Wednesday, January 20, 2010

new things happening

Lots of new things happening. As new things come up I will post them.

Foreclosures, short sales bring tourists seeking cheap houses - In foreclosure tourism, out-of-towners take mini-vacations in the Valley to shop for foreclosure and short-sale bargains as investments, second homes and even primary residences. Jordan Rose, managing partner of Rose Law Group in Scottsdale has received dozens of calls from foreclosure tourists from New York, New Jersey and the Midwest who are looking at suburban markets that have seen home value declines and a substantial number of foreclosures and short sales. Rose said out-of-state investors and buyers comprise the bulk of her real estate business right now. “Nearly all the buyers we talk to — dozens over the last two weeks — have at least out-of-town financial backers. Money is trying to flow into Arizona right now,” she said.^2728141&s=industry&i=resi_real_estate

Government lifts rule discouraging flipping; homes can be bought and resold within 90 days - In a move that could make foreclosed properties more attractive to investors and increase the number of homes available to first-time buyers, the federal government is temporarily lifting a prohibition against providing FHA mortgage insurance for homes that are resold within 90 days. The waiver on the purchase of flipped houses with FHA mortgages, which begins February 1 and is effective for one year, “will give FHA borrowers access to a broader array of recently foreclosed properties,” HUD said Friday in announcing the change. Conditions attached to the waiver are expected to prevent what HUD called “predatory practices” by investors. For instance when a house is resold within 90 days of purchase at a price that is 20 percent higher, the seller would have to justify the increase, such as by showing how much was spent on repairs and renovation.

I hope is information is valuable to you.

Take Care,

Saturday, January 2, 2010

Best offer may not be the higest.

Hello all,
I hope your Christmas and New Years were great. Many blessing to you and your families for 2010.

If you are selling or buying this information below should shed some light on the contract you are receiving or if you are purchasing.

Daily Real Estate News | December 29, 2009 | Share
The Highest Offer May Not Be the Best
Sellers who get more than one offer should be aware that the highest offer isn’t necessarily the best offer, say experienced practitioners.

In this tough market, going with the buyer who has enough cash to pay a large down payment and who won’t be scared away if the inspection uncovers some needed repairs is often the wise choice.

Practitioners should encourage sellers to review all the terms and conditions of the sales contract. In some areas, the allocation of fees can take a big bite out of the net proceeds. While most contracts are written to reflect that, it isn’t always the case.

Also, the closing date in the offer should be considered carefully. A buyer who can close quickly can save a seller thousands. Offers contingent on the sale of another property are particularly suspect in this market.

Source: Inman News, Dian Hymer (12/28/2009)

All My Best,