foreclosures: Tucson Real Estate Market - 2009 in Review
- 01/27/10 12:22 PM
Short sales, foreclosures, and the First Time Homebuyer Tax Credit. All these factors have led to a very exciting 2009 and have stimulated activity in the real estate market. However, short sales and foreclosures have been a double-edged sword. On the one hand, they have offered some great bargains to buyers, but on the other hand, they have kept prices lower, causing problems for sellers and even limiting the pool of available properties for buyers who do not wish to purchase a distressed property. In a very real way, they are a self-perpetuating problem, but with the unemployment rate where it … (0 comments)
foreclosures: Real Estate License for Sale!
- 11/19/08 09:01 AM
"We need an agent who can think outside of the box," the voice on the other end of the phone tells me. This sounds good at first. I love helping my clients get deals done by being creative. However, I soon discover that these are code words for, "We need an agent to help us with an underhanded deal (or two or three)." Really! When did my real estate license go up for sale?!! Especially to the lowest common denominator. As a professional would it even make sense to risk my entire livelihood for a quick couple thousand dollars? Not in … (44 comments)
foreclosures: Tucson AZ Real Estate Market Report - September 2008
- 09/24/08 02:19 PM
Like the rest of the country, the Tucson Real Estate market has taken its share of lumps over the last year or so. However, we have been seeing a reduction in inventory over the past nine months, which is the first step towards a recovery. Will we continue this trend or will national economic woes along with the ongoing foreclosures have an ill effect on our market? Let's look at the numbers. Note: These numbers are from August 2008 so we do not yet know what effect the current shenanigans on Wall Street will have on our local home buyers and … (1 comments)
foreclosures: How Banks are STILL Contributing to the Declining Market
- 09/01/08 07:36 AM
Did you know that banks are continuing to contribute daily to the declining market? Even though they have tightened their belts in terms of loaning new money, I see them squander their investors' money on a very regular basis. Here's how: The Short Sale At this point, short sales are about 2/3rds of my business so I am working with them quite regularly. Time after time, I counsel my client on how to put in a good offer to the bank while also protecting their equity position in case the market continues to decline. As a basic rule of thumb, it … (4 comments)
foreclosures: Housing Stimulus Bill Signed - July 30, 2008
- 07/30/08 09:14 AM
President George Bush put pen to paper today and signed the Housing and Economic Recovery Act of 2008. There is a lot to this bill, some good and some bad. Here are the highlights: the good, the bad and the hideously ugly... Conforming Loan Limits Conforming loan limits were permanently set at $417,000 or 115% of local median home price (with a $625K cap), whichever is greater. For those of us here in Tucson, that means a conforming limit of $417,000. This will allow those needing to borrow money up to that amount to do so at "normal" rates as opposed … (6 comments)
foreclosures: Buying a Foreclosed Home
- 07/24/08 12:19 PM
After two short sales fell apart, I had a client recently tell me that she was not going to try any more short sales, but was going to look at homes that were already foreclosed. She was experiencing the pain mentioned in What's So SHORT about a Short Sale. Arizona is 3rd in the nation right now in foreclosures so we see our share of bank-owned or foreclosed properties. The situation is pretty extreme in the Phoenix area, although we see our share of foreclosures here in Tucson as well. So how does buying a foreclosure differ from buying any other … (0 comments)
foreclosures: Avoiding Foreclosure Rescue Scams
- 03/28/08 08:34 AM
"Everything will be all right. I'm about to get a raise at work and then I'll be able to make these payments." "I don't even want to open my mail any more. Don't they understand that if I had the money I'd pay them?!!" "They can't really kick me out on the street, can they? I mean, I'm a single mom with three kids." "Oh great. Here's a person who will help me out of my trouble. He says I can rent the home from him for 3 years while I get back on track. Thank God!!!" Sound familiar? If you're one … (1 comments)
foreclosures: What are the tax consequences if my home is foreclosed?
- 01/24/08 03:10 AM
Is your bank threatening to foreclose? Are you left owing more than the house will sell for? In Arizona, the bank can not come after you for the money you still owe after the property is sold. However, there are some tax consequences to having the bank forgive your debt. This applies whether it is a foreclosure or if you sell your home as a short sale. Basically, you will receive a 1099 from the lender for the amount that they "forgave". That is counted as income for that tax year. This is very frightening to many people, particularly since the reason … (9 comments)
foreclosures: Foreclosure Looming? Here are some Options:
- 12/06/07 03:52 AM
As the mortgage crisis continues, many homeowners are finding themselves in a position of facing a possible foreclosure. Some of these borrowers are opting to sell their homes as a short sale. However, that is not necessarily the best solution for everyone. It is important that you know your options prior to making the decision to sell through a short sale or to allow the bank to foreclose. See also Should I Sell my Home as a Short Sale? A Word of Caution There are many entities out there who are looking to take advantage of homeowners in a bad situtation. Therefore, it is … (0 comments)
Tucson, AZ is a varied and exciting community to live in. Whether you are buying or selling a home, it's vital to have someone on your side who has the information pertinent to your area.
Short sales, foreclosures, and the First Time Homebuyer Tax Credit. All these factors have led to a very exciting 2009 and have stimulated activity in the real estate market. However, short sales and foreclosures have been a double-edged sword. On the one hand, they have offered some great bargains to buyers, but on the other hand, they have kept prices lower, causing problems for sellers and even limiting the pool of available properties for buyers who do not wish to purchase a distressed property. In a very real way, they are a self-perpetuating problem, but with the unemployment rate where it … (0 comments)
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