homeowner - The North Valley Team of Phoenix Arizona

Phoenix Arizona Housing Crisis Solutions for Distressed Home Owners

August 26, 2012 by inVIVO realty Arizona

If you are a Phoenix Arizona home buyer right now you already know that the Phoenix real estate market has heated up again. Low supply and high demand is creating multiple offer situations on most Phoenix homes for sale listings. On more than one occasion I have gone on day 1 to a new listing only to find 5-10 realtors with clients waiting outside to show property. Multiple offers drive up price and that will result in some appreciation in 2012 in my opinion.

We help identify solutions for distressed homeowners in the Phoenix real estate market. There are other things helping the Arizona housing crisis. The time lines for short sales has shortened with most lenders. They have streamlined their processes. One example of this is Fannie Mae was just given more authority by 5 major mortgage insurers to approve a short sale without their approval. Prior to this, the mortgage insurance approval process could add an additional 2-4 week to the timeline. This will really help and shows the intent of institutions and mortgage insurers to want to complete short sales in a more efficient time frame.

Some lenders are offering large incentives to homeowners to complete Phoenix short sale home transactions. I just completed a Phoenix short sale offered by Chase and my sellers received $20,000 at closing as a short sale incentive from lender. These offers vary and depend greatly on which investor is backing the note. Chase is not giving everybody $20,0000.

Bank of America has the cooperative short sale where they claim will shorten the short sale process and HAFA is the government incentive short sale program offering $3,000 to homeowners who qualify.

The recent revisions for Harp 2.0 should help thousands of homeowners being to now refinance their underwater homes. The extension of this to non owner-occupied homes will really help Phoenix real estate investors who are upside down from walking away.

If you feel as though you are a distressed homeowner and you would like more information on Harp 2.0 or want to talk about Phoenix short sales, visit our Distressed Homeowner Rescue website or just give me a call at 480-201-4185 and I will be happy to discuss your situation and help you identify and understand all of your options.

North Phoenix Community Update for the Desert Ridge Marketplace Calendar of Events

June 14, 2012 by inVIVO realty Arizona

As the season changes from Spring to Summer in North Phoenix, Desert Ridge home owners have a new events calendar to which to look forward.

With bands like Hello Swindon, David & Amy
of Peppermint James, Felicia Barton, Lawrence Zubia, Night Groove, Adam & Andrea, Come Back Buddy, and Tony Putrino, there will be no shortage of musical entertainment at the AMC Fountain.

Desert Ridge residents and visitors also have store grand openings to look forward to such as Charming Charlie Grand which is a fashion accessory shop for women of all ages, and Cafe Zupas, which is a newer gourmet chain specializing in homemade soups, salads and sandwiches using fresh and exotic ingredients in a fast-casual setting.

The entertainment, shopping, and dining opportunities available to visitors of the Desert Ridge Marketplace are testament as to why Desert Ridge homes are holding their values as well as they are.

If you have not yet made it to Desert Ridge and you are considering a move to a property in the Phoenix area, you owe it to yourself to consider buying your home in Desert Ridge.

Click here to visit the Desert Ridge Marketplace website and see for yourself all that the area has to offer.

The Bank of America Short Sale Relocation Assistance Program

May 20, 2012 by inVIVO realty Arizona

Bank of America is excited to announce that for a limited time, they are offering enhanced relocation assistance payments in which qualified homeowners who initiate a short sale without an offer could be eligible to receive $2,500 – $30,000* in relocation assistance and owe no more on their mortgage with the sale of their property.

The Bank of America Short Sale Relocation Assistance Program.

If you own a Metropolitan Phoenix or Scottsdale home, and your mortgage is with Bank of America, do not miss this limited-time offer to get the help you need by initiating a preapproved price short sale today. Call us IMMEDIATELY so we can help get your home preapproved and listed for a short sale.

Do you already have an active preapproved price short sale? Don’t worry; Bank of America is reviewing all current, in-process preapproved price short sale agreements to determine who is eligible for this limited-time offer. Eligible homeowners actively participating in a preapproved price short sale program (such as HAFA or Bank of America’s proprietary program) will receive a letter if they qualify for the additional relocation assistance. The relocation assistance will be paid at closing.

If you have interest in this program, contact us IMMEDIATELY. This is a LIMITED TIME OFFER from Bank of America.

*The relocation assistance payment is calculated based on the appraised value of the homeowner’s property. The total amount will be no less than $2,500, but no more than $30,000. The payment will be delivered at the time of closing if the homeowner complies with all terms and conditions of the Short Sale Agreement, which includes but are not limited to the following: a full walk-through appraisal must be completed and the homeowner must satisfy all junior liens and provide clear title for the property (the relocation assistance payment can be used to clear those liens). The short sale must close by September 26, 2013. If the homeowner does not comply with all terms and conditions of the Short Sale Agreement, they will not receive the relocation assistance payment. The amount of any deficiency and relocation assistance will be reported to the Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms. We suggest that the homeowner contact the IRS or their tax preparer to determine if they have any tax liability.

Can I do a Short Sale if I have a VA Loan?

April 18, 2012 by inVIVO realty Arizona

In Phoenix there seems to be alot of confusion for home owners with VA loans as to whether or not they can do a short sale. The answer is yes. I just recently assisted two homeowners, with VA loans, in the Greater Phoenix area, complete short sales. Those home owners have now avoided foreclosure and they should be able to buy a home again in two years if they rebuild their credit during those two years.

I believe part of the confusion lies in the VA guarantee; home owners think they have to pay that money back. In most cases the money does not have to be paid back; it is forgiven through the VA short sale process. However, a VA eligible borrower will not be able to use their VA eligibility to buy another home until any deficiency is paid back. But, there is nothing stopping that borrower from getting an FHA or conventional loan for the purchase of real estate after the two year period, providing the buyer has effectively rebuilt his or her credit.

A homeowner does need to prove a valid hardship, and a military transfer or deployment is a valid hardship if your home is worth less than what you owe on it and as a result, you cannot sell.

The best thing to do is simply give me a call and we will discuss your lending structure, hardship and home value, and then call your loan servicer to confirm required paperwork and eligibility for a short sale. You must ALWAYS be aware of ALL your options before committing to a strategy.

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