Short Sale My Queen Creek Home

Where will Queen Creek AZ home values be in 3-5 years?

Jessica Sulliman (Ashby Realty Group, LLC) — Tue, 01 Dec 2009 10:18:01 -0600

This question is one that we ALL are asking, but the truth is that no one can tell you for sure, except those that have special gifts & can actually see the future. Since I do not know anyone who can accurately predict the future (if you do please let me know), we have to defer to what history tells us, as we know for certain that history always repeats itself.

Unfortunately, we are in unchartered waters so history can only minimally guide us. Our current market is very different than that of any previous market. There are similiarities to the 1990's, etc. but nothing compares to what we have gone through in real estate over the past few years. Traditionally in real estate, the average annual appreciation rate is 4-5% here in the Queen Creek area. But, once again, nothing is traditional about our current market or state of the economy.

Prices are currently increasing a bit here as demand is high and inventory levels are low, but I don't think we will see any significant changes for many years to come. In Queen Creek & San Tan Valley (area formerly known as Queen Creek), values are currently back to the year 2000. Those who purchased after the year 2000, or refinanced after the year 2000 and pulled out their equity, currently owe more than their home is worth. Not only do we have folks who can no longer afford their mortgages due to financial hardships and life changes and interest rate adjustments, but we also have folks who are wising up. They understand that it does not make financial sense to hold a property that is worth less than what is owed on it if they won't recoup their values for a long, long time (in some cases 15-20 years). If they foreclose, they will recover in 3-5 years based on the current lending guidelines. It's simple math. Thus, the strategic defaulters are coming out of the woodwork. Until the foreclosure crisis is over, we won't see 'traditional' behavior. The foreclosure crisis won't be over until the majority of folks who are underwater (and right now the stats say one out of every four homeowners is underwater) have walked away, short sold, modified their loans, etc. I would be amazed if this could all happen within the next three years.

I think it is a GREAT time to buy, however, I think next year will still be a great time to buy. Our current market is an absolute GIFT for homebuyers. Hello!?? We are back to prices from almost TEN years ago!!

Still, I believe that real estate in 3-5 years will be stagnant compared to today's market. Lenders will still be very tight with their money, but they will have to loosen up a bit if they want to keep writing new loans. I see stated income loans coming back for A paper customers, for example. Interest rates will be much higher, however, especially due to inflation....so the sooner you buy, the better! Buying is not just about home prices, it is also about the long term cost of your purchase.

We will likely see a pretty high amount of inflation due to the trillions of dollars the Federal Government has printed in order to pay for the stimulus packages over the past year. Once the Fed concludes that we are headed back out of the recession, short term interest rates will be increased in order to try to limit the amount of Inflation. Mortgage lenders & the secondary market that buys mortgages will begin to demand a higher rate of return on their investments, thereby forcing mortgage rates to go higher and we will see both the cost of 1st trust deed loans and 2nd trust deed loans (lines of equity, etc.) increase rates. With inflation, (food & clothing start costing more, credit cards tied to the Fed rate increasing their interest rate, and the increase in mortgage interest rates) the cost to buy a home will increase because the monthly payment will increase dramatically.

This will further slow any significant price increases for real estate. This is why I feel that real estate values won't move up significantly, over the next 3-5 years, but I think the future is very bright for long term gains. I don't see an opportunity to make significant gains on your purchase, however, for 7-10 years, unless you are able to buy and get a smokin' deal, far below current market values. If you are looking to buy and hold a property, you should probably be in it for the long haul (10 years+). As an investor, this shouldn't be difficult to do, however, because buying at today's prices will allow your cash flow and overall ROI to be very profitable.

Jessica Sulliman & Randy Curnutt
Short Sale & Foreclosure Specialists
Ashby Realty Group, LLC
602-677-7977 Jessica Direct
602-677-1002 Randy Direct
jessica.sulliman@ashbyrealty.com
www.sunshinespecialists.com

Wonderful Wachovia Whirlwind Short Sales on the FAST TRACK

Jessica Sulliman (Ashby Realty Group, LLC) — Mon, 30 Nov 2009 14:25:04 -0600

7-10 day approval? Yup, that's what i said! Wachovia (f/k/a World Savings) has actually figured out the game. And for some lucky homeowners, they are even offering a BONUS to the SELLER of up to $2500!! What makes this more incredible is that each county has a short sale negotiator who is proactive in the approval process. Wachovia makes its decisions on a case by case basis, and the emphasis is on the hardship a homeowner is facing. The goal is to offer a fast track process to the homeowner once it has been determined that all other options have been exhausted including the possibility of a loan modification.

Requirements for a Wachovia Short Sale Approval

AGENTS:

Obtain Listing Agreement
Contact Local Short Sale Manager as soon as you get the listing
Short Sale Mgr will notate in Wachovia system that the proeprty is listed in the MLS "Wachovia Short Sale"
**NEW** Field Mgr will order an appraisal at LIST PRICE, based on the property condition
When you receive an offer, send in the contract, HUD-1 and Fast Track Form to assigned Short Sale Manager via email or fax
Receive Approval or Minimum "NET" required from Wachovia within 7-10 days!
Obtain settlement letter from any junior lienholder(s)
Close in 45 Days or Less!

SELLERS:

Homeowner must have a true hardship (loss of income, job loss, medical, family, etc....). Provide required documentation to support your hardship. Taxes, bank statements, and pay stubs must be submitted to the negotiator.
Communication is key! Most homeowners in this situation are embarrassed at the possibility of facing foreclosure that they stop answering the phone or opening mail. You must be willing to communicate with the lender to help yourself with this situation.
Work with a REALTOR who knows how the Wachovia process works (like us). This will help the homeowner reach a timely agreement with Wachovia and help facilitate an open channel of communication with the short sale negotiator.

Wachovia's short sale fast track is incredibly fast in comparison to the other banks and servicers who average 90-120 days to approve a short sale, and in some cases take as long as 8+ months! Talk to a Loss Mitigation Representative at Wachovia to find out more and to explore your options.

(866) 642-8608

8:00 am-5:30 pm Monday-Thursday 8:30 am-4:00 pm Friday

REal Estate Needs. REal Life Solutions

Jessica Sulliman & Randy Curnutt

Realtors, Real Estate Consultants, REO & Short Sale Specialists

jessica.sulliman@ashbyrealty.com

(602) 677-7977 Jessica Direct

(602) 677-1002 Randy Direct

www.sunshinespecialists.com

Loan Mod vs. Short Sale.....is a loan mod just a short term solution?

Jessica Sulliman (Ashby Realty Group, LLC) — Mon, 30 Nov 2009 13:28:27 -0600

Interesting article regarding loan modifications and why they truly are nothing more than a delay of the inevitable...

50% Of Rescued Mortgages Have Re-Defaulted

Click HERE to view full article.

The latest data from the Office of the Comptroller of the Currency (OCC) shows that over 50% of homeowners who had their loans previously modified in order to avoid foreclosure have re-defaulted. This seems like an awfully high failure rate.

As one might expect, mortgages which were given higher cuts to their monthly payments (during the modification process) have been less likely to re-default. More help prevents re-default.

Hopefully the Making Home Affordable plan has encouraged more aggressive modifications. Past mortgage modifications were clearly just a delaying game, rather than a solution, since in the end more than 1 out of 2 "rescued" mortgages re-defaulted. It should have been done better the first time.

Were financial institutions unable to face the upfront losses which more aggressive mortgage modifications (and the haircuts they might cause) would have caused? Feel free to enlighten us here.

Call today to see if you qualify for a short sale! 602-677-7977

REal Estate Needs. REal Life Solutions

Jessica Sulliman & Randy Curnutt

Realtor, Real Estate Consultant, REO & Short Sale Specialist

jessica.sulliman@ashbyrealty.com

Jessica (602) 677-7977 Direct

Randy (602) 677-1002 Direct

www.sunshinespecialists.com

Beautiful Equestrian Estate for Sale at 22351 S Sossoman Rd Queen Creek AZ

Jessica Sulliman (Ashby Realty Group, LLC) — Sun, 29 Nov 2009 14:59:52 -0600

Jessica Sulliman & Randy Curnutt | Ashby Realty Group, LLC | jessica.sulliman@ashbyrealty.com | 602-677-7977 & 602-677-1002

22351 S Sossaman Rd, Queen Creek, AZ

Gorgeous Custom Home on Acreage!

5BR/4.5BA Single Family House

offered at $875,000

Year Built	1996
Sq Footage	4,748
Bedrooms	5
Bathrooms	4 full, 1 partial
Floors	2
Parking	3 Car garage
Lot Size	127,587 sqft
HOA/Maint	$0 per month

DESCRIPTION

JUST REDUCED BY $325K!!! THIS GORGEOUS 4,700+ SQUARE FOOT ESTATE HOME JUST RECEIVED A $100,000+ INTERIOR REMODEL AND IT LOOKS ABSOLUTELY REMARKABLE! 5 BEDROOM, 4.5 BATH (NOT INCLUDING A DETACHED LIVING QUARTERS WITH BEDROOM, BATHROOM AND KITCHEN). THIS EXTENSIVE REMODEL INCLUDED ROUGH EDGE TRAVERTINE FLOORS, CUSTOM EUROPEAN CABINETRY IN KITCHEN AND BATHS, GRANITE COUNTERS, 8' STAIN GRADE DOORS THROUGHOUT, DECORATIVE IRON FRONT DOOR, STAIN GRADE CROWN MOLDING AND FLOORBOARDS, NEW PAINT, NEW LIGHTING FIXTURES NEW CARPETING, CUSTOM STAINED BANNISTER (SEE PIC'S), ETC... HORSE PROPERTY WITH 2.93 ACRES, 6,000 SQUARE FOOT DETACHED BUILDING WITH SEPARATE LIVING QUARTERS, HORSE STALLS, WOOD SHOP, COVERED PARKING AREA. THREE RAIL FENCING AROUND PASTURE, AUTO WATER, ETC...CALL FOR MORE DETAILS.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- High/Vaulted ceiling	- Walk-in closet	- Hardwood floor
- Tile floor	- Family room	- Living room
- Dining room	- Breakfast nook	- Dishwasher
- Refrigerator	- Stove/Oven	- Microwave
- Granite countertop	- Laundry area - inside	- Balcony, Deck, or Patio
- Yard	- Swimming pool

COMMUNITY FEATURES

- Garage parking

- Covered parking

- Guest parking

ADDITIONAL PHOTOS

Kitchen	Front of Home
Rear of Home	Bathroom
Horse Property	Stables
Kitchen	Kitchen
Shower	Master Bedroom
Bedroom	Dining
Dining	Brick Fireplace
Custom Tile Work	Guest Quarters/Workshop
Pool	View of Property

Contact info:

Jessica Sulliman & Randy Curnutt

Ashby Realty Group, LLC

jessica.sulliman@ashbyrealty.com

602-677-7977 & 602-677-1002

For sale by agent/broker

Equal Opportunity Housing

Posted: Nov 27, 2009, 8:34pm PST

Short Sale Steal at 4215 E Vest Ave in Gilbert, AZ!

Jessica Sulliman (Ashby Realty Group, LLC) — Sun, 29 Nov 2009 14:51:49 -0600

Jessica Sulliman | Ashby Realty Group, LLC | jessica.sulliman@ashbyrealty.com | 602-677-7977

4215 E Vest Ave, Gilbert, AZ

Roomy 2 story with 4 bedrooms/2.5 baths. Interior upgrades. Beautiful Willows neighborhood with many amenities.

4BR/2.5BA Single Family House

offered at $149,990

Year Built	2007
Sq Footage	1,711
Bedrooms	4
Bathrooms	2 full, 1 partial
Floors	2
Parking	2 Car garage
Lot Size	4,032 sqft
HOA/Maint	$87 per month

DESCRIPTION

Beautiful and move in ready. Large 4 bed/2.5 bath 2-story. Roomy kitchen with granite counters and stainless appliances plus 42" cabinets. Turf rear yard, paver patio, no rear neighbors. Neutral-custom interior paint, 18" diagonal set tile in wet areas, custom master closet. Lots to see! Community includes front yard maintenance, large greenbelt, walking trails, K-8 school in community, 2 pools, 3 playgrounds, 6 ramadas and bbq’s, sand beach volleyball court and ½ basketball court. Great location close to 202 freeway, shopping, dining and more.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Tile floor
- Stove/Oven	- Granite countertop	- Stainless steel appliances
- Laundry area - inside	- Balcony, Deck, or Patio	- Yard

COMMUNITY FEATURES

- Swimming pool(s)

OTHER SPECIAL FEATURES

- 4 bed/2.5 bath. Upgraded kitchen, tile in wet areas.Community features, pools, playground & more.

ADDITIONAL PHOTOS

EXTERIOR	front
front	front
rear	rear yard
kitchen	kitchen
master bedroom	master bath
laundry	half bath downstairs
guest bath	common area
playground	pool
2nd playground	volleyball

Contact info:

Jessica Sulliman

Ashby Realty Group, LLC

jessica.sulliman@ashbyrealty.com

602-677-7977

For sale by agent/broker

Equal Opportunity Housing

Posted: Nov 27, 2009, 8:01pm PST

Wells Fargo Short Sales....Gotta Love 'Em!

Jessica Sulliman (Ashby Realty Group, LLC) — Mon, 16 Nov 2009 19:24:01 -0600

Yay! We just received another Arizona Short Sale approval from Wells Fargo. The process took LESS than 60 days AND they are even paying 3% towards the buyer's closing costs and a full 6% co-broke. What more could a short sale agent ask for??

Would you go to court without an attorney? Why would you trust your short sale to anyone but an experienced short sale agent with successful results?

If you are upside down on your home or behind on your payments, contact us TODAY for Short Sale assistance.

Call Jessica or Randy today to see if YOU qualify for a Short Sale! 602-677-7977

Jessica Sulliman & Randy Curnutt

Realtors, Real Estate Consultants

jessica.sulliman@ashbyrealty.com

(602) 677-7977 Jessica

(602) 677-1002 Randy

www.sunshinespecialists.com

Ooops, Sorry! The Accidental Foreclosure

Jessica Sulliman (Ashby Realty Group, LLC) — Tue, 10 Nov 2009 13:24:51 -0600

At the end of the day.....even if you do everything right, have a cash buyer and a full short sale approval.....they still may foreclose. Even if it's not on purpose.

Today we wrote a letter to the CEO of Chase, Jamie Dimon. The loan was with WAMU, now Chase. Not sure what more we can do at this point. If anyone has a better idea, please let me know!:

Hello Jamie,

My short sale was fully approved on the above referenced file. When I called in prior to 10/30, we were assured that the Trustee Sale was postponed and that we had an approval. On 10/30, our property was "accidentally" foreclosed on and now Samantha Britt, our negotiator, is attempting to get the sale reversed.

I was just contacted by the REO listing agent as this property has already been assigned, AND they want to offer our tenant Cash for Keys! The built in tenant is a crucial piece to the success of the short sale transaction, as the purchaser is an investor who is buying the property with a built in tenant.

The response we are now getting from Samantha is that "TO RESCIND A PROPERTY DOES TAKE A LITTLE TIME"

It is imperative this Trustee Sale be rescinded as soon as possible and that no further action be taken on the REO side. Please help!"

Well, today is the 10th, the Trustee Sale occured on the 30th. To properly postpone the sale would have taken about 2 minutes. They have certainly had enough time to assign the file to an asset manager, then a listing agent, and now talk to our tenant! What more can be done?

Call Jessica or Randy today to see if YOU qualify for a Short Sale! 602-677-7977

Jessica Sulliman & Randy Curnutt

Realtors, Real Estate Consultants

jessica.sulliman@ashbyrealty.com

(602) 677-7977 Jessica

(602) 677-1002 Randy

www.sunshinespecialists.com

$100 Down Gets You into a HUD Home!

Jessica Sulliman (Ashby Realty Group, LLC) — Tue, 10 Nov 2009 13:07:53 -0600

$100 Down Gets You into a Home!

New FHA Sales Incentives

Introducing the FHA & HUD-owned Home Sales Incentives, increasing the Affordability of Homeownership.

Incentives:

· Up to 110% LTV.*

· $100 down payment with FHA financing.*

· $500 bonus to the real estate selling broker who sells a HUD owned home using FHA financing.*

· $5,000 sales allowance paid to borrower for repairs at closing when using FHA financing.*

· HUD 3% allowable closing cost funds still apply.* Yes, you truly can own a home with only $100 out of pocket!!

What is Eligible?

· All HUD-owned homes for sale in eligible states.

· Only properties purchased by owner-occupant are eligible.

· List of eligible homes in each state available at www.hud.gov/homes

* Please call for complete details on this program or to discuss your particular requirements.

REal Estate Needs. REal Life Solutions

Jessica Sulliman

Realtor, Real Estate Consultant, REO & Short Sale Specialist

jessica.sulliman@ashbyrealty.com

(602) 677-7977 Direct

(602) 445-9931 Fax

www.sunshinespecialists.com

How to Save Yourself from Foreclosure!

Jessica Sulliman (Ashby Realty Group, LLC) — Wed, 28 Oct 2009 14:44:56 -0500

Our passion is to help those facing foreclosure to deal with their situations, either themselves or with the help of professionals. It is our opinion that homeowners in trouble should consider trying to negotiate with their lender themselves before paying any company to obtain a modification/deed in lieu or short sale.

The key is (I) not to wait until too late if your own efforts are not successful and (ii) not to accept a servicer's offer just to reinstate the mortgage and spread arrearages, when you could not pay the basic mortgage payment in the first place.

Usually what they offer is not what can be negotiated. Remember that they are not going to just reduce your payments to be helpful. They will go only as far as they feel they need to. Good negotiating is an art and you can either learn it or have us do it for you.

Remember, once you accept a modification or forbearance plan, the holder will never renegotiate it. So do not make the mistake of taking what they first offer or settling for something that is not realistic for your budget or will not last you long term. For example, if you owe $500,000 on your home and it is now worth $250,000, and you know you may need to sell in 5 years.....a loan modification that does not reduce the principle is probably not the best option for you as you may just be avoiding the inevitable. The likelihood that you will recoup $250,000 of your home's value in 5 years is slim to none. In this case, a short sale may be your best option. Better to do it now rather than later so that you can begin the recovery process immediately and move on.

How to handle a foreclosure:

There are, basically, five parts to obtaining a desired result.

Part one is to put together all of your documents and prepare certain forms necessary to deal with loan servicers.

Part two is to put together the facts of the origination of your loan to show the servicer and holder that you can legally contest the foreclosure and that foreclosure will be very expensive in comparison to a modification, or deed in lieu or short sale.

Part 3 is to slow down the actual foreclosure process, to allow time to negotiate.

Part 4 is to put together a plan that will fit the holders' underwriting guidelines.

Part 5 is to break through the servicer's lower level personel to a decision maker and then negotiate.

If, at any point in this process, you find that you might not be successful, we are available to assist you with further educational materials and/or negotiation services that have achieved over a 90 percent success rate to date.

If you desire more information or wish to engage us please contact us.

Best of luck to you!!!!

REal Estate Needs. REal Life Solutions

Jessica Sulliman & Randy Curnutt

Realtor, Real Estate Consultant, REO & Short Sale Specialist

jessica.sulliman@ashbyrealty.com

(602) 677-7977 Jessica Direct

(602) 677-1002 Randy Direct

(602) 445-9931 Fax

www.sunshinespecialists.com

Everything Lenders Don't Want You to Know about Foreclosures

Jessica Sulliman (Ashby Realty Group, LLC) — Wed, 28 Oct 2009 14:35:32 -0500

EVERYTHING LENDERS DON'T WANT YOU TO KNOW ABOUT FORECLOSURES ......and how to use it to your advantage.

Every day we read about the "foreclosure crises" and how the real estate market crash was responsible for it. NOT TRUE. The truth is that most mortgages that are in foreclosure today, were made by lenders who knew that the borrowers would be unable to pay unless they refinanced. And they should have known that great markets don't last forever and people would not be able to refinance.

How does an adjustable rate starting at 2 percent and going to 10 in two years sound?? Think anyone could afford that jump??

The terms were unconscionable; not just ethically, but legally. As was predictable by every lender, when prices started dropping and the credit scores of these consumers did not improve, refinancing was not possible and foreclosures resulted.

And now, we are all left holding the bag.

That is only the beginning. Almost every loan for the last 14 years was made with an improperly done appraisal. Appraisals, under a law called FIRREA are supposed to be totally independant, but realtors, mortgage brokers and lenders made sure that appraisers were pressured into inflating appraisals. That pressure violates any number of laws and regulations and can be used to the borrowers advantage.

Many loan documents did not properly compute the APR on the loan, which is another improper practice.

Loan terms were unexplained and were never properly explained or disclosed. Actual fraud was not unheard of and consumers were the victims, although lenders claimed it was them.

But, there are ways that the lenders' conduct and its impact on the cost of foreclosures, can be used to negotiate afforable modifications, deeds in lieu of foreclosure and short sales. That is our specialty and we do it very, very well. In fact, to date, we have been succesful almost 90 percent of the time.

For more information on how you can find and use this information please contact us. We specialize in short sales, but if another foreclosure alternative is in your best interest, we can assist with that as well or refer you to someone who can do it better. I do hope that this information is helpful!

REal Estate Needs. REal Life Solutions

Jessica Sulliman & Randy Curnutt

Realtor, Real Estate Consultant, REO & Short Sale Specialist

jessica.sulliman@ashbyrealty.com

(602) 677-7977 Jessica Direct

(602) 677-1002 Randy Direct

(602) 445-9931 Fax

www.sunshinespecialists.com

Short Sale Steal! 4000sf Single Level on a .5 Acre in TerraRanch Queen Creek

Jessica Sulliman (Ashby Realty Group, LLC) — Wed, 28 Oct 2009 11:57:42 -0500

Short Sale vs. Foreclosure

Jessica Sulliman (Ashby Realty Group, LLC) — Wed, 28 Oct 2009 10:56:06 -0500

Article Written by: Mick Bernard a Certified Credit Restoration Expert and President of Credit Strategies, a credit consulting firm based in Scottsdale, Arizona. Credit Strategies works with Mortgage Companies, Realtors and Bankers to help their borrowers with less than perfect credit increase their credit scores so they can qualify for the best possible financing.

Short Sale vs. Foreclosure

This debate is racing across our nation. It is one of the questions I am asked the most, "Should I let my house go into foreclosure or should I do a short sale?" Everyone seems to understand a foreclosure will not only demolish their credit score , but it will also ruin their chance of getting a decent interest rate on any new financing they want to get in the next few years. A foreclosure is considered a major incident by the credit bureaus. Any major incident can have a devastating impact on your credit score. Other examples of major derogatory credit incidents are bankruptcies, charge offs, judgments and short sales, which are normally accompanied by the term "account settled." Anytime your credit report has the term, "Settled or Settled for Less than Full Amount," it is considered a major derogatory incident and can have a major negative impact to your scores. How much it will reduce your score is determined by many reasons some of which we can discuss and some that are kept a secret by Fair Isaac, the inventors of the FICO credit scoring system. We do know the higher your credit score, the more damaging a major derogatory incident will be. In other words, a major incident affects the people that have the furthest to fall.

Foreclosure

Most people know what this is. A foreclosure is when the bank takes back a home because the homeowner doesn't make the payments on their home loan or mortgage. In most cases a home doesn't go into foreclosure until a homeowner is several months behind on the mortgage. A foreclosure can have a double negative impact on a consumer's credit score. In addition to a foreclosure listing being a major derogatory incident, there are also normally a significant number of late payments reported by the lender to the credit bureaus. These late payments vary in severity from "30-days" late to the much more damaging "90-days" late incident. In many cases there are additional late payments more severe than 90 days being reported, such as the 120 and 150-day late payments. The number of the late payments and the severity of those payments will all contribute to the damage done to your credit scores.

Short Sale

Short sales are more of a mystery to consumers because there is some confusion regarding the impact they have on their credit scores. Fair Isaac has confirmed that they consider a short sale to be a major derogatory item because of it being listed as a "settled account." Major derogatory incidents can have a severe negative impact on your credit scores. Most of the cases I've been involved with, the main difference between a foreclosure and a short sale is communication. During the foreclosure process the homeowner tends to be more invisible during the process. During a short -sale transaction there is constant communication between the bank and the homeowner. During that time the homeowner or the homeowner's representative has the opportunity to negotiate with the lender. In addition to negotiating a reduced loan pay-off they could also be negotiating what the lender will report to the three credit bureaus when the transaction is closed. If the lender reports, "Settled or Settled for Less than Full Loan Amount," the short sale will be considered a major derogatory incident. If the lender doesn't report the short sale as "Settled or Settled for Less than Full Loan Amount," then this will not be considered a major derogatory incident and will not have the negative impact. The homeowner may also choose to remain current on their home loan during the short sale process. If they remain current then they will not have the added negative impact of the late payments affecting their score.

Effects on Credit Score

The effect a foreclosure or a short sale has on your credit score is impossible to predict because of the variety of other variables impacting the scores. If you find yourself in the unfortunate situation of not being able to make your mortgage payment, do your research. Call your lender to see what options they have available before making any decisions. Call a professional; there are many different professionals that specialize in these types of transactions. The decision you make could have the largest impact on your credit score than any decision you have ever made.

Need more information? Mick can be reached by e-mail: mick@onlinecreditstrategies.com

Credit Strategies - 480-502-5554 - www.onlinecreditstrategies.com

First Time Home Buyer Tax Credit to be Extended?

Jessica Sulliman (Ashby Realty Group, LLC) — Wed, 28 Oct 2009 10:45:36 -0500

The information below was featured on today's AP wire regarding the pending extension of the 1st Time Homebuyer Credit Extension.

Provided by Jessica Sulliman and Randy Curnutt to assist in keeping you current on important developments.

The senate was presented with a plan to extend the tax credit and increase the income limit. Click Here to see the video update.

US Senators Near Deal On Extending Home Buyer Tax Credit

By Jessica Holzer, Of DOW JONES NEWSWIRES

WASHINGTON -(Dow Jones)- U.S. senators are nearing a deal on a measure to extend the first-time home buyer tax credit through next April and expand it to some buyers who already own a home.

Under the deal, certain "step up" buyers who have lived in their current home for at least five years would also qualify for the tax credit, according to lobbyists close to the negotiations.
The deal comes amid heavy housing industry pressure to extend the tax credit, which is set to expire Dec. 1 unless Congress acts. The measure, which proponents hope to offer as an amendment to legislation extending jobless benefits, could receive a Senate vote this week.

Under the measure, the credit would run through April 30 of next year, though sales contracts in force by that date would be eligible as long as the deal closes within 60 days. The credit would amount to 10% of the sales price, with a maximum of $7,290. The current credit has a cap of $8,000.

To qualify, first-time home buyers must make no more than $75,000 a year or $ 150,000 for couples. For step up borrowers, the income caps are $125,000 for individuals and $250,000 for couples.

Please contact us at the number notated below if we can assist you with the purchase of your first or move up home!

REal Estate Needs. REal Life Solutions
Jessica Sulliman & Randy Curnutt
Realtors, Real Estate Consultants, REO & Short Sale Specialists

jessica.sulliman@ashbyrealty.com

(602) 677-7977 Jessica Direct
(602) 677-1002 Randy Direct
(602) 445-9931 Fax
www.sunshinespecialists.com

Assistant/Transaction Coordinator Needed for a Full Time Husband & Wife RE Team

Jessica Sulliman (Ashby Realty Group, LLC) — Wed, 16 Sep 2009 14:35:14 -0500

Assistant/Transaction Coordinator Needed for a Busy, Full Time Husband & Wife RE Team

Duties include:

· Assist with the marketing of properties in the MLS & on various websites

· Complete Comparative Market Valuations/Broker Price Opinions (BPOs)

· Data entry with the ability to type 40+WPM

· Complete file & transaction management

· Follow up with lenders, buyers, sellers and title companies

· Conduct occasional Open Houses

· Show homes to prospective buyers as needed (take buyer overflow)

· Manage lockboxes/signs/supplies

· Scheduling/calendar management, answering incoming phone calls. Check messages regularly & return phone calls.

· Short Sale Processing:

· Evaluate hardship and financials for short sale feasibility.

· Submit short sale package to the banks.

· Follow short sale process to completion.

· Update with file status and provide weekly office updates.

· Negotiate with banks to accept offer.

· Call banks at least 2 times or more per week per file.

· Communicate with both Realtors and client on the file as to the status without being told to do so.

The best candidate for this position will possess the following characteristics:

· Real Estate License and common knowledge of real estate & mortgage terminology

· Motivated and ability to work independently and efficiently.

· Prior administrative skills. Must know how to use Zipforms, FlexMLS, Word, Publisher & Excel. Quicken & Docusign knowlege a +.

· Must know how to be professional when conducting business.

· Must be very proactive and hardworking, often without instruction.

· Must be focused with the ability to follow up and work with little supervision.

· Must be detail oriented & ORGANIZED as I am NOT (organized).

· Must show initiative and pride in his/her work

· Must be able to multi-task. A definite must!

· Must be a quick learner, personable, have strong problem solving skills, be a self-starter and assertive.

· Must possess a strong ability to communicate effectively orally and in writing

· Must show initiative and pride in his/her work!

· Must be able to handle a NON structured day and work under pressure with strict deadlines

· Must be able to work out of my home and yours.....this is a VERY casual environment!

· Must like children & be able to occasionally work around chaos (I have two little girls who are home from school/pre-k at 3pm)

· Please be reliable & looking for a long term position with us. If your goal is to become a FT agent, this may not be the right fit.

You will be an independent contractor. Hours are flexible and as business dictates. This position is technically part time, though we are busy enough right now and have been busy enough for the past year and a half to keep you busy full time. If you feel you are the best person for this job, please email your resume with a cover letter noting why you are not a full time agent and feel this position would be a better fit for you.

Investors vs. Traditional Homebuyers: First Time Buyers Struggle with Bidding Wars on homes in Arizona

Jessica Sulliman (Ashby Realty Group, LLC) — Mon, 10 Aug 2009 21:21:36 -0500

Low-priced foreclosures incite bidding wars: A feeding frenzy that is pitting investors against traditional home buyers

The Associated Press updated 11:34 a.m. MT, Mon., July 20, 2009 PHOENIX -

Each time Lance and Kelli Thorson thought they had found their first home, someone would outbid them. It's already happened at least 15 times. This wasn't how it was supposed to be in a depressed housing market like Phoenix. Buyers are supposed to be able to walk in, and get pretty much whatever they want. Now, the Thorsons have taken up a tactic not seen since the heydays of the housing bubble — they are making offers on homes before they've seen them, as many as three per day. "It's frustrating because we've jumped through all the hoops and there still isn't a reward," Kelli Thorson said. In Phoenix suburbs and other areas of the nation saturated with foreclosed homes, low prices for bank-owned properties are sparking bidding wars that drive up sale prices, entice investors and frustrate traditional buyers who make dozens of offers and still can't land a home. Experts say the environment is strikingly similar to what they saw at the height of the real estate bubble. "This market is about as abnormal as the hypermarket that we came out of a few years ago," said Jay Butler, director of the Realty Studies program at Arizona State University. Just as they did during the boom period, investors now are stocking up on homes, driving up prices and forcing traditional buyers to the sidelines in some areas, Butler said. Because they often pay cash and buy several houses at once, investors are attractive to banks trying to shed dozens of foreclosures, he said. Traditional buyers add time and hassle to the process because they have to be approved for a mortgage. The market won't stabilize until investor influence diminishes and it is once again driven by buyers who plan to live in the home, Butler said. The problem is centered in newer, lower-priced communities affordable for young families and other first-time home buyers. They're the same neighborhoods that were overrun with foreclosures as mortgage rates adjusted and home values dropped. Homes are now listed at much lower prices than when they were sold just a few years ago. In the Phoenix area, the median resale home price last month was $125,000, down from a peak of nearly $265,000 three years ago. Prices have risen from a low of $115,500 in April, when agents say they began seeing a buying frenzy. Real estate agents have been noticing the problem for the past two to three months, said Walter Molony, a spokesman for the National Association of Realtors. It is especially acute in heavy foreclosure areas such as Las Vegas, Phoenix, southern California and southern Florida, where prices are correcting to levels well below their peak during the boom, Molony said. In those areas, it's not uncommon for sellers to get multiple offers. The Thorsons thought they were ideal home buyers. They saved money, have good credit and little debt. But at house after house, the prices are being bid up above the asking price. They made an offer on one bank-owned house, only to hear a counter offer that was $33,000 above the initial asking price of $117,000. Federal legislation designed to help people stay in their homes has slowed the flow of foreclosures into the market, lowering the inventory and increasing the demand for remaining homes. In Maricopa County, which includes metropolitan Phoenix, nearly 32,000 homes are on the market, down 30 percent from January. In the Las Vegas area, home inventories are down nearly 10 percent since March, according to data from the Greater Las Vegas Association of Realtors. Last month, 4,702 homes were sold in southern Nevada, a record number; 74 percent were foreclosures. Las Vegas real estate agent Jonathan Abbinante said he has clients who are making three offers a day on homes they've never seen. If they get a response, they'll check out the house and decide whether to continue or back out. He said he sees a similar frenzy for houses he's selling. "I sell homes right over the Internet," Abbinante said. "That's what I did in 2004." Bidding wars often result in prices higher than a home's appraised value, putting traditional buyers at a disadvantage against cash buyers who don't need an appraisal to secure a loan. That's happening a lot lately, said Jerry Lou Davis, a real-estate agent in foreclosure-heavy Merced, Calif. She saw similar activity early in the housing bubble. For the Thorsons, with a lease expiring next month and a second child on the way, the pressure to find a home is growing. Kelli is eager to paint and decorate. She already has plans mapped out for their 2-year-old daughter's room. "Buying a first home is supposed to be a really exciting thing to do for a family," Lance Thorson said. "But all the hoops you have to jump through kind of take away from that excitement." Copyright 2009 The Associated Press. All rights reserved.

Looks like things are picking up! My advise: Prepare your buyers for the possibility of bidding wars and be sure you come in with a strong offer!

URL: http://www.msnbc.msn.com/id/32011159/ns/business-real_estate/

Anyone know what builders are offering a free pool incentive for a new home in the east valley of AZ?

Jessica Sulliman (Ashby Realty Group, LLC) — Sun, 19 Jul 2009 12:07:15 -0500

I have a client that MUST have a pool, and they MUST stay under 200k. They don't want to go out to San Tan Valley. Any suggestions?

FINALLY! Canadian Vacation Home/Second Home Buyer Financing is Here in AZ!

Jessica Sulliman (Ashby Realty Group, LLC) — Thu, 16 Jul 2009 17:44:08 -0500

No U.S. Social Needed
Canadian Credit Report
25% down - Second/Vacation Homes Only
5/1 Principal and Interest ARM - amortized 30 years
No Prepayment Penalty
Customer sets up U.S. Bank account to pay mortgage

Close Of Escrow - typically 30-45 days, but needs to be addressed before offer to address any necessary delays due to location/accessibility of borrowers.

Rates will vary based on the day, but are competitive for the program. Today the rates are high 5's low 6's.

Call for details!

REal Estate Needs. REal Life Solutions

Jessica Sulliman

Realtor, Real Estate Consultant, REO & Short Sale Specialist

jessica.sulliman@ashbyrealty.com

(602) 677-7977 Direct

(602) 445-9931 Fax

www.sunshinespecialists.com

Short Sales, Foreclosures & Serious Changes to Arizona's Anti-Deficiency Statute

Jessica Sulliman (Ashby Realty Group, LLC) — Thu, 16 Jul 2009 15:53:05 -0500

You are receiving this email because of your affiliation to the Arizona Association of REALTORS®

Volume I / Issue VI

July 19, 2009

SB 1271 - Anti-Deficiency Law Change
One of over 200 bills pushed through the legislature in less than a month was a big change to an existing law that provided protection to borrowers in some cases against a deficiency judgment when their property went through foreclosure. Below is some background information on the legislation that has the lending and real estate industries a buzz with its intended and unintended consequences.

SB 1271 - Serious Changes to Arizona's Anti-Deficiency Statute
SB 1271 was sponsored by Senator Sylvia Allen, a REALTOR® from the White Mountains area of our state. The legislation started out in January as a bill dealing with jail districts and property tax limits. In June a strike-everything amendment gutted the original bill and changed its direction entirely. The Arizona Bankers Association argued successfully that the changes provided in the legislation were necessary because abuses in the current law were costing Arizona-based banks millions in losses. There was significant sympathy for the Arizona community banks in making the changes provided by this legislation. In other words, the legislators found it very easy to hold property investors liable for their debts while arguing that homeowners would still retain their deficiency protection if they lived in the home for six consecutive months. The legislation sailed out of the Senate by a unanimous vote but just barely received enough votes to pass the Arizona House of Representatives. The Governor signed the bill on the last day to sign or veto the legislation.

The current law - Arizona Revised Statutes (A.R.S.) § 33-814 currently states that within 90 days after the date of sale of a trust property under a trust deed, a legal action may be brought to recover a deficiency judgment against the borrower (trustor) who has now had their property foreclosed. The deficiency judgment must be for an amount equal to the sum of the total amount owed as of the date of the sale either by the fair market value of the trust property as determined by the court or the sale price at the trustee's sale, whichever is higher. The current law prohibits a lender from seeking a deficiency judgment against the trustor (foreclosed property owner) if the trust property is 2.5 acres or less and is used as a single one-family or single two-family dwelling.

The law effective September 30, 2009 - SB 1271 amended A.R.S. § 33-814 (G) to require that the trustor must have "utilized" the property for six consecutive months and a certificate of occupancy must have been issued. What does this likely mean? Various attorneys are opining different theories. My interpretation of the statute is that after September 30, 2009, properties sold at trustee's sale likely will not qualify for the anti-deficiency exemption unless the trustor lived in the single one-family or single two-family dwelling for at least six consecutive months. The legislative Fact Sheet, as transmitted to the Governor, states that SB 1271:

Prohibits a deficiency judgment against a trustor pursuant to a trustee's sale of a trust property that is 2.5 acres or less and is used as a single one-family or single two-family dwelling if both of the following apply:

The trustor has lived in the trust property for at least six consecutive months.
A certificate of occupancy has been issued for the property.

Places the burden of proof on the trustor to demonstrate that the statutory requirements to prohibit a deficiency judgment are met.

As before this law was passed, REALTORS® should advise their clients to consult legal counsel regarding the application of the anti-deficiency statute.

Visit RALLiNOW.com for all the latest legislative information.

Contact Legislative and Political Affairs

Arizona Association of REALTORS®
255 E. Osborn Rd., Ste. 200
Phoenix, Arizona 85012
www.aaronline.com

Telephone: (602) 248-7787
Fax: (602) 351-2471

Copyright © 2009 Arizona Association of REALTORS® All rights reserved.

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Investor Financing for an affixed Manufactured Home in Chandler?

Jessica Sulliman (Ashby Realty Group, LLC) — Wed, 15 Jul 2009 16:21:27 -0500

Help! I have a listing with an assumable FHA loan on it that is a manufactured home affixed to 2 acres of land. An agent called me today who has a client that wants to make an offer, but they are having a challenge with financing. The buyer can't purchase as a primary, and her agent is having a heck of a time finding her any investor financing. They can put down at least 20-25%. Any ideas?

WHAT?! They want the '56 Ford?? When is personal property too personal?

Jessica Sulliman (Ashby Realty Group, LLC) — Wed, 15 Jul 2009 03:10:39 -0500

But they asked anyway. List price was 289990. Original offer was 270k. My seller countered at 287500. We made it clear in the listing and from the initial negotiations, she was already at her bottom. Then we receive the counter back from the buyer's agent: 287,500, they want the decorative window hanging and the '56 Ford in the garage "with clear title".

My seller calls me and asks, "This is a joke, right?" Nope, no joke. So, first i ask you....Who does THAT?? They may as well have asked for her husband's first born. That truck is her hubby's baby. He built it himself. And I'm sure the buyer knew it....it's not like they asked for the car in the driveway. It was worse....

Did he really think a request like that would do anything but piss the seller off and make her want to do anything but tell him to pound sand? And where do you draw the line with personal property? When is personal too personal?

Why ask for something that clearly the seller is very emotional tied to, and never had anything to do with the listing in the first place?

Your Short Sale's Approved...but if it doesn't close on time, I'll cut your commission! WHAT???

Jessica Sulliman (Ashby Realty Group, LLC) — Wed, 15 Jul 2009 02:38:32 -0500

This was my latest conversation with a negotiatior at GMAC. Oh, and did I mention that I represent the seller? They give us barley 30 days to close......I beg for more but the negotiator doesn't budge. The buyer is financing with a USDA loan and the lender that the buyer has chosen is notorious for never closing on time.

Now we're 9 days from closing, and the file won't be out of underwriting until early next week. Then it has to get turned around to the USDA for a few days. There is just no way! What's a girl to do? The negotiator is telling me to find another buyer! Like I can just tell this one, "sorry, it's just not working out anymore?!" We're in escrow! We have a ready, willing, and able buyer who is paying market value for the home and just may need a few extra days to get the loan done.

Am I being punished for not bringing a cash buyer to the table? I get that the bank wants to close on time, but c'mon! I know I'm already going to be punished (reduced commission) when I bring in my own buyer or I network with the agents in my office and one of them brings me a buyer (reduced commisson).......but now i'm basically being punished if I advise my sellers to sign off on the offer of a first time buyer?

Maybe it's just a threat to get me to ride everyone daily throughout the transaction....but there is only so much that I can do as the listing agent. More importantly, why are the banks making it more difficult to get a first time buyer into a home?

I checked on a listing that closed the other day....my FHA buyer had submitted an offer on it a month or so ago, but there were multiple offers and we were outbid. We submitted way, way over list price! We thought for sure we had it in the bag! This was probably the 8th offer we had submitted and my buyer finally understood how the game needed to be played. But the seller actually chose a much, much lower offer....that was cash. I'm talking over $30k difference in price! Are you kidding me? What is going on here?? I called the listing agent, and they informed me that the seller was concerned about the appraisal. There were comps to support our offer. Let's say that the home appraised for $10k less than my client's offer.....that's still $20k on the table! I just don't get it.

203k Made SIMPLE? Yes, for your clients..........

Jessica Sulliman (Ashby Realty Group, LLC) — Wed, 15 Jul 2009 02:02:17 -0500

FHA 203K renovation loan program

Via Colleen Craig (Southern California Mortgage Professional):

203k MADE SIMPLE?

Ok, maybe not, but I will attempt to make it as simple as possible for the client to understand and want to read on.  For many of us in the business who are " in the know" we forget that we need to go back to the basics and spell it out in simple terms for others to understand. So I've compiled some information based on my most recent commonly asked questions just this week.

In Southern California, FHA loans were just not utilized over the past 10 or so years because of the FHA Maximum Mortgage limits But now that the limits have been increased and the prices have decreased, FHA loans have become the most utilized loan in recent months. HOWEVER, because it was not a popluar loan, you would be amazed at how many lenders/brokers do not know what they are doing. Especially when it comes to the 203k loan. I spoke to a client today that was given such mis information it made me cringe.



Apparently they told the client that 203k loans were no longer being done (Gee, you think it was after realizing that they had no idea what they were doing?) and they tried to flip them into another loan. This was after telling my client that their loan amount would be for the contract price and the extra money would just be separate and sit in an impound account to be disbursed over the next 6 months. Ok partially true, the extra amount would be in escrow to be disbursed as the remodel progressed, but for free? Who pays for the extra 50,000 dollars you just borrowed for repairs? Your loan amount is for the entire amount you are borrowing. Makes sense right?

So what is a 203k loan and why use one?

When a buyer wants to buy a home that needs repairs utilizing FHA financing, normally the repairs would have to be completed prior to the close of escrow.   The repairs would normally fall on the responsiblity of the seller. With so many foreclosures in today's market, the bank is the seller. And many times the home in need of repair is listed "as is". Which in the past would require a cash buyer or conventional financing. This is another reason that people in the business decided to shy away from FHA loans. I believe it was pure ignorance of the programs that were available by the brokers and the realtors couldn't properly prepare their seller for what to expect that gave FHA loans a bitter taste.

My associate Jeff Belonger said it best in his post about ignoring what your listing agent tells you about FHA loans

Here we go....203k loans for dummies



* 203k loans allow you to FINANCE the cost of the repairs in the new loan amount. (Not to exceed 110% of the after improved value determined by the appraiser and 203k consultant) What does this mean? I buy a house for 200,000 that needs 50,000 in repairs and I can borrow the extra 50,000? Too good to be true? NOPE. That's it in a nutshell....

ok details please.........

* Down payment is basesd on the sale price PLUS the final cost of the repairs x 3.5% so for example:

Sale price is 200,000 (DO not calculate 3.5% on this) PLUS 50,000 in repairs/costs (which includes certain costs and reserves the lender will require) 250,000 x 3.5%. Down payment is $8750.00 (closing costs are separate as usual)

* Buyer will hire (lender can recommend) a HUD approved FHA 203k Consultant  to go to the property with the buyer to determine the required repairs and wish list repairs.

The fee charged by the consultant can be included in the mortgage. The fee can range anywhere between $ 400 to $1200 depending on the repairs required. Please check with the consultant prior to scheduling your appointment.

*Buyer will obtain estimates from several licensed contractors for the work to be completed depending on how extensive the repairs.

Three estimates are recommended for each contractor but not necessary. The buyer can act as their own general contractor only if experienced and licensed. (FHA says experienced, but most investors require the buyer to be licensed) The contractors must provide documentation to be approved by the lender prior to approval.

The consultant will determine the "required" repairs versus the "wish list repairs". You must start with the required repairs and then move on from there for you wish list. This is an important step for the consultant and appraiser so that you don't over improve the home and exceed the comparable properties in the area.

* Once the consultant completes his report of required and wish list repairs, the lender will forward it to the appraiser for an "After Improved Value". This is where you may run into problems with OVER improving the property based on current values. Between the consultant, appraiser and buyer - the FINAL FINAL report will be tweeked to come up with a final report that the contractors will be hired to do.

* So now the file is submitted to underwriting and approved ( you need to qualify at the full amount you are borrowing of course, which may include your current mortgage payment for the home you will live in during the rehab period) and the normal steps for closing will occur.

(BIG PLUS - you can include 6 months of mortgage payments in the new loan amount since it's assumed that you will have TWO housing payments during the rehabiliation of the new home. This money will be deducted each month during the reahab process) This is optional.

* Closing occurs, and the work begins within 30 days of closing/funding. (This is when your mortgage payments start since this is when you started borrowing the money - however, if you included the 6 mths mtg payments, they will be deducted from escrow starting when your first payment is due)

* Disbursments are made throughout the following 6 months from the escrow account (normally 4 draws with one final inspection, but this can be increased for higher repair amounts) as the work is completed.

Remember you paid the seller for the price of the home, and then you borrowed an additional amount of X which is sitting in an escrow account to pay the contractors (your total loan is the total amount you borrowed)

Once the last disbursement is made and the final inspection showing COMPLETED AS PER THE CONTRACT........you are done! Simple ast 1 2 3 - okay maybe not, but that's why having an experienced lender on your side is crucial!

There are specific properties and repair requirements for this type of loan, so please call me for specific details if this sounds like the right loan for your new home.

Please send me your before and after pics! I would love to see them and maybe even post them for people to see what can be done with this awesome program! Or contact Colleen Craig FHA 203k Specialist for more details

Happy Rehabbing!

Approved Short Sale Steal in Rancho El Dorado

Jessica Sulliman (Ashby Realty Group, LLC) — Thu, 11 Jun 2009 03:23:07 -0500

Jessica Sulliman | Ashby Realty Group, LLC | jessica.sulliman@ashbyrealty.com | 602-677-7977

42067 W Anne Ln, Maricopa, AZ

Short Sale Steal w/Country Club living in the Master Planned Golf Course Community of Rancho El Dorado!

3BR/2BA Single Family House

offered at $84,990

Year Built	2005
Sq Footage	1,767
Bedrooms	3
Bathrooms	2 full, 0 partial
Floors	1
Parking	2 Car garage
Lot Size	5,662 sqft
HOA/Maint	$50 per month

DESCRIPTION

*APPROVED Short Sale at $84,990!
*Quick Close Possible!
*Corner Lot
*1767 sf single story home
*3 BR + Den, 2 Baths
*Built in 2006
*Upgraded exterior elevation w/stone
*Granite counters
*Upgraded maple cabinets w/hardware
*All Appliances included!
*18” neutral diagonal tile throughout except the bedrooms
*The current owner paid $236,637 on 04/03/2006

Rancho El Dorado is a master planned community located in Maricopa, AZ. It contains a great 18-hole championship golf course & country club called The Duke. Club amenities include a fitness center, lap pool, tennis courts, restaurant & pro shop. In the community there are parks which include basketball courts, jungle gyms, and picnic pavilions. Also, Rancho El Dorado offers Santa Rosa Elementary School which is located within the community and within walking distance to most of the homes. Maricopa is located about 30 miles south of Phoenix and Rancho El Dorado is just a short drive from I-10. Only 35+ minutes from Phoenix Sky Harbor Airport!

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	High/Vaulted ceiling
Walk-in closet	Tile floor	Family room
Office/Den	Dining room	Breakfast nook
Dishwasher	Refrigerator	Stove/Oven
Microwave	Granite countertop	Attic
Washer	Dryer	Laundry area - inside
Balcony, Deck, or Patio	Yard

COMMUNITY FEATURES

Guest parking	Clubhouse	Fitness center
Swimming pool(s)	Tennis court(s)	Golf course
Lake	Playground

ADDITIONAL PHOTOS

Photo 4	Photo 2
Photo 1	Photo 5
Photo 6	Photo 7
Photo 9	Photo 8
Photo 15	Photo 17
Photo 16	Photo 11
Photo 12	Photo 10
Photo 13	Photo 14
Photo 2

Contact info:

Jessica Sulliman

Ashby Realty Group, LLC

jessica.sulliman@ashbyrealty.com

602-677-7977

For sale by agent/broker

Equal Opportunity Housing

Posted: Jun 10, 2009, 11:52pm PDT

First Preston is now hiring REO brokers!!

Jessica Sulliman (Ashby Realty Group, LLC) — Thu, 04 Jun 2009 18:06:12 -0500

Listing Broker Services

First Preston is expanding their national network of listing brokers and is currently seeking listing services in the following areas. To submit your information, please go to www.firstpreston.com and follow the link after the state and county listings.

Georgia: Counties include Appling, Atkinson, Bacon, Banks, Ben Hill, Bibb, Bleckly, Calhoun, Chandler, Clay, Coffee, Crawford, Crisp, Dawson, Decatur, Dodge, Dooley, Early, Emanuel, Grady, Hall, Hapersham, Houston, Irwin, Jeff Davis, Jenkins, Johnson, Johnson, Laurens, Lee, Lumpkin, Macon, Miller, Montgomery, Peach, Quitman, Randolph, Schley, Seminole, Sumter, Tatnall, Taylor, Telfair, Terell, Toombs, Treutlen, Twigg, Twigg, Ware, Webster, Wheeler, White, Wilcox, Wilkinson
Illinois: Counties include Adams, Brown, Cumberland, De Kalb, DeWitt, Edwards, Effingham, Fayette, Gallatin, Hamilton, Hancock, Henry, Jasper, Kane, Knox, Lake, McLean, Peoria, Pike, Rock Island, Saline, Shelby, Tazewell, Wabash, Warren, Wayne, White, Woodford
Kansas: Counties include Allen, Atchison, Bourbon, Brown, Chase, Chautaugua, Cherokee, Clark, Clay, Cloud, Coffey, Crawford, Decatur, Dickinson, Doniphan, Edwards, Elk, Ellsworth, Finney, Ford, Geary, Graham, Grant, Gray, Greeley, Hamilton, Haskell, Hodgeman, Jewell, Kearny, Kiowa, Labette, Lincoln, Lyon, Marshall, Meade, Mitchell, Montgomery, Morton, Nemaba, Nemaha, Neosho, Norton, Osborne, Ottawa, Phillips, Pottawatomie, Republic, Riley, Rooks, Saline, Sheridan, Smith, Stanton, Stevens, Wabaunsee, Washington, Wichita, Wilson, Woodson
Michigan: Counties include Calhoun, Eaton, Ingham, Ionia, Missaukee, Osceola, Shiawassee, Wexford
Minnesota: Counties include Anoka, Becker, Benton, Blue Earth, Carver, Chisago, Clay, Dodge, Fillmore, Hennepin, Le Sueur, Mower, Nicollet, Norman, Olmsted, Otter Tail, Ramsey, Scott, Sherburne, Stearns, Wabasha, Waseca, Washington, Wilkin, Winona, Wright
Missouri: Counties include Adair, Andrew, Atchison, Bates, Benton, Bollinger, Chariton, Crawford, Dent, Douglas, Gentry, Henry, Holt, Howell, Iron, Knox, Lewis, Linn, Macon, Madison, Marion, Nodaway, Phelps, Schuyler, Scotland, St. Clair, Sullivan, Texas, Wayne, Worth, Wright
Ohio: Counties include Allen, Ashland, Auglaize, Crawford, Cuyahoga, Fairfield, Guernsey, Hardin, Hocking, Huron, Jackson, Knox, Licking, Lucas, Mahoning, Marion, Morgan, Morrow, Muskingum, Ottawa, Perry, Pickaway, Pike, Putnam, Richland, Ross, Trumbull, Vinton, Wood, Wyandot
Texas: Counties include Aransas, Blanco, Brewster, Brooks, Burnett, Calhoun, Coryell, Crockett, Dewitt, Dimmit, Duval, Edwards, Gillespie, Goliad, Jackson, Jeff Davis, Jim Hogg, Jim Wells, Kendall, Kennedy, Kerr, Kimble, Kinney, Kleburg, Lampasas, LaSalle, Lavaca, Llano, Mason, Matagoria, Menard, Mills, Nueces, Pecos, Presidio, San Saba, Schleicher, Sutton, Terrell, Val Verde, Victoria, Webb, Zapata

Please note that you must meet the minimum requirements listed below in addition to any client specific requirements to be considered for listing services.

Maintain MLS Board(s) memberships to provide optimum exposure for assets
Enter property listings into MLS within 24 hours from notification by company
Provide property inspections, electronic photos and other information required for listing on BidSelect
Maintain equipment and technology to receive orders and provide information electronically using file transfer and e-mail
Provide Broker Price Opinions (BPOs) as directed
Meet MLS requirements for lockboxes if required
Maintain open office hours 7 days a week from 8am-5pm local time
Maintain a toll-free telephone number for 24-hour access
Complete "Critical Marketing Analyses" as required
Meet these insurance requirements:
- General Liability of $1 Million per Occurrence and $2 Million Aggregate
- Commercial Auto Liability of $500,000, Combined Single Limit Coverage for Bodily Injury and Property Damage for Hired and Non-Owned Autos
- Property Insurance to protect office contents with Business Interruption at a minimum of 6 months
- Employers Liability of $500,000 and Workers Compensation per state laws
- Errors and Omissions and/or Personal Liability Insurance of $1 million
- All insurance carriers to be rated "A VII" or better

FHA Borrowers Soon Can Use $8,000 Tax Credit at Closing as Down Payment!

Jessica Sulliman (Ashby Realty Group, LLC) — Wed, 13 May 2009 12:58:33 -0500

From: BUILDER 2009
Posted on: May 13, 2009 11:29:00 AM

HUD Secretary: FHA Borrowers Soon Can Use $8,000 Tax Credit at Closing

Details are still unclear whether or not home buyers must be working with a state housing finance agency to monetize credit for downpayment or equity.

By:

Alison Rice

In a significant boost to the housing market, HUD Secretary Shaun Donovan announced yesterday that first-time buyers using FHA loans would soon be allowed to "monetize" the $8,000 federal first-time buyer tax credit and use the funds for their downpayment.

"We, like you, believe that this new tax credit is not only a tremendous opportunity for first-time home buyers, but also an enormous benefit for communities struggling to deal with an oversupply of housing. ... We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a downpayment. So FHA will permit trusted FHA-approved lenders and HUD-approved nonprofits, as well as state and local governmental entities to "monetize" the tax credit through short-term bridge loans. We think the policy is a real win for everyone, ensuring that borrowers can tap into the numerous organizations that are already part of the FHA network to receive this additional benefit," Donovan told attendees at the National Association of Realtors (NAR) Real Estate Summit in Washington.

The details of the program still haven't been announced, but the revised policy seems to offer two main benefits.

First, it clarifies HUD's position regarding state finance agencies that had already established programs to help first-time buyers use the tax credit as part of their downpayment or additional equity in their home purchase. While a handful of states had already begun doing this, according to Rob Dietz, director of tax issues at the NAHB, others had been waiting for more information; Donovan's remarks appear to give HUD's blessing to the practice.

Second, the policy should bolster the housing market by allowing first-time buyers using FHA loans to stretch their dollar by using the federal credit at settlement as part of their closing funds, rather than waiting months for a refund on a tax return. "This allows them to solve the ‘chicken or the egg' question [of which comes first]: the promised tax credit or the closing" that allows them to get the money, Dietz told BUILDER Tuesday, adding: "They have a right to this credit amount as a first-time buyer. It makes sense to turn this credit into their home equity."

But two important questions remain unanswered: Will first-time home buyers be able to monetize the tax credit using any FHA-approved lender? Or will they need to be working with a state housing finance agency, which usually requires additional documentation and provides financial and homeownership counseling to those who qualify for their help?

"We will attempt to answer those questions once we've published our mortagee letter," HUD spokesman Brian E. Sullivan told BUILDER Wednesday.

The answers are of considerable importance to builders.

Expanding the use of the tax credit "would be huge," said David Drees, president of the Drees Company, a large private builder based in Kentucky. "The downpayment is still the biggest obstacle to buying a home for first-time buyers."

If these buyers could monetize the tax credit, they would essentially receive a short-term bridge loan for the amount of the credit (which could vary based on their income and the home's sales price). They could apply that money to their downpayment or as additional equity in their home. For buyers working with a state housing finance agency, the monetized tax credit often becomes a "soft" second mortgage, which they must pay back once they receive their tax refund. If buyers don't pay it back quickly, Dietz explained, the bridge loan typically converts to a 10-year second mortgage, ensuring that the agency gets its money back no matter what.

"They're getting the money anyway," Drees noted of the tax credit. "This just moves up the process."

As advantageous as that sounds to sales-starved builders, though, the pending policy also raises unavoidable questions about whether "giving" buyers money for their downpayment via a short-term loan from an FHA lender or a state housing finance agency is really a good idea.

That's what worries Jerry Wade, owner of Artistic Homes in Albuquerque, N.M., who wonders whether the new policy might allow borrowers who wouldn't otherwise be able to amass a downpayment and qualify for a loan, buy a home. "That's what got us in this mess in the first place," he said.

Dietz respectfully disagreed, pointing out the relatively small ($8,000) amount and universe (only first-time buyers) of the credit. "There's no doubt that the purpose of the tax credit is to stimulate housing demand. We estimate new and existing home sales will increase by 160,000. But it's not a tax credit that is in anyway large enough to reinflate the market-it's just a useful and limited tool to smooth out the market," he said. "As for causing sales to return to 2005 levels or push prices up, this tax credit is not capable of doing that."

He also noted that different state housing finance agencies have different policies regarding the amount of their own equity that buyers must invest in a home when purchasing through such programs. It would be "unlikely" that monetizing the tax credit for FHA borrowers, who are required to contribute a 3.5% downpayment, would lead to a resurgence of "zero-down" loans, according to Dietz.

Alison Rice is senior editor, online, at BUILDER magazine. BUILDER senior editor John Caulfield also contributed reporting to this story from the BUILDER 100 Conference in Chicago.

Useful Links
Click here for the full text of Secretary Donovan's remarks.

Click here for a list of state housing finance agencies that already have tax-credit monetization programs in effect.

Click here for more information in English and Spanish on the federal housing tax credit for first-time buyers.