Interest Rates on the Rise

Well, the Wall Street may have found bottom, or at least that is what is in the news nowadays. So why are interest rates on the rise?

The answer is simple, mortgages for the most part are not tied to stocks but bonds. Since investors believe that Wall Street has lost enough and there are so many bargain investments out there, Lenders are predicting a decline in the bond market and raising the rates. Today in Arizona, (which has a slightly higher rate than most of the country due to having one of the highest foreclosure rates) the interest rate fluctuate between 6.75% and 6.85%. It is expected to reach 7% by the end of the week.

So what does that mean if you are looking to buy a house? Well, your buying power is greatly reduced. Regardless of declining home values, it is better to buy now while interest rates are still historically low but time is running out and with more and more investors buying up bargain stocks, we can still expect to see mortgage rates rise.

AZ Prop 100- Protect your home

While, Arizona currently does not have a real estate transfer tax, there is nothing that prevents a tax from being enacted at any time.

With our current slow economy and budget crisis, it won't be long before cities, counties, and the state start looking for new sources of revenue.

Enacting a real estate transfer tax is gaining momentum in Arizona. Just last year a bill was introduced in the state legislature proposing such a tax. Countless citizens' commissions and county reports mention a transfer tax as a possible source of revenue for the state.

With the momentum for a real estate transfer tax growing, we must act now to put an end to this debate before it is too late!

Join us in passing a constitutional protection that will stop real estate transfer taxes. Click here to get involved today.

Vote YES to PROTECT YOUR HOME on November 4^th!

Selling your home in a declining market

Selling your home when the real estate market is down poses special challenges. You face lower prices, lots of inventory, and buyers who have a tougher time qualifying for a loan. These conditions require you to use marketing techniques above and beyond what's typically necessary when home sales are booming.

Get Help From a Professional

When the market is down, it may not be a good time to go the
Get Your Home Ready

It's also not a good time to scrimp on your marketing plan. Your job is to make your home a standout among a larger than normal inventory of homes for sale by anxious homeowners.
Start by cleaning house. If you can't or don't want to do the job, hire service workers to give your home a thorough cleaning and to remove clutter. Hire professional house cleaners, carpet and rug cleaners, fence repairers, handy men or women, window washers, and organizers. Don't forget the garage, attic, and basement. Replace stained carpets, drapes, throws, quilts, and comforters.

Improve but don't overdo it. Home improvements completed before a sale should only include changes that give your home a more contemporary feel. For example, consider:
installing new major kitchen appliances, but only to replace outdated, inefficient models
painting your home in neutral colors, getting new floor and window coverings, and
replacing or repairing a leaky roof.

However, avoid kitchen and bath remodeling jobs, or major renovations and additions. Giving the buyer a cash incentive for later improvements is often more attractive to buyers in a down market than making improvements that may not fit a buyer's lifestyle. The bottom line: Try to strike a balance between the needs of cash-tight buyers who want the home to be move-in ready, and those who will have money to make their own improvements.

Improve your home's your curb appeal. Curb appeal is the first impression your home conveys to prospective buyers. It should arouse in home shoppers an emotional desire to own the home and entice them to cross the threshold.

In a buyer's market, simple cosmetic makeovers don't cut it. Instead, invest in minor home improvements or an exterior staging job to increase the curb appeal. In addition, remove clutter, tidy up the grounds, wash the windows, repair fences, fix driveway cracks, hire a landscaper, and consider painting the exterior of your home. Make it sparkle like a model home.

Stage your home. An empty home with a clean slate may sell well in hot markets when people buy floorplans and a roof over their heads, site unseen. But when sales are down, if your curb appeal gets looky-loos in the door, you want to help them visualize your home as their own. You can do this through the modern marketing technique called "staging." Professional stagers will do any number of things to sell your home more quickly and at a higher price, including redecorating, renting new furniture to show off the home, painting, and landscaping.

You can save money on staging if you've got new or spotless, well-cared for furnishings and accessories, and provided you remove photos, posters, and other personal effects that take away from a neutral setting. But even then, you may still benefit from a professional who arranges it all for the best effect, maybe adding some artwork or furniture here and there.

Marketing Your Home

For maximum marketing exposure, advertise in traditional newspaper classifieds and other print ads, use conventional "For Sale" signage packed with fliers, and conduct a regular open house Saturday and Sunday.

Use online advertising. Post your listing on Craigslist.com and be sure your multiple listing service's (MLS) listing is getting picked up by the National Association of Realtors at www.Zillow.com, and the like. Your real estate agent or broker can do this. Or, if you are selling on your own, you can contact the listing portals directly to try to get your listing posted.
Invest in virtual staging. Take a step beyond your MLS presentation and consider a website, Web page (such as www.vflyer.com), or blog that offers digital images, videos, and a virtual tour of the home to create a 24-hour open house. You can also provide information about the neighborhood, points of interest, schools, crime, commuting, and jobs in the area. When you sell the home, you can give the Web site or blog to the new owner.

Pricing Your Home in a Down Market

Pricing your home in a down market can be tricky. Start by getting an
Explore Seller Financing

In a down market, financing is often tight for buyers. Even creditworthy borrowers get rejected because of rigid underwriting. In order to facilitate a sale, consider financing the deal yourself -- called "seller financing." By financing the sale, you may sell your home sooner and enjoy a financial return for the effort.

How does seller financing work? With seller financing, the seller acts as the lender, but rather than actually loaning cash, he or she extends credit against the purchase price of the home. The buyer signs a promissory note and

You'll need to check with a real estate attorney or other professional proficient in seller financing contracts to learn more and to determine if you can handle the risk.

If You are Desperate: Consider a Short Sale

If you are desperate to sell your home because you can no longer afford the mortgage, and perhaps have already missed payments, consider a short sale rather than foreclosure. In a short sale, you sell the home for less than you owe to the lender and the lender agrees to forgive the outstanding balance on the mortgage.

Even if you use an agent or broker to sell your home, it pays to educate yourself about the process, especially in a tough market. To learn everything you need to know about selling a home in California, get For Sale by Owner in California, by California real estate broker, George Devine (Nolo).
Copyright 2008 Nolo

Home Pricing Stragedy

Many agents price their homes at 299,000 or 299,999.

I think this is a mistake because ... think about how users on the Internet or how agents search. They search ranges of $250,000-$350,000 or $200,000-$300,000 or $300,000-$500,000.

When was the last time you search $200,000 - $299,000 ???? Agent and consumers search $200,000-$300,000 and $300,000-$400,000.

So if we are searching those price ranges and we price our home at $300,000 we get included in both searches (200-300 AND 300-400k). This is my strategy if my home is priced near a 100k or 50k mark because of increased views.

Another strategy that was recommended at a listing clinic was if the home is priced in the middle of a 50k or 100k range, the home should be prices price to the closest dollar even if the amount is arbitrary like:$137,368 or 213,348

Because consumers assume that even priced homes are not carefully calculated and probably just a home price thrown out for the sake of it. When a home is priced to the exact dollar amount consumers assume that some careful calculations were done.

$7,500 Tax Credit Now Available to First-Time Home Buyers

When Congress passed the housing rescue bill (The Housing Assistance Act of 2008) in July, we published an article about some of the tax traps contained in the bill, waiting in hiding for the unwary.

The article reported on information contained in an article in MarketWatch written by Eva Rosenberg, a tax authority and author of "The 100% Home-Based Business Tax Solution." Rosenberg urged special caution vis-�-vis the new $7,500 tax credit for first-time homebuyers.
In brief Rosenberg warned that the tax credit is not a gift or a grant but essentially a 15 year loan to the homebuyer and, while it is interest free, will require filing a tax return and will carry the same IRS penalties for non-payment as accrue to delinquent taxes.

Warnings duly noted, further information and the regulations regarding this tax credit are now available. If you have an interest in the program, here are some basic facts.

The credit is available only to first-time home buyers defined as buyers who have not owned a principal residence for three-years prior to the subject purchase. The ownership test applies to both partners in a marriage; i.e. if a husband has not owned a home in the past three years but the wife has, neither spouse qualifies for the first-time home buyer tax credit. (It appears that this would be the case even if the husband is purchasing the property only in his own name.) A buyer can still be eligible for the credit even if he owns a vacation home or rental property not used as a principal residence.

Single taxpayers with "modified adjusted gross income" up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. Individuals and couples with incomes above the thresholds may still qualify for a lesser credit, however, taxpayers with adjusted gross income above $95,000/ $170,000 phase out of the program completely.
There is no need to fill out an application to qualify for the tax credit. First-time homebuyers merely claim the credit when filing the tax return for that year. No pre-approval is necessary, but if you are relying on this program to purchase a home you may want to check your eligibility. Your tax advisor may be able to help you with this.

The credit is available even to those with little or no federal income tax liability to offset. This usually means that the government will send a check for part or all of the credit. Otherwise the credit is used to offset any unpaid taxes or increase a refund.

The credit is available for homes purchased between April 9, 2008 and July 1, 2009 and applies to both new and existing homes whether attached or detached, condominiums, mobile homes, or houseboats. A homebuyer contracting for a custom built home can qualify for the credit as long as the home is first occupied between the April 2008/June 2009 dates. (For newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.)

The $7,500 credit represents 10 percent of the purchase price of a low cost home. Most who use the program will be able to claim this full amount, however, in the event a home is purchased for a lesser amount, the 10 percent cap will apply. That would mean that a $65,000 purchase would result in a $6,500 credit.

There are other refinements to the program. For example, if it is to his benefit, a taxpayer can apply for the credit in a different year than the home is purchased. There is also a possible forgiveness of debt for homeowners who sell the home before the loan is repaid and do not received sufficient gain from the sale to cover the loan balance. Information on these and other details of the program can be researched on a website maintained by the National Association of Homebuilders at www.federalhousingtaxcredit.com.

Breaking News----Major Changes coming with Housing Bill--- H.R. 3221

For all of your prospective buyers planning to purchase a home using an FHA loan, (or for any currently in process) please be aware of the following recent & important FHA changes:

Down Payment Assistance
The Senate has just passed a new all encompassing housing bill and it is going to the House on Saturday, 7/26 for a vote. It is expected for the bill to pass. Included in the bill is the elimination of seller funded down payment assistance programs such as Ameridrean, Nehemiah & Partners in Charity. The reasoning for the ban is that FHA statistics show that seller-funded down payments present the single biggest challenge to its solvency. Borrowers who take part in these arrangements go to foreclosure at nearly three times the rate of borrowers who put their own money down, according to the agency. It's unclear how quickly the new policy would kick in if it's enacted. If you have any buyers using one of these programs to purchase a home, we encourage them to act quickly and get under contract.
Up-front & Monthly MIP (Mortgage Insurance Premium)
All FHA loans used to be standardized with a 1.5% upfront MIP and a .50% factor for monthly mortgage insurance. This has changed. Both upfront MIP and monthly rates are on a tier system based on down payment, loan term (15 or 30 years), credit score and use of traditional or non-traditional credit. Upfront MIP now ranges from 1.25% to 2%. The monthly factor now ranges from .25 - .55%. Remember, up-front MIP can be financed into the loan or paid in cash up front by buyer or seller. Monthly mortgage insurance is required on all FHA loans, regardless of down payment amount. Please contact us if you would like charts outlining the change detail. A reduction in upfront MIP "may" be available for first time homebuyers who complete an approved Homebuyer Education course.

Property Flipping - REO's Excempt
FHA requires that the seller of the property being financined by an FHA loan be in title for a minimum of 90 days. Therefore, a new contract with FHA financing must be written no earlier than the 91st day. Due to the number of foreclosures, properties with a recent foreclosure are now excempt from the 90 day requirement. This is a temporary waiver that is in effect until June 8, 2009. The waiver applies only to the initial sale of a foreclosed property and does not extend to a subsequent sale of that property.

REO Appliances & Escrow Holdbacks
FHA no longer requires that a free-standing stove be in place in the property at the time of closing. However, built in ranges/appliances would still be required to be installed prior to closing. On a case-by-case basis, escrow holdbacks may be allowed for the installation of appliances or minor repair items in an FHA financed home. However, the buyer must deposit the full cost of the repair or appliance into escrow (cannot be financed), provide proof of contract to install or proof of purchase, be able to complete the work within 7-10 days and receive underwriter approval. This is limited to smaller items required for the functioning of the home and does not extend to cosmetic repairs. Pools are required to be filled and functioning. For larger rehab or repairs, and FHA buyer should consider the FHA 203K Streamline rehab loan, available at Wells Fargo. Please contact us for information.

Utilities
Utilities must be on and operating at the time of FHA appraisal. If the utilities are shut off, it is best to meet the appraiser at the home and turn them on during the appraisal process. If not, a reinspection will need to be done by the appraiser prior to funding to ensure working utilities.

Termite Reports
FHA no longer automatically requires a termite report on all loans. A clear termite will be required if a) the contract calls for it, b) buyer is using a DAP (down payment assistance program) that requires it , c) the appraiser comments on potential termite evidence. Please verify with your lender and their policies if not using Wells Fargo. Although it is a good idea to do a termite inspection on all homes in Arizona, it could also create unnecessary issues if the report was not needed, but comes in showing earth to wood contact or moisture. If a termite report comes in "un-clean" and is presented to the lender or title company, a clear termite will then be required even if the original loan did not require one. If a clear termite is required on the loan, it is prudent to do ASAP at the beginning of the contract term so there is time to make corrections if necessary. Learn how to read your reports and learn what lenders are looking for before you send the report to title or your lender.

Credit Policies
FHA used to have a 12 month look back for credit accounts and not deny credit to any buyer with insufficient traditional or non-traditional credit. The look back period for credit accounts has increased to 24 months and new guidelines are established for the type of amount of credit required to be approved for an FHA loan. These guidelines are lengthy. The point is to make sure that all buyers using an FHA loan are either pre-approved or "fully underwritten" prior to contract. Many lenders will not fully underwrite a file prior to contract.

What is a Real Estate Transfer Tax?

A real estate transfer tax is a state or local government imposed tax, like a sales tax, that is collected when you transfer ownership of your home, land or commercial real estate. Typically, once the tax is initiated, the rate can be increased by the state, county or city at any time.
The Citizens’ Initiative will Provide Protection from Real Estate Transfer Taxes and Prevent:

􀀹 Double Taxation. Governments already collect taxes on your property based on the property’s value. This new tax would unfairly impose a second tax to impact your home or property.

􀀹 Loss of Equity. Since the tax is assessed against the total value including the amount you owe on your mortgage(s), the overall equity earned by the seller is decreased.

􀀹 Damage to the Real Estate Market. In an already burdened housing market where people are struggling to sell their homes, the overall higher costs will only make it more difficult to initiate a successful sale, not to mention making it less attractive for commercial real estate to recruit business to the area.

􀀹 Punishment of Homeowners. People who move from one house to another should not be punished while others choose not to move; in fact, this is considered discriminatory and harms access to the "American Dream" of home ownership.

􀀹 A Negative Impact on Lower-Income Arizonans. A real estate transfer tax would impose a higher tax burden on lower income households that typically spend a larger percentage of their income on their home.

Vote "YES" in November to Protect Your Home!

Visit http://www.protectourhomes.com/ for more information.

Paid for by: PROTECT OUR HOMES (AAR) IN SUPPORT OF C-18-2008. Major funding by the REALTORS® Issues Mobilization Fund.

ARIZONA PROPERTY-TAX INITIATIVE A STEP CLOSER TO NOVEMBER BALLOT

by Scott Wong - Jun. 25, 2008 The Arizona Republic

A group seeking to ban any new tax on the sale or transfer of Arizona property is one step closer to putting a constitutional amendment before voters this fall.

The Protect Our Homes committee, led by the Arizona Association of Realtors, filed roughly 372,000 signatures with the secretary of state's office Tuesday, breaking the previous record of 303,614 for an initiative. More than 230,000 certified signatures are needed to qualify the measure for the Nov. 4 ballot.
Click here for full article.

Valley Freeway Closures From June 27-June 30.

Well, the weekend is here....So if you are trying to get out of town and avoid the HEAT, make yourself aware of the valley freeway closures.

Click here to get the ADOT Map

May foreclosures soar

Foreclosures climbed 48% from May 2007, and as many as 50% are being taken back by the bank in some areas. Adding insult to injury: foreclosure-rescue scams.

Read the entire article at MSN.com

Tempe 4th of July

Tempe July 4th Fireworks 
Town Lake Festival

The July Fourth Tempe Town Lake Festival and Fireworks Show is the premier Independence Day fireworks display in the Phoenix area. The Festival takes place each year at the South Bank of Tempe Town Lake from 4 to 11 PM located at Rio Salado Parkway and Mill Avenue. The Kiwanis Club of Tempe sponsors this event which features a spectacular fireworks show shot from the Mill Avenue Bridge.

The day's festivities includes live entertainment and a Family Fest with an inflatable village, a variety of rides, rock climbing walls, face painting, and relay races for the kids. The Family Splash Zone will help you cool down on a warm July evening. After the games are complete, enjoy the many food courts that feature BBQ, hot dogs, snow cones and more.

Then find a spot on the grassy area at Tempe Town Beach to watch the fireworks which usually begin about 9:00 PM. Nominal fees are required, but is free for children 12 years-old or younger.

For More Information.

Tempe July 4th Website

Going Green Can be Simple

Simple Household Products to Green Your Home

Being green is easier than you think by incorporating a few minor household changes.

It’s not easy being green? Well, actually Kermit may have had it wrong. Making your home more environmentally-friendly and greener is easier than you think. The number of green products available has grown significantly and become even easier to use. With a few minor changes to your home, you can make a big difference.

Consider using these types of green products in your home:

Energy efficient windows
By replacing your windows with ENERGY STAR® windows, you save on energy bills by helping to keep heat inside during the winter and outside during the summer. These windows may have two or more panes of glass, warm-edge spacers between the window panes, improved framing materials, and Low-E coating(s), microscopically thin metal or metallic oxide layers deposited on windows to reduce radiative heat flow.

Eco-friendly flooring
Bamboo, cork and eucalyptus flooring products are all excellent choices for the home as they are sustainable alternatives to the slower growing hardwoods. These products mature in roughly half the time that it takes hardwoods to grow. In addition to being a good eco-friendly choice, the options are stylish and affordable.

Compact fluorescent light bulbs (CFL)
This type of light bulb is a simple way of making a big change at a low cost in the energy efficiency of your home. Most home improvement stores carry these bulbs, which use 70 percent less energy than regular bulbs and can save $30 or more in energy costs over each bulb’s lifetime.

ENERGY STAR® products
If you are in the market to upgrade any of your major appliances, consider purchasing an ENERGY STAR®-rated product. These products, ranging from dishwashers and refrigerators to computers and televisions, meet strict energy efficiency guidelines set by the EPA and U.S. Department of Energy. Qualified refrigerators, dishwashers and vent fans incorporate advanced technologies that use 10-50 percent less energy and water than standard models, more than making up for the slightly higher costs of these products.

Tankless water heaters
Selecting a more efficient and correctly sized water heater also will save you money. Tankless water heaters provide hot water on demand at a preset temperature rather than storing it, which reduces or eliminates standby losses. Replacing an electric water heater with a solar model can reduce costs by up to 80 percent a year, and over the 20-year lifespan of the appliance will prevent more than 50 tons of carbon dioxide emissions.

More efficient toilets
New toilets have redesigned bowls and tanks that use less water but function more efficiently than first-generation low-flow models. Some use pumps for supplementary water pressure. In the average home, flushing toilets accounts for some 30 percent of water usage. New efficient models can reduce that use up to 25 percent.

Induction cooktops
Another energy-saving option for your kitchen is installing an induction cooktop. Cooking with induction cooktops is faster than regular cooktops and uses far less energy. Magnetic induction cooking uses electricity to produce a magnetic field that causes molecular movement in cookware. The movement produces heat which warms the post and its contents.

Home insulation
Increasing the amount and R-Value (the measure of thermal resistance) of insulation is a cost-effective way to save energy and help reduce heating and cooling bills, which account for at least half of the energy-use in the home. Sprayed insulation made of foam, cellulose or wool are alternatives to traditional glass fiber batting.

Eight steps to selling your home

Define your needs. Write down all the reasons for selling your home. Ask yourself, "Why do I want to sell and what do I expect to accomplish with the sale?" For example, a growing family may prompt your need for a larger home, or a job opportunity in another city may necessitate a move. For your goals, write down if you'd like to sell your house within a certain time frame or make a particular profit margin. Work with your real estate agent to map out the best path to achieve your objectives and set a realistic time frame for the sale.

Name your price. Your next objective should be to determine the best possible selling price for your house. Setting a fair asking price from the outset will generate the most activity from other real estate agents and buyers. You will need to take into account the condition of your home, what comparable homes in your neighborhood are selling for, and state of the overall market in your area. It's often difficult to remain unbiased when putting a price on your home, so your real estate agent's expertise is invaluable at this step. Your agent will know what comparable homes are selling for in your neighborhood and the average time those homes are sitting on the market. If you want a truly objective opinion about the price of your home, you could have an appraisal done. This typically costs a few hundred dollars. Remember: You're always better off setting a fair market value price than setting your price too high. Studies show that homes priced higher than 3 percent of their market value take longer to sell. If your home sits on the market for too long, potential buyers may think there is something wrong with the property. Often, when this happens, the seller has to drop the price below market value to compete with newer, reasonably priced listings.

Prepare your home. Most of us don't keep our homes in "showroom" condition. We tend to overlook piles of boxes in the garage, broken porch lights, and doors or windows that stick. It's time to break out of that owner's mindset and get your house in tip-top shape. The condition of your home will affect how quickly it sells and the price the buyer is willing to offer. First impressions are the most important. Your real estate agent can help you take a fresh look at your home and suggest ways to stage it and make it more appealing to buyers. * A home with too much "personality" is harder to sell. Removing family photos, mementos and personalized décor will help buyers visualize the home as theirs. * Make minor repairs and replacements. Small defects, such as a leaky faucet, a torn screen or a worn doormat, can ruin the buyer's first impression. * Clutter is a big no-no when showing your home to potential buyers. Make sure you have removed all knick-knacks from your shelves and cleared all your bathroom and kitchen counters to make every area seem as spacious as possible.

Get the word out. Now that you're ready to sell, your real estate agent will set up a marketing strategy specifically for your home. There are many ways to get the word out, including: * The Internet * Yard signs * Open houses * Media advertising * Agent-to-agent referrals * Direct mail marketing campaigns In addition to listing your home on the MLS, your agent will use a combination of these tactics to bring the most qualified buyers to your home. Your agent should structure the marketing plan so that the first three to six weeks are the busiest.

Receive an offer. When you receive a written offer from a potential buyer, your real estate agent will first find out whether or not the individual is prequalified or preapproved to buy your home. If so, then you and your agent will review the proposed contract, taking care to understand what is required of both parties to execute the transaction. The contract, though not limited to this list, should include the following: * Legal description of the property * Offer price * Down payment * Financing arrangements * List of fees and who will pay them * Deposit amount * Inspection rights and possible repair allowances * Method of conveying the title and who will handle the closing * Appliances and furnishings that will stay with the home * Settlement date * Contingencies At this point, you have three options: accept the contract as is, accept it with changes (a counteroffer), or reject it. Remember: Once both parties have signed a written offer, the document becomes legally binding. If you have any questions or concerns, be certain to address them with your real estate agent right away.

Negotiate to sell. Most offers to purchase your home will require some negotiating to come to a win-win agreement. Your real estate agent is well versed on the intricacies of the contracts used in your area and will protect your best interest throughout the bargaining. Your agent also knows what each contract clause means, what you will net from the sale and what areas are easiest to negotiate. Some negotiable items: * Price * Financing * Closing costs * Repairs * Appliances and fixtures * Landscaping * Painting * Move-in date Once both parties have agreed on the terms of the sale, your agent will prepare a contract.

Prepare to close. Once you accept an offer to sell your house, you will need to make a list of all the things you and your buyer must do before closing. The property may need to be formally appraised, surveyed, inspected or repaired. Your real estate agent can spearhead the effort and serve as your advocate when dealing with the buyer's agent and service providers. Depending on the written contract, you may pay for all, some or none of these items. If each procedure returns acceptable results as defined by the contract, then the sale may continue. If there are problems with the home, the terms set forth in the contract will dictate your next step. You or the buyer may decide to walk away, open a new round of negotiations or proceed to closing. Important reminder: A few days before the closing, you will want to contact the entity that is closing the transaction and make sure the necessary documents will be ready to sign on the appropriate date. Also, begin to make arrangements for your upcoming move if you have not done so.

Close the deal. "Closing" refers to the meeting where ownership of the property is legally transferred to the buyer. Your agent will be present during the closing to guide you through the process and make sure everything goes as planned. By being present during the closing, he or she can mediate any last-minute issues that may arise. In some states, an attorney is required and you may wish to have one present. After the closing, you should make a "to do" list for turning the property over to the new owners. Here is a checklist to get you started. * Cancel electricity, gas, lawn care, cable and other routine services. * If the new owner is retaining any of the services, change the name on the account. * Gather owner's manuals and warranties for all conveying appliances.

Home Improvement Listing Program

We make it easy to get your home market ready

The HOME IMPROVEMENT LISTING PROGRAM (HILP) removes all of the barriers (time, money and know-how) associated with getting your home ready to sell. Whether your home needs new carpet, fresh paint, new fixtures, or even yard work, we take the stress out of the selling process, and have redefined full service real estate.HILP Features:

• Sell your house at top dollar and in fewer days


• Payment options offering 0% interest and no out-of-pocket expense


• Expert evaluation of value-focused home improvements


• Access to our network of home improvement trades people


• 100% project coordination by General Contractor


• Save time, save $$, less STRESS


• Professional representation by Realtors, comprehensive property marketing, and MLS listing


• Our Standard Listing Commission
  

If you need to get you home sold here in Phoenix, we can help.
I am a certified HILP agent and I will get you home SOLD!!!!
Contact me @ terry.rother@hotmail.com

Home resales in Phoenix hint at rebound

Thursday, June 19, 2008 - 11:46 AM MST
Home resales in Phoenix hint at rebound
Phoenix Business Journal - by Adam Kress

Signs are emerging that the worst of the local housing slump might be in the past.
According to Realty Studies at Arizona State University, there were 5,740 May home sales in the Phoenix area, up about 200 sales from April. When compared to May of 2007, about 800 more homes were sold in May of this year.

Of the 5,740 resale homes sold in May, 1,475 were recorded foreclosed home transactions. Foreclosed transactions represent home owners losing their property to successful individual bidders or the lender of record. In April 2008, the spilt was 1,825 foreclosed homes and 3,760 traditional transactions.

Historically, May is a strong month and the 4,265 recorded sales represent the best month of 2008 and the best since 4,570 homes were recorded sold in June 2007. The 2008 year-to-date total is 16,280 traditional sales and 6,435 foreclosures.

As sales rise, home values are continuing to drop. For the traditional market, the median sales price was $223,500 in May, while the foreclosed properties had a median price of $179,465. For a year ago, the median prices were $265,000 and $217,225, respectively.

All contents of this site © American City Business Journals Inc. All rights reserved.

Property Flipping rule suspended by Bush Administration

The White House temporarily suspends a rule that imposes a 90-day waiting period before foreclosed homes can be sold to receive government loans.WASHINGTON (AP) — The Bush administration is temporarily suspending a 5-year-old rule intended to deter property flippers, as part of an effort to help speed the sale of foreclosed properties.For one year, the Federal Housing Administration will no longer impose a 90-day waiting period before foreclosed properties can be sold to receive government-backed loans.The policy was put in place in 2003 to deter property “flipping” schemes, in which buyers are overcharged for foreclosures or other distressed properties. But the surge in vacant properties resulting from borrowers who were unable to afford their mortgages has become a far more pressing concern.“A glut of foreclosed and abandoned homes harms neighborhoods, frustrates homebuyers and delays a community’s recovery,” FHA commissioner Brian Montgomery said in a prepared statement.

The new policy “will allow homebuyers to purchase these homes in much greater numbers and ease the excess supply of unsold homes,” Montgomery said.Nationwide, 261,255 homes received at least one foreclosure-related filing in May, up 48% from the same month last year, and up 7% from April, foreclosure listing company RealtyTrac Inc. said Friday.

We specialize in finding quality “REO” and other discounted investment properties. Call Terry Rother @ 480.375.8816 or go to our Website The Phoenix Team to request lists of REO properties that fit your investment criteria.