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!!
Wednesday, August 27, 2008
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:
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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
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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!!
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