Arizona vacation rentals have some of the most sought out space, especially for those who are getting away during the frigid northern winters. Wintering way away from home by purchasing a home or your own vacation rental has its advantages but so does renting prior to taking the leap to buy.
If you are renting, you do not have to worry about any upkeep or maintenance of the rental home as there is always someone to call for that job. For instance with vacation rentals in the Gold Canyon, Mesa, Queen Creek, Sun Lakes or Scottsdale areas, most are going to have pools and spas for your use which don't require any maintenance by you the tenant. All you have to provide is the money to pay for your rental.
On a positive note, you may still be motivated to buy after you spend some time doing your homework. Never overlook the fact that you can both buy and rent your own vacation home in one of the most popular vacation markets to date as well as have a second-home tax write-off. Furthermore, since this is a second home, you can opt to migrate and head North for the summer. Any qualms about purchasing can be overcome by testing the waters first and spending time in an Arizona vacation rental to make up your mind. Give it a month and talk to local homeowners about their experiences and the local housing climate. Since it is a buyer's market the housing sector will get it shot in the arm in due time. AND, while you are visiting sunny Arizona be sure to apply SPF 32 sunscreen liberally and enjoy yourself.
NEED MORE INFO CONTACT ME AT MY I Sell AZ Sunshine website.
Tuesday, October 27, 2009
Monday, October 26, 2009
Bankruptcy Won't Necessarily Save Your Commerical Property
A Chapter 11 bankruptcy may buy some time for commercial property owners facing a loan foreclosure, but it may not be the best option for those who are hoping to hang on to their property.
Why not? Chapter 11 was designed to help businesses continue to operate but not necessarily to protect the interests of the borrower. A bankruptcy affords little protection for a property held as a single asset in a special purpose entity. Also, continual attorney and advisory fees during a bankruptcy can impose an additional financial burden that may outweigh any benefit from the reorganization plan.
Best option is try to do all that you can to arrive at a workout option with your lender. Remember that there needs to be some justifiable reasons for the lender to consider giving concessions.
Try working with the lender in second place to reach an agreement with the first lien holder. This strategy is very useful when the property's value has fallen below the amount of the first lien and a workout provides a better option for the secondary lender to be repaid.
Most lenders don't want to foreclose. A workout that lets owners and lenders ride out the downturn is often the best option for all parties.
NEED MORE INFO CONTACT ME AT MY I Sell AZ Sunshine website.
Why not? Chapter 11 was designed to help businesses continue to operate but not necessarily to protect the interests of the borrower. A bankruptcy affords little protection for a property held as a single asset in a special purpose entity. Also, continual attorney and advisory fees during a bankruptcy can impose an additional financial burden that may outweigh any benefit from the reorganization plan.
Best option is try to do all that you can to arrive at a workout option with your lender. Remember that there needs to be some justifiable reasons for the lender to consider giving concessions.
Try working with the lender in second place to reach an agreement with the first lien holder. This strategy is very useful when the property's value has fallen below the amount of the first lien and a workout provides a better option for the secondary lender to be repaid.
Most lenders don't want to foreclose. A workout that lets owners and lenders ride out the downturn is often the best option for all parties.
NEED MORE INFO CONTACT ME AT MY I Sell AZ Sunshine website.
Friday, October 23, 2009
TRICK OR TREAT! MSN EMAIL BEEN HACKED LATELY? READ THIS!!!
TRICK OR TREAT!!!Am using My Computer Works to help with any computer issues and they spent 70 minutes on my computer yesterday trying to remove all the email addresses that hacker put in when they sabotaged my account over Labor Day. Turns out I had to call MSN support and have them go in and remove the addresses because they were on their Server and not actually in my address book where I could remove them. I suggest checking your computer to see if yours has the same crap in it. It's not supposed to be a danger but I don't like a bunch of weird email addresses that I can't take out...always afraid of some implanted virus that could explode at anytime....muy paranoid am I. The scary thing about this is that when I am in MSN these addresses don't show up as they are not in my actual address book. But, if I go out on
Internet Explorer or Foxfire Mozilla, go into www.msn.com and go to send a new message they are in the online address book. By typing the letter "a" into the "TO:" and then scrolling down all the a's I accidentally found all the hacker's addresses they used when they sent out their emails asking for money. I went to the b's and did the same thing finding more. I went down the whole alphabet and they stopped adding the emails when they got to K. Anyway after talking to two MSN Tech Support people at midnight (had to insist on a supervisor...the first person didn't listen and kept giving me a canned pitch) I finally sent all the email addresses to butterflyhelp@hotmail.com(the guy's English was so terrible I had to ask him several times what he was saying...erggggggg. Try having a English as a second language person say Butterfly!!
Internet Explorer or Foxfire Mozilla, go into www.msn.com and go to send a new message they are in the online address book. By typing the letter "a" into the "TO:" and then scrolling down all the a's I accidentally found all the hacker's addresses they used when they sent out their emails asking for money. I went to the b's and did the same thing finding more. I went down the whole alphabet and they stopped adding the emails when they got to K. Anyway after talking to two MSN Tech Support people at midnight (had to insist on a supervisor...the first person didn't listen and kept giving me a canned pitch) I finally sent all the email addresses to butterflyhelp@hotmail.com(the guy's English was so terrible I had to ask him several times what he was saying...erggggggg. Try having a English as a second language person say Butterfly!!
MSN EMAIL BEEN COMPROMISED? TRICK OR TREAT! BETTER CHECK THIS OUT!!!!
TRICK OR TREAT!!!Am using My Computer Works to help with any computer issues and they spent 70 minutes on my computer yesterday trying to remove all the email addresses that hacker put in when they sabotaged my account over Labor Day. Turns out I had to call MSN support and have them go in and remove the addresses because they were on their Server and not actually in my address book where I could remove them. I suggest checking your computer to see if yours has the same crap in it. It's not supposed to be a danger but I don't like a bunch of weird email addresses that I can't take out...always afraid of some implanted virus that could explode at anytime....muy paranoid am I. The scary thing about this is that when I am in MSN these addresses don't show up as they are not in my actual address book. But, if I go out on
Internet Explorer or Foxfire Mozilla, go into www.msn.com and go to send a new message they are in the online address book. By typing the letter "a" into the "TO:" and then scrolling down all the a's I accidentally found all the hacker's addresses they used when they sent out their emails asking for money. I went to the b's and did the same thing finding more. I went down the whole alphabet and they stopped adding the emails when they got to K. Anyway after talking to two MSN Tech Support people at midnight (had to insist on a supervisor...the first person didn't listen and kept giving me a canned pitch) I finally sent all the email addresses to butterflyhelp@hotmail.com(the guy's English was so terrible I had to ask him several times what he was saying...erggggggg. Try having a English as a second language person say Butterfly!!
Internet Explorer or Foxfire Mozilla, go into www.msn.com and go to send a new message they are in the online address book. By typing the letter "a" into the "TO:" and then scrolling down all the a's I accidentally found all the hacker's addresses they used when they sent out their emails asking for money. I went to the b's and did the same thing finding more. I went down the whole alphabet and they stopped adding the emails when they got to K. Anyway after talking to two MSN Tech Support people at midnight (had to insist on a supervisor...the first person didn't listen and kept giving me a canned pitch) I finally sent all the email addresses to butterflyhelp@hotmail.com(the guy's English was so terrible I had to ask him several times what he was saying...erggggggg. Try having a English as a second language person say Butterfly!!
Wednesday, October 21, 2009
"I'VE FOUND A BARGAIN!" OR HAVE YOU???
It's try that affordability is at record levels today but many buyers need help putting price into perspective.
Buyers, especially first time buyers, think they can get a really really nice home for $60,000 but the average home in the Queen Creek, Arizona area (where there is an abundance of bank owned homes for sale) is running around $105,000. The closer you get to the center of the Phoenix valley then the average sales price is $150,000. Buyers perceive that there are really great deals which is true. But a lot of homes are stripped of all of their fixtures. While a home maybe listed for $75,000, buyers are going to need $20,000 to $30,000 in cash to replace the plumbing and restore the kitchen and bathrooms. The prudent buyer will look at some of the really low-priced homes first and decide if they want to do all that work. Know what your costs will be up front by making a list of all needed repairs before making an offer....no Surprises!!! You might even decide to spend a little more and not have to do the home repairs.
Buyers, especially first time buyers, think they can get a really really nice home for $60,000 but the average home in the Queen Creek, Arizona area (where there is an abundance of bank owned homes for sale) is running around $105,000. The closer you get to the center of the Phoenix valley then the average sales price is $150,000. Buyers perceive that there are really great deals which is true. But a lot of homes are stripped of all of their fixtures. While a home maybe listed for $75,000, buyers are going to need $20,000 to $30,000 in cash to replace the plumbing and restore the kitchen and bathrooms. The prudent buyer will look at some of the really low-priced homes first and decide if they want to do all that work. Know what your costs will be up front by making a list of all needed repairs before making an offer....no Surprises!!! You might even decide to spend a little more and not have to do the home repairs.
FLIP THIS HOUSE? MAYBE NOT?
FNMA, FHMLC, and the banks such as Wells, Chase, etc. continue to warn lenders to apply extra scrutiny on transactions where the seller has owned the home less than 90 days. It is possible that they may soon adopt a 90 day rule similar to FHA's rules, but in the mean time, Bell Mortgage in Phoenix Arizona is continuing to process these transactions on a case by case basis. They still have two investors who will accept these loans, and there are currently two mortgage insurance companies who will insure them up to 90% LTV, provided the borrowers have strong files with solid home appraisals.
Here are some areas of concern:
1) The seller must have clear title to the property when they sign the purchase contract. All liens must be paid off. Short sale middlemen do not have clear title.
2) The title company must supply the lender with a 24 month chain of title. We may need to obtain copies of the Trustee Deed in order to determine who is actually on title.
3) Multiple ownership changes in a short period of time (other than between financial institutions and their agents) can be a cause of concern.
4) Large changes in value with little or no improvement to the property may trigger additional scrutiny of the loan file.
5) Sales that are not arms length (sale to a relative) may cause the transaction to be denied.
Courtesy of Jay Starks, Bell Mortgage, Phoenix, Arizona
Tuesday, October 13, 2009
AZ HOME BUYER -REO's MAKING AN OFFER PART 5
Making an Offer
Have your agent contact the the listing agent and ask the following before submitting a purchase offer:- Are there any inspection reports?
- Has the bank agreed to make any repairs? Will they offer a seller's concession for the buyer's loan costs?
- Is there a special "as is" form?
- How long does it take the bank to accept an offer? Are there any other offers? If so, how many?
Remember that REO's are selling very close to full list price and often thousands over the asking price---depending on the location of the property and multiple bidders. REO's are not always the deals presented on late night television.
Subscribe to:
Posts (Atom)
