Read my new blog re-post regarding Strategic Short Sales. 

http://activerain.com/blogsview/1558502/the-art-of-the-strategic-short-sale


 

You might find this interesting if you owe more than your home is worth.

You may be eligible for streamlined short sale (approved in 15 days) if your mortgage is with World Savings or Wachovia. 

Contact me for more details.


Market stats:  It's still a buyer's market. February's numbers were better than January's and March is on track to exceed December 2009 numbers. 

It's common to have multiple offers on properties that are priced at or below market.


 

     New Listings    Active Listings    Sold Listings    Months Inventory
Feb/2010    12,872    43,007    6,566    6.55
Jan/2010    13,219    41,685    5,735    7.27
Dec/2009    10,500    41,108    7,549    5.45
 

View this month’s FEATURED LISTING –

Celebrate the ultimate in luxury living:
http://www.4492kittyhawk.com/

View more featured listings, short sales, and foreclosures at:
http://www.katiehalle.com


View Katie’s  “deal of the month” :   Gilbert - over 4,000 square feet and under $300k?  What?  WOW!
http://www.flexmls.com/link.html?rft6wwf2z7s,12,1


This month’s “Green” tip:
Time to get your A/C unit serviced to get ready for summer!
Don't forget to schedule your service soon.  It'll keep your unit running efficiently and will save you any surprises down the road. The last thing we want here in the Phoenix area is to be without A/C in the summer!  Some home warranty's require that you keep the unit serviced or they won't cover any claims.  Call me if you need a referral of a good A/C Tech.


SHOPPERS always get the BEST DEALS!  Keep an eye on the neighborhoods you love.  Email me for a link to your very own instant notification home search site tailored specifically to your search criteria.

 

katie@katiehalle.com

TRIVIA QUESTION!  Be the first to email me the answer to this question and a gift card will be on it’s way to you.

 

 

The first St. Patrick’s Day Parade was held in what city on March 17th, 1762?


Download my new Iphone app!

http://itunes.apple.com/WebObjects/MZStore.woa/wa/viewSoftware?id=337502874&mt=8

I spoke with a client of mine this week and they asked me the definition of a strategic short sale. I happen to have run across this explanation of a Strategic Short Sale by a great broker from California, Daniel Dima Batsalkin, and thought it would be good to share!

Yep...you read it right.  One of the most beautiful neighborhoods in all of Gilbert, Whitewing at Higley, has a total of 8 homes in preforeclosure as of the time of this blog post (1.29.10 8:30am AZ time).

You might be thinking...how does this happen? 

There are many reasons why a homeowner defaults on their mortgage.  They may be headed to a divorce, had a job loss, had a reduction in pay, lost a spouse or loved one, had expensive medical issues, etc.  

If you are a homeowner in this area and you are facing Trustee Sale, you need to talk with someone that can inform you of your options and can consult with you on the best route to take.  Call me immediately.  My office number is 602.476.1942.  The best thing that you can do for yourself is to know what options you do have and to determine the best route to take that is most beneficial to your personal situation.  This is not a "one size fits all" type situation.  You have options and you should know about them.  My job is to arm you with information.

Among the many options available to you, one option is to pursue a short sale.  Call me immediately for more information (602.476.1942) or visit my website at: http://www.katiehalle.com/ and click on the "are you a short sale candidate" on the left hand side of the first page (in the black box).  This is a good reference to determine if you are a good candidate.  I am the short sale resource with the Bonnie Dillon Team (you may have seen our listing signs around your neighborhood). We are trusted experts in the area and have been helping homeowners buy and sell in Whitewing since it was built.

In a nut shell Banks prefer to approve a short sale rather than take your home into foreclosure...especially on the higher priced homes. They just don't want those on their books.  Not only is it a non-performing asset but the government requires more reserves from the banks as their REO (real estate owned) inventory grows.  This results in  less money for the banks to lend which is what they are in business to do...lend, not stockpile REO inventory.  

For the homeowner, short sales have much less negative impact on credit than foreclosure. Foreclosures stay on your credit history for 10 years, reducing scores by 200+ points, jeopardizes security clearance, increases insurance rates, and endangers current and future employment.

Call a Whitewing expert...The Bonnie Dillon Team!

Listen to my new January 2010 podcast on 2010 Predictions: http://myrealtalk.podbean.com  

Market stats: We are still selling, selling, selling!  With the extension and the changes made to the home buyer tax credit, we are still seeing bidding wars and prices are holding steady.  Now is a great time to get off of the fence to purchase as we expect interest rates to rise after the first quarter (oh and there is new news if you're looking for a condo...call me on this one).  
We are noticing more and more short sale listings popping up.  We are short sale experts!  Do not hesitate to contact me if you or a friend of yours is facing financial difficulty and need options.  There ARE options!

View this month’s FEATURED LISTING –  Entertainer's DELIGHT!  Gorgeous Gilbert Home!

www.3888ebellerivedr.com

View more featured listings at:

http://www.katiehalle.com

View Katie’s  “deal of the month” :  Great Gilbert area - perfect for an investment property or first home.  Over 1400 square feet for $100,000!  WOW!
http://www.flexmls.com/link.html?rdwgy2fovtt,12,1

This month’s “Green” tip:

GO ELECTRONIC!

Electronic vs. paper

So many magazines, billing statements, and newspapers are now online. While it takes electricity to view them, the amount of energy involved is less than the paper based product, plus there's nothing to throw out once you're done reading. Make the Internet part of your paper reduction diet!

SHOPPERS always get the BEST DEALS!  Keep and eye on the neighborhoods you love.  Email me for a link to your very own instant notification home search site tailored specifically to your search criteria. 

katie@katiehalle.com

TRIVIA QUESTION!  Be the first to email me the answer to this question and a gift card will be on it’s way to you.

In 1995 the United Nations celebrated which birthday?

Download my new Iphone app! 

http://itunes.apple.com/WebObjects/MZStore.woa/wa/viewSoftware?id=337502874&mt=8

I get this question on an almost daily basis.

"We are just looking right now and we really don't think we need to get prequalified."  

So, when the Doctor tells you to fast before an operation you don't listen to him either, huh?

One popular misstep in the home buying process is looking at property before you are qualified with a lender to make that purchase.  

"Why" you say?

The reasons are simple but very important.  

- You will know the exact amount for which you can qualify.  This allows you to view properties that you are certain fit within your budget.  Wouldn't it be heart breaking to find your dream home only to find that it's several $1,000's or $10,000's out of your reach.  And, no, depending on the situation you probably can't just "offer them less" and expect to get the house.

- Your approximate monthly payment will be set do you can figure into your budget.  Yeah, we can qualify for a mortgage all day long but does it fit within your personal budget?  There are some payments that lenders don't take into consideration when qualifying and it's up to the consumer to make sure that their personal budget will work with the new payment and added costs homeownership brings.

- You will receive closing cost and down payment figures.  Again, how can you navigate a transaction without this stuff??

- You and your lender can select the best loan program for your particular situation.  Are you a first time buyer, a teacher, or maybe a firefighter?  There are different programs out there that certain people can qualify for that might allow you to get more home for your money.  Wouldn't you like to know this stuff upfront?

- You may have some bumps and bruises on your credit or in other parts of your finances.  A lender will compile all of the info and will advise you of any clean up that you need to do in order to make your situation better.  In most cases this will save you money on your mortgage and may allow you to buy more home for your money.

- The property that you are able to purchase depends on your financing.  For instance, if you are using FHA financing there are certain home conditions that will prevent the lender from mortgaging that home.  Isn't it a good idea to know these things up front?  

- Lastly, here in Arizona, seller and listing agents require proof of prequalification or an LSR to be submitted with the initial offer and will not look at an offer without it.

The goal here is to create the most efficient and effective plan while home shopping and while navigating the transaction.  Doesn't it make sense to get prequalified before shopping for a home?

Take it from my lender friend David Rider.  Check out this article:

agentgenius.com

agentgenius.com

In an effort to “strengthen the FHA’s capital reserves,” the Federal Housing Administration Commissioner David Stevens announced today big changes.

On Friday, FHA reversed its 90 day flipping rule.  FHA buyers will now be allowed to finance homes after an investor purchase within 90 days.    But…… the following will apply:

1.   THIS IS NOT JUST FOR FORECLOSED PROPERTIES PURCHASED BY INVESTORS. It is for any qualified property

2.   If the resold price is over 20%, a second appraisal will be required

3.   Proof of the improvements

4.   If the home was not a rehab, a verifiable reason of the increase in price

5.   Lender has the right to ask for the home inspection

6.   The lender will require a copy of the home inspection if the property is purchased over 20% of the auction/bank price.

7.   Arm-length transaction

8.   Seller must have title to the property

This unprecedented change is to help revitalize neighborhoods.    Elimination of the 90 day flipping rule will give eligible FHA buyers opportunities to purchase habilitated properties immediately, therefore paring down the number of foreclosures.

Playing with Twitter.  Test blog.

I get about 50 emails per day from other sales folks and afilliate businesses trying to sell their product or service.

I am sure I am not alone!

One subject line definately stood out from the bunch today and even caused me to *gasp* open it.  It said..."banks ready to release inventory".  Really? I thought as I frantically tapped the screen of my Iphone to get a closer look.  Low and behold it was an advertisement to buy bank owned open house signs.

Clever sign sales person.  I opened it, right?

We've been threatened since just about this time last year that we are going to get more foreclosures than we've ever seen dumped on our market before.  I haven't seen it yet.  I am sure there is some sort of ghost inventory out there...I see the preforeclosures stacking up and I know the 5 year ARMs are ready to adjust but where oh where has the inventory gone?  Oh where oh where could it be?

Banks don't like to hold inventory.  It costs them money to maintain and costs them reserves.  They'd rather be out lending.

Let's help keep the economy standing on the last leg we have and start using the short sale process to help our market.

With a short sale: the bank will make more money on the sale, the bank will spend less money in maintenance and reserves, the seller will maintain a better credit situation, and the buyer will obtain a home that hasn't been abandoned at a great price (at or below market value).  This will help our situation.  Trust me.

If you find yourself or a friend in a situation and it looks like foreclosure is the only option...you need to email me now (time is ticking and you don't have much of it when you're in this situation).  katie@katiehalle.com

Your SFR (short sale and foreclosure resource) certified short sale gal. 

~Katie

The Bonnie Dillon Team

I can't believe it!

I held an open house this afternoon at one of our amazing listings in Ahwatukee Custom Estates.  I thought I'd have a leisurely afternoon so I brought some work along.  I half expected a visitor or two because i knew that the Arizona Cardinal vs Green Bay Packers playoff game was scheduled to begin around 2pm AZ time and I was just getting started around 1pm.

BOY was I wrong!

I had a total of 14 visitors in 2 hours!! 

Here's the link to the property that I held open.  Check out the virtual tour: http://www.12239warpaint.com/

Don't believe the Debbie Downers out there that say this housing market isn't moving.  There are buyers ready and looking to get a great home in this area!  I have 5 new buyers to work with that are looking in Ahwatukee Custom Estates and that's just from today.

If you are looking to sell or are thinking of performing a short sale are are looking for info.  CALL ME!  I have buyers lined up for this area.

602.476.1942

Katie Halle with The Bonnie Dillon Team

Your Ahwatukee Custom Estates Specialists