had to post this because since we have stepped into the foreclosure side of the business, I must tell you I agree with this article, I dont believe our local markets will see a swing in the pendulum till 2010, 2009 will most likely stay like it is... slow in the normal resale market, HOT in the bank owned market.
The last week of May the county recorder's office (I believe it was Maricopa County only I was
looking at) had almost 1200 homeowner's notified of foreclosure's pending! Even a typical week has 400-500 homes, that's typical?? We are going to be in this mess for quite awhile, so buckle up and hold on, it looks like it might be a bumpy ride!!
When you read this article you will also see that the supposed 10 fastest growing are not posting double digit equity jumps- so minimal they are hardly worth mentioning; other than they aren't negative.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Read article here
I had to post this because since we have stepped into the foreclosure side of the business, I must tell you I agree with this article, I dont believe our local markets will see a swing in the pendulum till 2010, 2009 will most likely stay like it is... slow in the normal resale market, HOT in the bank owned market.
The last week of May the county recorder's office (I believe it was Maricopa County only I was
looking at) had almost 1200 homeowner's notified of foreclosure's pending! Even a typical week has 400-500 homes, that's typical?? We are going to be in this mess for quite awhile, so buckle up and hold on, it looks like it might be a bumpy ride!!
When you read this article you will also see that the supposed 10 fastest growing are not posting double digit equity jumps- so minimal they are hardly worth mentioning; other than they aren't negative.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Sunday, June 01, 2008
As auctions become a familiar part of our Real Estate Landscape, I still never thought I'd see this here in the East Valley... Here's AZRepublic article about 450 homes going to auction.
A listing of mine and Tom's is on the auction block for $1000 opening bid; AND it's in town, Sossaman & Broadway to be more specific; here's the home...
The home is located at 7464 E Capri Ave., it's a 3 bedroom around 1200 sqft, there is some peeling paint & dry rot areas of wood, so a conventional or cash buyer is needed to complete the transaction. Feel free to contact us with additional questions, this house is set for auction on June 7th or 8th.
Be aware these autions have minimum reserves set (just like EBay) meaning the sales price the bank is willing to sell the house at has been set- and it will not be disclosed. The sad thing is this home will most likely still be available after the auction ends having not sold.
You can see a list of all the auction dates nationally, as well as search locally, here.
Yours to Count On,Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Thursday, May 29, 2008
Well this info comes late for a few people I have talked to over the last few months, but I am not sure how much help they can provide, if any of you from cyberspace use this please email or call me so I can post your outcome.
Forclosure HELP Hotline
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Forclosure HELP Hotline
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Thursday, May 22, 2008
Our family will be away from computers and phones for several days over the holiday weekend! Should be an experience, we'll have to report back once the weekend is over, provided we aren't buried in paperwork awaiting us on our return!
I'll be back in the office on Tues, don't hesitate to call!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
I'll be back in the office on Tues, don't hesitate to call!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Phoenix Resale Prices could fall to 2002 Values, see article here
well here's a NEWSFLASH, in alot of areas they already have! I have been showing homes to clients where a listing price today was considerably under what they were originally sold for 6-8 years ago, I can't believe as I walk thru these houses that after 10 years in real estate I would see home values this LOW ever again.
Here's comments from another reader of Catherine Reagor's BLOG regarding the above article (I full heartedly AGREE);
posted by Darrell2230 on May 23, 2008 at 12:00 PM
MIGHT fall to 2002 levels? Ya think????
Come on people. Affordability. Price/rent. Supply/demand.
This is basic econ 101 stuff.
OF COURSE we're going back to pre-bubble prices. And the sooner we get there, the better, because that is when builders will FINALLY stop adding more inventory to our already HORRIDLY oversupplied market.
A recent article I read explained how Realtor incomes have been affected, after being a 10 year veteran in the Phoenix market, I can tell you from the experiences I have and continue to have that we have all been thrown a HUGE curveball! Those of us who LOVE and live for change, who learn from it, master it and grow from it ~ will stay in this fantastic business. I have no plans to go anywhere, just business plans being re-worked.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
well here's a NEWSFLASH, in alot of areas they already have! I have been showing homes to clients where a listing price today was considerably under what they were originally sold for 6-8 years ago, I can't believe as I walk thru these houses that after 10 years in real estate I would see home values this LOW ever again.
Here's comments from another reader of Catherine Reagor's BLOG regarding the above article (I full heartedly AGREE);
posted by Darrell2230 on May 23, 2008 at 12:00 PM
MIGHT fall to 2002 levels? Ya think????
Come on people. Affordability. Price/rent. Supply/demand.
This is basic econ 101 stuff.
OF COURSE we're going back to pre-bubble prices. And the sooner we get there, the better, because that is when builders will FINALLY stop adding more inventory to our already HORRIDLY oversupplied market.
A recent article I read explained how Realtor incomes have been affected, after being a 10 year veteran in the Phoenix market, I can tell you from the experiences I have and continue to have that we have all been thrown a HUGE curveball! Those of us who LOVE and live for change, who learn from it, master it and grow from it ~ will stay in this fantastic business. I have no plans to go anywhere, just business plans being re-worked.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Monday, May 19, 2008
While an article I posted days ago stated that we were at the bottom of the market, it's important to remember that was a national glimpse of the market. Real estate is local, and I believe this article is much more close to home.. view here
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Thursday, May 15, 2008
For a weekly updated list of all homes with foreclosure dates set just revisit us weekly. Then simply click the link provided in previous sentence.
Also see the weekly sales update to keep fresh on the current market and pace of home sales.
We currently have almost 65,000 active listings on the market, this translates into a 10-12 month market with only 4% selling monthly, homes which are aggressivley priced will sell, others will remain on the market until sellers reduce prices to entice buyers to look & ultimately make a decision. (this graph will be updated within a week or so, pending sales are up a bit but 90% of the activity is within the foreclosure market where there are no sellers living in the home to make a move up purchase within our market)
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Also see the weekly sales update to keep fresh on the current market and pace of home sales.
We currently have almost 65,000 active listings on the market, this translates into a 10-12 month market with only 4% selling monthly, homes which are aggressivley priced will sell, others will remain on the market until sellers reduce prices to entice buyers to look & ultimately make a decision. (this graph will be updated within a week or so, pending sales are up a bit but 90% of the activity is within the foreclosure market where there are no sellers living in the home to make a move up purchase within our market)
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Wednesday, May 14, 2008
INVESTORS - URGENT COMMUNICATION
(this was sent to me by a loan officer I know, Barbara Heiser of Amerifirst Mortgage; her contact info is below)
Attached is a recent communication from Freddie Mac. Effective August 1, 2008 both Freddie Mac and Fannie Mae will NO longer allow financing where a borrower owns more than 4 financed properties, the previous number of properties allowed by Freddie/Fannie was 10. This is a significant change and will impact anyone who has 4 or more financed properties.
If you are an investor or if you or someone you know owns more than 4 properties it is critical to immediately consider the following:
1. If you own more than 4 financed properties and any of your loans are on an adjustable rate you have a 45 day window to get those loans refinanced to a 30 or 15 year product. If you do not do this now you could be stuck with an adjustable rate loan indefinitely. If the terms on your adjustable rate are not good then the impact could be disastrous long term
2. If you are looking to purchase a property you need to do it now! If you already own 4 or more properties and are looking to purchase a new one and wait you will find it much more difficult to obtain financing and will most likely encounter higher rates and greater down payment requirements for using a bank that does not follow Freddie Mac and Fannie Mae’s guidelines.
I am here as your resource and will be happy to provide assistance with refinancing or qualifying to purchase today. Please forward this communication to everyone you know. Most lenders are not even aware of these changes and I want everyone to have a fair chance to get their financial house in order before it is too late.
Please call Barb Heiser with any questions, Amerifirst Financial, 1910 S. Stapley Dr. #209
Mesa, AZ 85204
Business: 480-682-6605
Cell: 480-993-6717
Fax: 480-304-9118
E-Mail: bheiser@amerifirstloan.com
Web: www.TheHeiserTeam.com
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
(this was sent to me by a loan officer I know, Barbara Heiser of Amerifirst Mortgage; her contact info is below)
Attached is a recent communication from Freddie Mac. Effective August 1, 2008 both Freddie Mac and Fannie Mae will NO longer allow financing where a borrower owns more than 4 financed properties, the previous number of properties allowed by Freddie/Fannie was 10. This is a significant change and will impact anyone who has 4 or more financed properties.
If you are an investor or if you or someone you know owns more than 4 properties it is critical to immediately consider the following:
1. If you own more than 4 financed properties and any of your loans are on an adjustable rate you have a 45 day window to get those loans refinanced to a 30 or 15 year product. If you do not do this now you could be stuck with an adjustable rate loan indefinitely. If the terms on your adjustable rate are not good then the impact could be disastrous long term
2. If you are looking to purchase a property you need to do it now! If you already own 4 or more properties and are looking to purchase a new one and wait you will find it much more difficult to obtain financing and will most likely encounter higher rates and greater down payment requirements for using a bank that does not follow Freddie Mac and Fannie Mae’s guidelines.
I am here as your resource and will be happy to provide assistance with refinancing or qualifying to purchase today. Please forward this communication to everyone you know. Most lenders are not even aware of these changes and I want everyone to have a fair chance to get their financial house in order before it is too late.
Please call Barb Heiser with any questions, Amerifirst Financial, 1910 S. Stapley Dr. #209
Mesa, AZ 85204
Business: 480-682-6605
Cell: 480-993-6717
Fax: 480-304-9118
E-Mail: bheiser@amerifirstloan.com
Web: www.TheHeiserTeam.com
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Wednesday, May 07, 2008
Read what will be a well traveled article, The Housing Crisis is Over? then see the comments here... page 1 & page 2
I can tell you from current activity within my business that I dont believe this summer the market will move enough to begin correction. There are more homes selling but it's mainly foreclosed homes at sales prices that make the market move.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
I can tell you from current activity within my business that I dont believe this summer the market will move enough to begin correction. There are more homes selling but it's mainly foreclosed homes at sales prices that make the market move.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Thursday, May 01, 2008
Here's some great values we've been seeing...
2337 sqft for $214,900 almost brand new home in Highland Groves
2112 sqft for $154,000 with granite and great upgrades in Queen Creek
2898 sqft for $430's Higley Groves West
2400 sqft in Copper Basin for $144,900, I'd live in this one
3871 sqft in Cortina for only $264,900, nice home needed some paint
there's many more out there- call us so we can help you find your next home!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
2337 sqft for $214,900 almost brand new home in Highland Groves
2112 sqft for $154,000 with granite and great upgrades in Queen Creek
2898 sqft for $430's Higley Groves West
2400 sqft in Copper Basin for $144,900, I'd live in this one
3871 sqft in Cortina for only $264,900, nice home needed some paint
there's many more out there- call us so we can help you find your next home!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Foreclosure or Short Sale, which is best to buy?
Foreclosures
vs.
Short Sales
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Foreclosures
vs.
Short Sales
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Sunday, April 27, 2008
Why is it that hair dressers, nail technicians, massage therapists... all who deal directly with the public, are licensed and regulated... yet loan officers who have the ability to help or hurt people when it comes to their largest investments dont have to be...
Read the link above to find out how a Bill trying to pass legislation is stalling out, again... when we need it most of all...
Be sure if you plan to refinance, or purchase a home that you are either using a lender you trust, or ask someone to refer you to someone they have previously used... I have several trustworthy loan officers I'd be happy to refer you to, just give a call!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Read the link above to find out how a Bill trying to pass legislation is stalling out, again... when we need it most of all...
Be sure if you plan to refinance, or purchase a home that you are either using a lender you trust, or ask someone to refer you to someone they have previously used... I have several trustworthy loan officers I'd be happy to refer you to, just give a call!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Thursday, April 24, 2008
Have you been watching how home values have been correcting themselves? See Article Here There are many more affordable options out on the market again... if you've been waiting to buy, it's a great time! Sellers are negotiating and most are willing to help assist buyers with closing costs or down payment assistance programs. Call me today for more info!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Tuesday, April 22, 2008
Home Prices and how they are being affected nationwide...
You may or may not have noticed it's been 15 days since I added to my BLOG, I try to add 2x a week, but the last 2 weeks I have been staying busy visiting the market showing homes to qualified buyers...
Yes, that's right there are people out there buying while the market is in their favor, they would be the smart ones who saved and prepared themselves to invest at the very best time. I had people in from out of town this past week who told me that they had never seen as strong a Buyer's market in over 30 years... which made me think... it will be many years before I see this fantastic opportunity again ~ wish I had been mmore prepared myself!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
You may or may not have noticed it's been 15 days since I added to my BLOG, I try to add 2x a week, but the last 2 weeks I have been staying busy visiting the market showing homes to qualified buyers...
Yes, that's right there are people out there buying while the market is in their favor, they would be the smart ones who saved and prepared themselves to invest at the very best time. I had people in from out of town this past week who told me that they had never seen as strong a Buyer's market in over 30 years... which made me think... it will be many years before I see this fantastic opportunity again ~ wish I had been mmore prepared myself!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Monday, April 07, 2008
Do you qualify for the tax rebate headed to Americans soon?
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Thursday, April 03, 2008
Well, we've lost another one- I never even had the chance to walk this builder's floorplans or models- must mean they were overpriced- cause I've had buyers in those areas looking, but I dont show homes that aren't in line with the rest of the market. Or they weren't marketing themselves in the flow of where Realtors would find them.
Orleans Homes, gone
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Orleans Homes, gone
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Tuesday, March 25, 2008
I just think this is ingenius! Read story here
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Monday, March 17, 2008
Happy St. Patrick's Day!!! Remember a few weeks ago when I told you I knew a little Leprechaun getting ready to bring Pots of Gold to my clientele who was ready to receive it? Well many of you are now feeling the glee of a great buy as you click up your heels!
Here's the exciting BUYS some of our LUCKY clients have made...
1400 sqft great Mesa home for $159,900 seller covering 6% of buyers closing costs & down payments
3500 sqft on the border of Queen Creek & Gilbert for only $309,900
1500 sqft for $130,000 on a brand new home in Queen Creek - after an additional 16K was negotiated off asking price
1400 sqft for $104,000 bank owned, seller willing to pay $3260 in closing costs, great house in Maricopa
Tom's listings that are pending contract:
4284 sqft on a huge lot in Queen Creek pending at $271,000
1600 sqft, great Queen Creek area pending at $125,000
In Today’s market there are deals everywhere.. Prices in some areas have rescinded to 2003 & prior! You just have to know where to look.. Do you know someone who was waiting for the opportunity to buy a home at a decent price, with great interest rates and no bidding wars? NOW is the time!! We are working hard to stay up to date in this market so whenever you or anyone you know is considering a move, please call us, we are never too busy to help!
Here's more market updates;
East Valley MLS statistics...only 4% of homes on market selling monthly
Are you or anyone you know considering an investment property? View active listings below:
Gorgeous Homes in Great Areas
Bank owned listings only
East Valley Foreclosures
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Monday, March 10, 2008
Valleywide Market Stats
Not so good news; there are now almost 65,000 listings (last month there were only 55,000) and we have dropped from 7-8% of homes selling monthly to 4% of them selling monthly. Those numbers obviously affect one another, higher number of active listings lowers the percentage selling monthly.
Better news;
I have experienced more activity in the market in past 2-3 weeks, but it doesn't look like it has begun to mean more closings. The most active price range is anything under 200K on the outskirts of town (sometimes multiple offers on properties within days of listing, especially bank owned homes).... I am also seeing much more activity here in Gilbert and I am basing that on the number of sign calls I am receiving on my listings within Morrison Ranch, mainly the smaller ones under 300K.
All buyers are still looking and searching for the deal, and are willing to hold out or move onto other properties, so sellers must be aware that even if they are being shown it may not produce any offers, specifically if the buyers believe from viewing many homes that yours is overpriced.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Not so good news; there are now almost 65,000 listings (last month there were only 55,000) and we have dropped from 7-8% of homes selling monthly to 4% of them selling monthly. Those numbers obviously affect one another, higher number of active listings lowers the percentage selling monthly.
Better news;
I have experienced more activity in the market in past 2-3 weeks, but it doesn't look like it has begun to mean more closings. The most active price range is anything under 200K on the outskirts of town (sometimes multiple offers on properties within days of listing, especially bank owned homes).... I am also seeing much more activity here in Gilbert and I am basing that on the number of sign calls I am receiving on my listings within Morrison Ranch, mainly the smaller ones under 300K.
All buyers are still looking and searching for the deal, and are willing to hold out or move onto other properties, so sellers must be aware that even if they are being shown it may not produce any offers, specifically if the buyers believe from viewing many homes that yours is overpriced.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Tuesday, March 04, 2008
A judge overuled HUD's decision to end Ameridream (and programs like it, Nehemiah, etc), giving options to more Americans looking to own homes, read all info here
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Wednesday, February 27, 2008
Builders going out of business!
As many of you know, the new home building industry is going through some dramatic changes.
Trend Homes is now in bankruptcy
Engle Homes is now in bankruptcy
Randall Martin just walked away from all their subdivisions
HomeLife just sold to another company
Taylor Woodrow has merged with Morrison
See the Builder Implode-O-Meter here
At this time, I am recommending that my buyers purchasing a newly-constructed home, even if it’s a spec home, make their earnest deposit check out to the title company instead of the builder. There should also be language in the contract that the money does not get released to the builder until the close of escrow.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
As many of you know, the new home building industry is going through some dramatic changes.
Trend Homes is now in bankruptcy
Engle Homes is now in bankruptcy
Randall Martin just walked away from all their subdivisions
HomeLife just sold to another company
Taylor Woodrow has merged with Morrison
See the Builder Implode-O-Meter here
At this time, I am recommending that my buyers purchasing a newly-constructed home, even if it’s a spec home, make their earnest deposit check out to the title company instead of the builder. There should also be language in the contract that the money does not get released to the builder until the close of escrow.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
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