FORECLOSURES IN TUCSON
It was reported that more than 5,000 homes in Tucson fell in to foreclosure in the initial nine months of 2007.
· These foreclosures included lower income AND upscale communities.
· It is believed this was nearly double the amount of foreclosures from 2006.
Other known facts and statistics:
· Approximately 60 out of 80 homes are sold at auctions or repossessed by the bank. That’s 75%!
· Banks prefer to negotiate when a homeowner is being represented by an attorney or a real estate professional.
SELLER:
· A foreclosure may damage your credit for more than four years
· The Better Option (in my opinion): A shortsale - this may allow you to rebuild your credit faster and in Arizona you won't get a deficiency judgment. In other words the bank CANNOT go after you for the money they lost in the short sale. TAKE ADVANTAGE OF THIS!
· A bank may assist buyers with closing costs even in a shortsale
If you or someone you know are facing financial difficulties—YOU ARE NOT ALONE!
Don’t let your dismay be the driving force of your decision. Empower yourself by knowing your options. Re-claim control now. It is not too late. You can rebuild your life, your finances and even your credit.
YES YOU CAN! Think about how fast this year went by. Even if you have to sell your home without profit, if you beat the foreclosure auction, in as little as one year you may be on the market for a home again!
I am here to listen to you and help you.
BUYER:
If you are looking for REO's (Real Estate Owned) properties, in other words, homes that have been foreclosed upon and the "bank" owns them, I know where these are.
I can send you a FREE list of these properties AND I want to earn your business of course.
Tuesday, March 04, 2008
Wednesday, June 20, 2007
What is a Short Sale? You've heard the term before but you don't exactly know what happens and how it will affect you and your credit. Here is a great article found on Realtor Magazine online. It is worth reading it if you are a seller and are thinking, or were suggested, to do a Short Sale.
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Was this article helpful? Let me know yes or no or even what kind of articles you would like to see posted or any other information that I can send you regarding real estate.
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Friday, June 23, 2006
10 Things to Take the Trauma Out of Homebuying
1. Find a real estate professional who’s simpatico. Homebuying is not only a big financial commitment, but also an emotional one. It’s critical that the practitioner you choose is both skilled and a good fit with your personality.
2. Remember, there’s no “right” time to buy, any more than there’s a right time to sell. If you find a home now, don’t try to second-guess the interest rates or the housing market by waiting. Changes don’t usually occur fast enough to make that much difference in price, and a good home won’t stay on the market long.
3. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas will make it much harder to make a decision.
4. Accept that no house is ever perfect. Focus in on the things that are most important to you and let the minor ones go.
5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price may lose you the home you love.
6. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself—room size, kitchen—that you forget such issues as amenities, noise level, etc., that have a big impact on what it’s like to live in your new home.
7. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate insurance availability, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.
8. Factor in maintenance and repair costs in your post-homebuying budget. Even if you buy a new home, there will be some costs. Don’t leave yourself short and let your home deteriorate.
9. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big commitment, but it also yields big benefits.
10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually from 1998 to 2002, a home’s most important role is as a comfortable, safe place to live.
Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®
Copyright 2005. All rights reserved. www.REALTOR.org/realtormag
When will interest rate increases stop? Back in November 2005, interested rates were at 4%, in January '06 it was hinted that we would soon see the end of interest rate increases. Still on May 11th '06 interest rates were increased once to 5%, the highest in five years and now rates are up to 6.75% and it is said we will most likely continue to see increases.
I am of the opinion that even though interest rates continue to creep up the real estate market is finally stabilizing and perhaps it is because of the interest rates going up. I believe the rates have balanced out the pricing and both buyers and sellers are finally realizing that it is not about a "sellers market" or a "buyers market" but finally about a long term investment.
Don't be discouraged, buy now: Plan ahead and act on your future today! Don't wait to see if the rates will be lower the next time the "Feds" meet. Invest in real estate today and you will benefit in the long run. Ask a lender and you'll see.
Buyer, Seller, visitor...what do you think?
I am of the opinion that even though interest rates continue to creep up the real estate market is finally stabilizing and perhaps it is because of the interest rates going up. I believe the rates have balanced out the pricing and both buyers and sellers are finally realizing that it is not about a "sellers market" or a "buyers market" but finally about a long term investment.
Don't be discouraged, buy now: Plan ahead and act on your future today! Don't wait to see if the rates will be lower the next time the "Feds" meet. Invest in real estate today and you will benefit in the long run. Ask a lender and you'll see.
Buyer, Seller, visitor...what do you think?
VIEW LISTINGS
If you are interested in specific real estate information such as a house or investment property recently listed or sold in your area or any information on any property, you may contact me, Karen Keough at (520) 730-2285 .
If you are interested in specific real estate information such as a house or investment property recently listed or sold in your area or any information on any property, you may contact me, Karen Keough at (520) 730-2285 .
Saturday, November 05, 2005
Latest on Condo Conversion's Future
On Friday, November 4th, 2005, an article on the San Diego Daily Transcript written by THOR KAMBAN BIBERMAN it was reported that there are about 15,000 condominium-conversion units in the pipeline in San Diego alone, not counting those in other county cities.
Furthermore in cities such as El Cajon (not included in the number mentioned above), there are 2,213 approved condominium units and a whole lot more being processed.
Some of these, if not the majority of these buildings were originally built as apartments under apartment construction standards as opposed to a few that were built as condominiums and built with, perhaps, a superior construction standard.
Nevertheless, as with any construction, including new construction, what you should be aware of in a condo conversion, or any condominium building for that matter, is that it's not necessarily the quality of the old materials vs. the quality of the new materials that you should be concerned with. It is more complicated than that.
Your enjoyment of living in all homes, especially in bulk condominiums, depends on:
1) a thorough inspection done from your part, the buyer (hire an inspector if you have to)
2) the improvements ordered by the seller, cosmetic & structural
3) the quality of work done by the contractors, sub contractors & laborers that worked on the renovation of the individual unit and/or the building
4) Murphy's Law - what can go wrong will go wrong, and it may not be anybody's fault but Father Time's or Mother Nature (in some instances).
Take for example lots of new construction...pay close attention and you will notice stucco cracks on brand new homes or retaining walls. Or have you ever walked into a model and see that a repair is going on, maybe to the heater or a sink?
Why? You may ask yourself, if it's a brand new construction. Well that is because even new constructions aren't exempt from faulty appliances or laborers who mixed a bad batch of stucco, too thin or to thick.
The difference in new vs. conversion, when it comes to condominiums, or detached single family houses too, is that more than likely the developer will have a warranty that will exceed the one year home warranty that is usually provided with "re-sale homes" or "conversions".
Do you approve or disapprove of condo conversions?
On Friday, November 4th, 2005, an article on the San Diego Daily Transcript written by THOR KAMBAN BIBERMAN it was reported that there are about 15,000 condominium-conversion units in the pipeline in San Diego alone, not counting those in other county cities.
Furthermore in cities such as El Cajon (not included in the number mentioned above), there are 2,213 approved condominium units and a whole lot more being processed.
Some of these, if not the majority of these buildings were originally built as apartments under apartment construction standards as opposed to a few that were built as condominiums and built with, perhaps, a superior construction standard.
Nevertheless, as with any construction, including new construction, what you should be aware of in a condo conversion, or any condominium building for that matter, is that it's not necessarily the quality of the old materials vs. the quality of the new materials that you should be concerned with. It is more complicated than that.
Your enjoyment of living in all homes, especially in bulk condominiums, depends on:
1) a thorough inspection done from your part, the buyer (hire an inspector if you have to)
2) the improvements ordered by the seller, cosmetic & structural
3) the quality of work done by the contractors, sub contractors & laborers that worked on the renovation of the individual unit and/or the building
4) Murphy's Law - what can go wrong will go wrong, and it may not be anybody's fault but Father Time's or Mother Nature (in some instances).
Take for example lots of new construction...pay close attention and you will notice stucco cracks on brand new homes or retaining walls. Or have you ever walked into a model and see that a repair is going on, maybe to the heater or a sink?
Why? You may ask yourself, if it's a brand new construction. Well that is because even new constructions aren't exempt from faulty appliances or laborers who mixed a bad batch of stucco, too thin or to thick.
The difference in new vs. conversion, when it comes to condominiums, or detached single family houses too, is that more than likely the developer will have a warranty that will exceed the one year home warranty that is usually provided with "re-sale homes" or "conversions".
Do you approve or disapprove of condo conversions?
Good News for Landlords
NO MORE 60-DAY NOTICE TO TERMINATE TENANCY - The 60-day notice of termination requirement for month-to-month tenancies will be repealed at the end of this year. Effective Jan. 1, 2006, residential landlords and property managers may give a 30-day Notice to Terminate to their month-to-month tenants, unless rent control or subsidized housing rules apply. Recent efforts by C.A.R.’s Legislative Dept. helped to successfully to do away with the 60-day rule, which originally started in 2002 to help tenants who needed more time than the allotted 30 days to make new housing arrangements in a tight rental market.
For more accurate informatin on this link to the California Department of Consumer Affairs website at http://www.dca.ca.gov/legal/landlordbook/moving-out.htm
NO MORE 60-DAY NOTICE TO TERMINATE TENANCY - The 60-day notice of termination requirement for month-to-month tenancies will be repealed at the end of this year. Effective Jan. 1, 2006, residential landlords and property managers may give a 30-day Notice to Terminate to their month-to-month tenants, unless rent control or subsidized housing rules apply. Recent efforts by C.A.R.’s Legislative Dept. helped to successfully to do away with the 60-day rule, which originally started in 2002 to help tenants who needed more time than the allotted 30 days to make new housing arrangements in a tight rental market.
For more accurate informatin on this link to the California Department of Consumer Affairs website at http://www.dca.ca.gov/legal/landlordbook/moving-out.htm
Friday, November 04, 2005
On a more familial informational news...
Is Your Child Old Enough for a Cell Phone?
Although I am no expert in this arena, I do have children of my own and every week I am asked if I have thought about it "hard", as my 9 year old says, and if I will give her a cell phone soon.
I thought this bit of information would be useful for you, my clients who have children, or if you have relatives who have children who have posed that very delicate question.
After much research I have found a website that provides so much information regarding how to approach the ‘cell phone’ question. It is also a great website for information on other important subjects we face regarding what goes on in our schools. www.greatschools.net
Here is what I found on cell phones available for the younger school children:
Currently available are the Firefly, Leapfrog’s TickTalk and Wherify Wireless’s Wherifone.
The Firefly offers:
· "Mom" and "Dad" speed-dial keys
· A parent-programmed, PIN-protected phone list
· A 911 button for emergency calls
The TickTalk can:
· Make and receive calls only to pre-approved numbers
· Monitor minutes used
· Double as an educational game platform
The Wherifone comes with:
· A GPS (Global Positioning System) tracking device so that parents can locate their child 24/7
· A 911 button
· A two-way voice speaker system
Is Your Child Old Enough for a Cell Phone?
Although I am no expert in this arena, I do have children of my own and every week I am asked if I have thought about it "hard", as my 9 year old says, and if I will give her a cell phone soon.
I thought this bit of information would be useful for you, my clients who have children, or if you have relatives who have children who have posed that very delicate question.
After much research I have found a website that provides so much information regarding how to approach the ‘cell phone’ question. It is also a great website for information on other important subjects we face regarding what goes on in our schools. www.greatschools.net
Here is what I found on cell phones available for the younger school children:
Currently available are the Firefly, Leapfrog’s TickTalk and Wherify Wireless’s Wherifone.
The Firefly offers:
· "Mom" and "Dad" speed-dial keys
· A parent-programmed, PIN-protected phone list
· A 911 button for emergency calls
The TickTalk can:
· Make and receive calls only to pre-approved numbers
· Monitor minutes used
· Double as an educational game platform
The Wherifone comes with:
· A GPS (Global Positioning System) tracking device so that parents can locate their child 24/7
· A 911 button
· A two-way voice speaker system
In the news: Rates were raised once again from 3.75% to 4%, where it had been since the last interest-rate raise on September 20. This is the 12th consecutive quarter-point increase since the Fed began gradually raising rates in June 2004. There is talk that Greenspan will increase a 1/2 point rather than a quarter point in their next meeting in December which may mean the rate increase may not be seen again in January. Nevertheless, even after Greenspan's departure, we can expect rates will continue to rise with the coming of the new Chairman Bernanke at a quarter of point each meeting, hopefully caping at 4.75.
What do I think may happen in California and Arizona's real estate which is where I do the bulk of my business and investments? These forseeable and expected increases may create to much of an anticipation in California among both sellers and buyers causing sellers to sell lower than the neighbor before buyers stop buying because they can no longer afford even an interest only loan. Another thing that could happen is another wave of foreclosures on recently purchased properties within the last year. Particularly the properties priced below the median price which were purchased with marginal loans by buyers who needed to get in before the rate hikes but may have been a little tight on making ends meet and stretched the numbers to obtain the loan.
In Arizona, on the other hand, buyers may experience an enhanced anticipation created by other out of state buyers that come from states with higher median home prices and CAN afford Arizona's median home price. This competition of buyers could create a bit of increased and favorable demand for sellers.
But then again - that is only an educated opinion. What do you think?
What do I think may happen in California and Arizona's real estate which is where I do the bulk of my business and investments? These forseeable and expected increases may create to much of an anticipation in California among both sellers and buyers causing sellers to sell lower than the neighbor before buyers stop buying because they can no longer afford even an interest only loan. Another thing that could happen is another wave of foreclosures on recently purchased properties within the last year. Particularly the properties priced below the median price which were purchased with marginal loans by buyers who needed to get in before the rate hikes but may have been a little tight on making ends meet and stretched the numbers to obtain the loan.
In Arizona, on the other hand, buyers may experience an enhanced anticipation created by other out of state buyers that come from states with higher median home prices and CAN afford Arizona's median home price. This competition of buyers could create a bit of increased and favorable demand for sellers.
But then again - that is only an educated opinion. What do you think?
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