The Forgotten ones
October 6th, 2009 categories: Real Estate News
Here are pictures of my latest 3 foster babies:
Betsy- a four month old Plott Hound Puppy, passed up by another rescue, 
with inflamed growth plates- on the E-list, meaning scheduled to die- What joy she has brought to our house.
Hank- the Black and Tan Coon Hound that spent half his life at the human society. 
He thinks he is a lap dog and just loves a good ear rub.
Paige- a Bloodhound mix-Left at a shelter with some kind of burn on her back. She cowers at the site of humans, but today after 48 hours with us, let me rub her ears. She weighs 40 lbs and you can see every muscle and bone in her body.
She will need a very patient family to help her get over the abuse that she has been exposed to.
The Arizona Basset rescue also just took in a “bald” basset with an unknown skin problem, and are looking to place a 13 year old Basset girl. AZBHR has have 6 babies in boarding looking for a foster home.
Please spay and neuter your animals- the shelters and rescues are busting at the seams and we need your help.
| Discussion: 6 Comments »
MDIA-Mortgage Disclosure Improvement Act (MDIA) of 2008
July 31st, 2009 categories: Mortgage and Lending
There are some requirements in the mortgage and lending industry that buyers and sellers need to be aware of as it may impact close of escrow dates.
This information is from Amy Swaney of Peoples Mortgage.
As a part of the Housing and Economic Recovery Act of 2008 (HERA – The law that did away with Seller-Funded Down Payment Assistance) there were significant changes made to the Truth-in-Lending Act. These changes were called the Mortgage Disclosure Improvement Act (MDIA) of 2008. The application of these changes began yesterday, July 30, 2009.
WHAT ARE THE CHANGES?
Much like a recession period on a refinance, MDIA requires that a borrower must be given a certain amount of time to review the ACCURATE fees and program that has been disclosed to them before they can close on ANY loan transaction. These are FEDERAL changes, thus all lenders (bank or broker) must comply.
There are 4 specific areas where the change will affect the close of escrow date on a loan transaction.
1. Closing MAY NOT OCCUR until 7 business days after the initial disclosures (loan application and Truth-in-Lending (TIL) Disclosure) are sent to the borrower. Business days include Monday through Saturday and exclude Sundays and federal holidays.
Examples of how this may affect your client
§ If your client changes lenders, the loan cannot close for a minimum of 7 business days.
§ Your borrower is totally prepared and thus gets a contract accepted based upon a RUSH closing. The closing MAY NOT OCCUR prior to 7 business days of initial disclosures.
2. Any change in the Annual Percentage Rate (APR) by more than 0.125% requires the Truth-in-Lending Disclosure to be revised and delivered to the borrower 3 business days before the loan can sign. For example, if the loan amount is $100,000, any change in fees over $125 would change the APR by .125%. The 3 day waiting period cannot start before the disclosure is delivered.
The delivered date is determined by the method of delivery, if TIL is delivered by…
Face to Face the TIL is considered delivered the same day.
Email or FAX the TIL is considered delivered the next day.
Mail the TIL is considered delivered in 3 days.
*Please Note: Changes to certain title fees can trigger the re-disclosure requirement especially on bank owned transactions!
Examples of how this may affect your client
§ At initial application the borrower is given a Good Faith and TIL before a property is found. Once a property is found, the sales price is different thus the origination fee is different, a new disclosure is required and signing cannot occur for a minimum of 3 business days.
§ The initial disclosure shows a 5.5% interest rate but when a property is found the borrower decides not to lock in the interest rate. The interest rates drop to 5.25% and borrower decides to lock in, a new TIL must be delivered and signing cannot occur for a minimum of 3 business days.
§ The revised TIL is delivered to borrower when loan is locked. Repairs are required on the appraisal and the seller takes 30 days to complete and your client’s lock is about to expire which will require a lock extension fee. A new TIL will be required to be delivered and signing cannot occur for a minimum of 3 business days.
3. The Good Faith Estimate and TIL disclosure must be re-disclosed and delivered to the borrower 3 days prior to signing when…
§ The loan program changes between a Fixed and Balloon
§ The loan program changes between a Fixed and ARM
§ The loan program changes between types of ARMs (i.e. 3/1 to 5/1, interest only to amortized)
§ The loan program changes between conventional with MI and conventional without MI
§ The loan program changes between conventional and government
§ The loan program changes between FHA and VA
4. Upfront fees for appraisal CANNOT be collected until the initial disclosures are delivered to the borrower.
These changes are important to understand as a very small mistake can create a delay in the COE. Obviously the borrower’s choice of what lender to use will become even more important as changes will also create more delays! Please let me know if you have specific questions.
If you have additional questions Amy can be reached via email .
| Discussion: 6 Comments »
More positive signs that the Phoenix Real Estate Market is rebounding
July 18th, 2009 categories: Real Estate News, phoenix real estate
There have been several positive articles and reports that indicate that maybe the we are on our way to better times in the Phoenix Real Estate Market.
Additionally, mortgage rates dropped for the third week in a row.
The 30-year fixed-rate mortgage averaged 5.14 percent for the week ending July 16, down from 5.20 percent for the previous week. One year ago, the 30- year rate averaged 6.26 percent.
Fifteen-year fixed rate loans averaged 4.63 percent, down from last week when it was 4.69 percent. A year ago at this time, the 15-year FRM averaged 5.78 percent.
Here are some recent articles with good news for a change:
July 17.2009 Fulton Homes sees burst of sales in recession
July 17, 2009-Housing starts surge from CNN Money
July 8, 2009- Valley homes Sales up in June
April 29, 2009-Blandford Homes buys Gilbert lots after Randall Martin Homes defaults-Good news when half built subdivisions are being completed.
| Discussion: 2 Comments »
Phoenix Real Estate- Market Statistics June 2009
July 9th, 2009 categories: For Buyers, Market Statistics, Phoenix Foreclosures
Here is a snapshot of Phoenix Home Sales for June. The was an increase in the price/sqft for homes sold in June.
Inventory continues to decline with only a 2.8 month supply of homes.
Phoenix Foreclosures
Foreclosures are being snapped up quickly, leaving only a 1 month supply of foreclosed homes. There is talk of another wave of foreclosures later this summer- only time will tell.
| Discussion: 1 Comment »
Give them a voice
July 8th, 2009 categories: Animal Rescue, Charity
Not real estate related.
This is dedicated to the hounds that I foster. I received 2 new girls today- a Black and Tan Coon Hound, a beautiful girl on the E-list- meaning she was ready to have a needle inserted into her veins and she would die. I also received a beautiful Red Tick Coon Hound today scheduled to receive a needle into her veins to make her die- but now she lives and is happy- Owner turn ins- “she needs more exercise” “we are changing our lifestyle” but I guess they do not care if they die.
Are you looking for a lifelong companion- then please look to your local shelters.
Here is a picture of these sweet girls
| Discussion: 2 Comments »
Phoenix Foreclosures-The Real Story
June 27th, 2009 categories: For Buyers, Market Statistics, Phoenix Foreclosures, phoenix real estate
25 offers, 19 offers, rude buyers agents barging in on agents currently showing the property. Listing agents that do not return calls, list with no lockbox- and it was 110 today- and most homes have no power.
Great prices- sure- be prepared to make multiple offers on multiple properties- week after week. If you are obtaining financing- you will be bidding against cash buyers.
If you want to offer below list price, you might as well stay home and enjoy the air conditioning.
Inventory continues to decline- thus the rule of supply and demand takes shape. With inventory declining, prices will start to increase.
So if you think you are going to come to Phoenix and buy a 1500 sqft home for $60K that is move in ready- think again.
Here is a snapshot of Phoenix Foreclosures
| Discussion: 3 Comments »
Rest in Peace Farrah and Michael
June 25th, 2009 categories: Real Estate News
As a forty something person, these people were very much apart of my music and TV life growing up. Taken so young- God Bless both- and your legacy will live on.
Condolences to all their family and friends.
| Discussion: No Comments »
It only takes a second….
June 21st, 2009 categories: General Information
Summer is in full swing, and temperatures are rising in the Phoenix area.
With the hot weather come reports of children being pulled from pools.
Remember to lock your pool gates, fence your pools, hide the phone and WATCH you kids around the pool and learn CPR.
| Discussion: 1 Comment »
Lights, Camera, Action
June 18th, 2009 categories: Just for Fun
Hollywood is coming to Phoenix, azcentral.com is reporting.
Apparently, Brad Pitt’s new baseball movie is hitting Phoenix in the next day or two for a couple of days of filming, and not surprisingly, they are trying to keep the exact location a secret.
So Brad- if you are looking for a great winter home- have your people call my people (ok-I do not have people) but call me and we can find you a great luxury home in Phoenix that is a great deal!
| Discussion: 2 Comments »
Arizona’s Neighborhood Stabilization program vs Investors
June 14th, 2009 categories: For Buyers, Phoenix Foreclosures, Real Estate News
Who will get the house?
Arizona has $121 million to hand out to potential home owners, that qualify, to buy foreclosed homes in the Phoenix Real Estate Market.
"Two months into the program, no one in Arizona has closed on a home yet. Several have qualified, however, and hundreds more have applied"
One of the stipulations of this program is that HUD requires lenders who took homes back through foreclosure to give buyers a 15 percent discount on the price. This could be a problem when you have investors, paying cash, are will to pay market value of the already deeply discounted price.
Inventory continues to decline, multiple bids on foreclosures is the norm, with many being sold over list price.
Additionally, just this weekend, hundreds of people bought foreclosures at the REDC Auction- these homes will never be available to those that meet the qualifications of the Stabilzation Program.
The money is apart of the governments Recovery Program and must be spent by 2011. They may want to re-think asking the bank for an additional 15% price reduction.
The chart below shows the current trend in inventory of foreclosures in the great Phoenix Area.
| Discussion: 1 Comment »
