The Phoenix Metro Group:
About us: Brokered by HomeSmart, the Phoenix-Metro Group strives to be the leading real estate group in the Phoenix-Metro area. The most important element of each real estate transaction is our relationship with you. This relationship is built on trust and and for getting the job done from our first meeting to the closing and beyond.
This is definitely a Gem here in Arizona! If you are looking for the perfect retreat and sun 360 days out of the year, then this is it!!!
In Arizona waterfront property is few and far between. This is a bank owned foreclosure – they want it sold! Make your offer today.
For details and pics go here: Arizona Beach Front Home
At the end of June, M&I bank announced that they are extending their foreclosure moratorium until September 30th, 2009. Don’t expect to see their REO inventory anytime soon.
Fannie and Freddie had quietly lifted their moratorium back in April. The homes that were unable to get modifications or short sell are still facing foreclosure and should be hitting the auction block. If they don’t sell at the courthouse, buyers should be seeing more and more of those as REO’s available.
Low-cost refinancing for responsible homeowners suffering from falling home prices
In response to the Homeowner Affordability and Stability Plan, CFS Mortgage is pleased to announce a new refinance option. The Fannie Mae Refi Plus Program is a fixed rate, fully amortizing, conventional conforming first lien mortgage loan program.
The Refi Plus Program is designed to allow individuals refinance their properties at historical low interest rates in areas of the country where home values have declined.
Features of the Refi Plus Program:
Loans up to 105% of the value of your home
Primary Homes -105%
Second Homes – 105%
Investment Properties – 105%
620 Fico Scores
Loan amounts to 417,000
No limit to the number of properties owned
Loan must be a Fannie Mae Loan
Salaried borrowers require one paystub
Self-employed borrowers require one year’s federal tax return
No mortgage insurance required if you do not currently have it
Existing mortgage insurance remains same if you have it
Existing second mortgages must remain in place
Please call for details and to see if your home has a Fannie Mae eligible loan.
In Arizona Call:
Marvin Elkin Jr.
Lion’s Gate Mortgage
4550 East Bell Road
Building 5, Suite 150
Phoenix, Arizona 85032
Direct Phone 480-250-7401
Direct Fax 602.218.7494
For the most part, a 620 fico score is now required for FHA, VA and Conventional loans. If a borrower is trying to raise their score to this level, here are some pointers. It is very difficult to erase or change the old, bad, credit history unless it is false. Therefore, they need to focus and creating a positive credit history going forward.
Ideally they should have 2 or 3 open, active, on-time lines of credit that report to the credit bureaus (cars, credit cards, student loans). The best and safest way to do this is by opening a secured credit card. You send the creditor money and then you can spend that money with the credit card (like a debit card except that they report to the 3 credit bureaus as a perfectly paid credit card).
There are several “no credit check, automatic approval” secured credit cards that can be found on www.bankrate.com (then click Credit Card tab, then “Select by credit type”, then select “Bad Credit”).
Having a family member add them as an authorized user would also work. If they already have credit, they should try to get their balance on the credit card under 35% of the max credit limit. Once they start getting ready to apply for their mortgage they should not have their credit run for 90 days prior to applying for the mortgage.
The best way to check your credit and dispute inaccuracies is by ordering your free credit report (www.annualcreditreport.com or 877.322.8228) and use the dispute form they give you. This will not count as an inquiry on your credit and you are entitled to one report per credit bureau, per year. The report is free but you will have to pay to see your Fico scores.
The competition for desirable homes under $150k sales price has increased dramatically over the past several months. Multiple offers above list price are not uncommon. It is important to note that the buyer/borrower is still “protected” by the appraisal. Re-negotiations even on bank owned properties normally seem to end up setting the new purchase price equal to the appraised value. The appraisal on FHA and VA loans stays with the property for 6 months.
Also, the new national appraisal ordering system for all Conventional appraisals keeps the seller from wondering if the buyer and “his” appraiser are working together to get a lower sales price. Just some food for thought as you hopefully work to find your buyer homes in the market.
If have a home that you need to sell, whether you are upside down or not give us a call at the Phoenix Metro Group.
Amy Gerrish | www.phoenix-metro.com| 480-294-8680 | amygerrish@gmail.com
* Arabian Trails
* Bella Vista
* Bella Vista Farms
* Bonanza Ranch
* Borgata
* Caballero
* Cambria
* Canyon Rock
* Castlegate
* Circle Cross
* Copper Basin
* Dobson Farms
* Equestrian Manor
* Estates
* Fairways I, II & III
* Gallery I, II & III
* Goldmine Equestrian
* Greens I & II
* Home Place
* Horseshoe Canyon
* Ironwood Crossing
* Johnson Ranch Phase I
* Johnson Ranch Phase II
* Lakeview Gardens
* Laredo Ranch
* Lariat
* Legends
* Magic Ranch
* Magma Ranch
* Masters
* Meadow Vista
* Moonshadow
* Morning Sun Farms
* Mustang Ridge
* Northern Johnson Ranch
* Oasis Magic Ranch
* Ocotillo Trails
* Ocotillo Verde
* Ocotillo/Kenworthy
* Pecan Creek
* Pecan Farms
* Pecan South
* Ponderosa
* Quail Run
* Rancho Bella Vista
* Riding Stables
* Rodeo Ridge
* Rurals
* RV Park
* San Tan Heights
* San Tan Shadow
* Silverado Ranch
* Skyline Estates
* Skyline Ranch
* Solera
* Sonoran Villages
* Southern Johnson Ranch
* Stagecoach Pass
* Sterling
* Stonegate, Rosewalk
* Superstition Views
* Taylor Ranch
* The Crossings
* The Links
* The Springs
* Torrey Park
* Trilogy
* Ware Farms
* Wayne Ranch
* Whitewing
For complete facts about the name and zipcode change please visit the Pinal County website: http://pinalcountyaz.gov/Residents/Pages/SanTanValley.aspx
Wow – what a year!
I wrote a market update last year in January 2008 for Queen Creek. Touting foreclosures and what you need in order to purchase one.
Here’s a small portion of the how to:
So, you may be asking, “How can I get one of those homes?”
Many of the lenders that own the homes are making it easy for you because they have hired Realtors to list the properties for them. Below are a few requirements and suggestions to make the buying process run smooth.
Be patient, the banks are overloaded with these properties and may take a while to close.
Your next question may be, what about 2009????
Well, pretty much more of the same, except with lower prices. I know my friends that own there will not be happy with me for saying that, but it’s true. Prices dropped even lower since the beginning of 2008.
Record breaking right? Let’s put this into perspective.
Every month our inventory grows by 220 homes, and has been for a while – which is driving down the prices. Unless there is some miraculous slow down of the foreclosures or our economy does a major swing shift, prices will continue to be on the decline throughout the year.
The majority homes hitting the market are Bank Owned Foreclosure (aka R.E.O’s) and pre-foreclosures (aka Short Sales). According to the foreclosure notices recorded by the Counties (Pinal & Maricopa both serving Queen Creek) there will not be a shortage of REO’s. The ones that were recorded in January will probably hit the market around March/April – by that we know that inventory is high, and will get higher – prices will come down more and the buyers market will continue undoubtedly.
So when is the right time to buy???
This all depends on your situation. Analyze your motives for buying a house. Do you need to upgrade to a larger house because of a growing family? Downgrade because of the economy? Are you looking for an investment property? Are you looking for a retirement home? Relocating?
Another factor to consider is time! If you are relocating and only have 60 days to find something, you won’t be dissapointed by your choices – so much to see, so little time.
Another factor is mortgage rates. If they are going down to 4% then that is also another thing to take advantage of!
If the time is right for your situation, then start looking. I would be happy to tour you around Queen Creek. I also do Foreclosure Tours tailored to your specific needs. Just call or email me to set up a tour!
Thank you for reading my blog!
For a free list of Arizona Foreclosures please visit:
http://www.amygerrish.com/web/pgcnfID_50738/UPDATED-FORECLOSURE-LIST
The Barney Family Sports complex, a 65,000-square-foot concrete and steel building, is nearing completion. The complex is designed for family fun and sports activities and is located on nine acres along Queen Creek Road between Crismon and Signal Butte roads.
To see how construction is progressing visit: http://thebfsc.blogspot.com/
Project leader Kenny Barney has said the complex will be a venue for team sports including soccer, volleyball, lacrosse, basketball, flag football and roller hockey. The facility will feature two indoor fields: one made of turf and the other a hard floor. The center will include a weight room, locker rooms, a fitness room and a pro shop.
