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A deficiency judgment after a Short Sale or Foreclosure? It appears from the article below from CNN Money it is very possible.
I ask has anyone heard of this yet?
Should you now be telling your short sale sellers this is possible?
If this happens then a bankruptcy maybe the only way out for many people.
What effect will this have on the real estate market long term if all the lenders start doing this?
This does not apply to many states and not in Arizona
http://finance.yahoo.com/news/Mortgage-lenders-pursue-cnnm-3107909798.html?x=0
Richard Lecinski
Long Realty Company
Tucson - Oro Valley - Marana - Vail Arizona
http://rlecinski.longrealty.com
520-834-4663
Monday, March 15 7 pm Gaslight 'Motown's Greatest Hits' concert. Motown Records along with Stax and Volt, contributed to the birth and sound of Soul music in the early 1960's. These powerhouse studios are responsible for the likes of Otis Redding, Marvin Gaye, Stevie Wonder, The Temptations and Wilson Pickett to name a few. The Gaslight Theatre's Monday Night Concert Series is proud to present Soul is Back: a Tribute to Motown and Others; starring Gaslight's own Charlie Hall and an eight-piece soul ensemble compiled of Tucson's very own internationally renowned powerhouse musicians.
Sun City Vistoso is a 1000 acre active adult retirement community conveniently located northwest of Tucson, at the base of the Catalina Mountains in the Town of Oro Valley. The beautiful setting is only the beginning of the quality of the Sun City Vistoso community. With a population of over 4500 active adults, Sun City Vistoso offers a friendly hometown feeling - close enough to the city for convenience but far enough away for tranquility.
The amenities offered include an 18-hole championship golf course intricately blended with its desert base, miles of wide, clean streets and sidewalks ideal for walking and bicycling, and three recreational facilities that offer many programs and opportunities active adults enjoy.
The community, with 2488 homes (single family, garden villa and patio homes) was established in 1986 by the Del Webb Corporation. Control was turned over to Sun City Vistoso Community Association, Inc. in 1995. Sun City Vistoso is governed by a seven member Board of Directors elected by the residents with day to day operations managed by professional staff.
See Sun City homes currently on the market - Just click on link below.
http://rlecinski.longrealty.com
Richard Lecinski
Long Realty Company
520-834-4663
This is a 30 year fixed rate mortgage at 4.55% rate. The Bond is reserved for first-time homebuyers and they must be purchasing a primary residence.
The maximum purchase price cannot exceed $276,334 for a single family residence and their total household income cannot exceed $69,000 - $72,480 depending upon a non-targeted or targeted area area for a family of 2.
The borrowers do need to attend a home education class.. The mortgage can be a FHA or conventional mortgage.
This is a great time to locate these first-time homebuyers to get them a below mortgage market interest rate and possibly the $8,000 tax credit.
For additrional information please give me a call or email
Richard Lecinski
Long Realty Company
Tucson, AZ
http://rlecinski.longrealty.com
520-834-4663
The Home Buyers Tax Credit is a gift for many boomers and retirees who are downsizing or maybe moving to a warmer location.
You maybe be able to receive up to $6500.00 or 10% of the purchase price.
To qualify for $6,500 version of the credit, you must close on a home, or be locked into a contract to close on one, before May 1, 2010. The closing itself must occur before July 1, 2010. You need not be a first time home buyer.
Even if as a retiree you do not pay or file an income tax return you will receive the money.
Spread the word. This is NOT only for first time home buyer!!!!!!!!!!!!
Please contact me for additional information or talk to your accountant.
Richard Lecinski
Long Realty Company
Tucson - Oro Valley - Vail - Marana Arizona
Specializing in Active Adult Communities
http://rlecinski.longrealty.com
www.arizonagreatliving.com
520-834-4663 520-834-4663
A few simple real estate tips for seniors
Real Estate Tips for Seniors
Richard Lecinski - Long Realty
Oro Valley - Tucson Arizona
Finding a real estate agent who understands the unique needs of older Americans is a crucial component in having a successful real estate transaction. Life changing events such as the passing of a loved one, illness, downsizing, and/or retirement are a unique set of issues that often accompany the buying and selling of property for older Americans.
Because this is an important and life changing decision, do not just pick a real estate agent out of the phone book, and/or stick with the first agent you meet - interview at least two agents. Make sure that you feel comfortable with the agent you will be working with. In the interview question the agents about their experience in handling clients dealing with the issues that you are dealing with. Try to get a sense of whether or not the agent would be sensitive to your needs; and make sure the agent is willing to deal with other family members if necessary.
When selecting an agent, discuss the percentages that the agent will charge you for selling your property. If an agent tells you he/she is charging you a "standard" percentage rate for services, be weary, this is false. A percentage rate is negotiable by federal law. The length of the contract in which you list with the agent is negotiable as well.
Pick a real estate agent who is willing to show you a marketing plan. A solid marketing plan demonstrates a commitment and willingness that will be instrumental in selling your property in a timely manner, eliminating unnecessary expenses related to utilities, real estate taxes, interest expense and lost interest income. A marketing plan should include advertising in a variety of venues, (for example flyers, the newspaper, open houses, the Internet). The property should always be listed in the local MLS, which is the industry standard publication that is utilized by all agents.
Although a real estate agent is not a financial advisor, attorney or tax consultant, a good agent should possess basic knowledge in these matters. The agent should possess enough knowledge to let you know which expert you need to consult with should any issues or questions arise related to those topics.
Following these guidelines will go a long way towards creating a positive experience when buying or selling property. As an older American you deserve peace of mind during this time of transition.
Email: rlecinski@longrealty.com
www.arizonagreatliving.com
Specializing in Active Adult Communities
Rich Lecinski
Long Realty Company
Oro Valley - Tucson Arizona
Direct Line 520-834-4663
Sun City Vistoso Lovely Garden Villa
| Active 11/20/09 |
Listing # 20933486 |
14450 N Spanish Garden Ln Oro Valley, AZ 85755-8641 |
Listing Price: $200,000 |
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County: Pima |
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| Property Type |
Residential |
Property Subtype |
Townhouse |
| Area |
Northwest |
Subdivision |
Sun City Vistoso |
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| Beds |
2 |
Approx Square Feet |
1308 Assessor |
| Baths(FTHQ) |
3 (1 1 1 0) |
Price/Sq Ft |
$152.91 |
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| Year Built |
1989 |
Lot Sq Ft(approx) |
2614 ((Assessor)) |
| Tax Code |
223-03-1100 |
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| Lot Acres (approx) |
0.060 |
| TRS 11 14 18 |
| Additional Pictures |
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| Listing Office Long Realty Company |
| School District |
Amphitheater |
ELEM Painted Sky |
MDJR Coronado K-8 |
HIGH Ironwood Ridge |
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| Directions N on Oracle Rd.,L on Rancho Vistoso Blvd.,R on Silverton Ave.,L on Copperstone Dr., L on Soanish Garden Ln to address. |
| Property Description Lovely garden villa, freshly painted & professionally cleaned. Move in ready. Split BR's,remote ceiling fans, metal safety sunscreens, lg master walk-in closet w/built-ins,storage cabinets in garage, 1 car & golf cart space. A must see home. |
| Presented By: |
Richard J Lecinski |
Long Realty Company |
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| Primary: 520-834-4663 520-834-4663 520-834-4663 520-834-4663 520-834-4663 520-834-4663 520-834-4663 520-834-4663 |
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| Secondary: 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 520-297-1186 |
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| E-mail: rlecinski@longrealty.com |
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| 6875 N Oracle #125 |
| Tucson, AZ 85704 |
| 520-297-1186 |
| Fax : 520-297-1005 |
| See |
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4850 East 13Th St
TUCSON, AZ 85711 (PIMA county)
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Price: $189,000 |
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| Area |
Central |
| Type |
Single Family |
| Subdivision |
Hoffman Add |
| Beds |
3 |
| Baths |
Full: 1 Half: 0 |
| Fireplaces |
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| Garages |
0 |
| Lot Size |
0 |
| Sq.Feet |
1621 |
| Year Built |
1949 |
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| High School |
Rincon |
| Middle School |
Vail |
| Elem. School |
Bonillas |
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MLS # 21001687 Posted 1/14/2010 |
| Property Description |
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CLASSIC CENTRAL CHARMER IN GREAT NEIGHBORHOOD. SOLID 3 BEDROOM 2 BATH HOME. OPEN, AIRY SPACIOUS LIVING. HUGE BONUS ROOM. WELL CARED FOR HOME. TWO YEAR OLD AC/HEAT PUMP, BLINDS, UPDATED BATHROOMS, TILE AND MAJOR APPLIANCES. NEWLY PAINTED. BACKYARD HAS LEMON, ORANGE AND CUMQUATE TREES AND COVERED PATIO. MOUNTAIN VIEWS. CLOSE TO SHOPPING, BUSLINES TO U OF A, AND DINING. THIS HOME HAS IT ALL.
Interior Features
Oven/Stove, Refrigerator, Washer,Breakfast Area,Cable Available,Dining Area,Off Kitchen Family Room,Carpet, Ceramic Floor
Exterior Features
Covered Patio,Paved Street,Wood Fence
Listed by:
This listing is brokered byLong Realty Company
Office: (520)834-4663 (520)834-4663 (520)834-4663 (520)834-4663
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950 E WILMETTE RD Unit: 230
PALATINE, IL 60074 (COOK county)
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Price: $114,900 |
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| Area |
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| Type |
Condo |
| Subdivision |
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| Beds |
1 |
| Baths |
Full: 1 Half: 0 |
| Fireplaces |
1 |
| Garages |
1 |
| Lot Size |
0 |
| Sq.Feet |
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| Year Built |
1982 |
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| High School |
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| Middle School |
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| Elem. School |
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MLS # 07030618 Posted 9/27/2008 |
| Property Description |
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Motivated Seller !!!!!!!!!!!!!!!!!! 3-1/2% down FHA loan possible.. .. Call for information about the $8000.00 first time home buyers Tax Credit. Some closing costs assistance maybe possible with acceptable offer. The sellers would like to sell quickly and are willing to work with you to make it happen.
Great location !!! Over looks the courtyard with wonderful views. Near the pool and clubhouse, close to golf course and park with play ground and tennis. " Heated" indoor parking.
Pool, bike room, bike trails, tennis, golf, park, playground all near by.
Close to Rt. 53 and Hwy. 90 and Arlington Park. Arlington Hts and Palatine trains stations near by.
Condo Property, County: COOK, Central air conditioning, Dining room,
Condo
Status: Active
County: COOK
1 total bedroom
1 total full bath
4 total rooms
Handicap features
Type: Attached home, Balcony
Style: Condo
Master bedroom
Living room
Dining room
Kitchen
Master bedroom is 13X12
Living room is 18X13
Dining room is 12X9
Kitchen is 12X8
1 car heated underground parking. Deeded
Central air conditioning
Interior features: Elevator(s)
Exterior features: Balcony, Storage/out-building(s)
Approximate lot is COMMON
School District: 15
This listing is brokered by:
ULTRA SOURCE REALTY, LLC
Tony Papa
Office (847)343-2668 (847)343-2668 (847)343-2668 (847)343-2668
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Richard Lecinski
Oro Valley,
AZ
More about me…
Long Realty Company
Address: 6875 N Oracle Rd. #125, Tucson, Az, 85704
Office Phone: (520) 918-4837
Cell Phone: (520) 834-4663
Email Me
Oro Valley - Tucson Real Estate services Long Realty Company. http://rlecinski.longrealty.com
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