Category Archives: Mortgages

What to do with Infamous Crime Houses?

I have been reading a few articles this week regarding the fate of some infamous houses where gruesome crimes took place. In light of the recent arrests of Ariel Castro and his brothers in Cleveland I discovered several other high profile crime houses and school buildings have been demolished:

Another house in Cleveland where serial killer Anthony Sowell killed 11 women over a period of several years was demolished in 2011.

30 years ago in Chicago the house where John Wayne Gacy killed at least 33 young men was demolished.

Recently, one of the buildings at Sandy Hook Elementary had passed a vote to be demolished and rebuilt.

Columbine High School replaced the library where most of the school shooting murders occurred.

To me this seems like an opportunity to help the victims of these crimes. Why not render these houses unlivable (which most are after evidence is removed) and sell them to an investor who would be forced to rehab the property in order to sell it? Use the proceeds to support the victims.

I know there will always be a good case for both arguments and I suppose there are a lot of peripheral factors to consider (who would want to live there?). But if these homes had to be rehabbed, had equity and the victims could benefit from it, why not give it a try?

Of course, the school shootings would not apply to this issue. But maybe there is another solution for schools to help victims benefit as well.

Your thoughts?

 

Let’s Talk Real Estate- Apps

Whether you are looking to buy or sell real estate, keeping your finger on the pulse of the market has never been easier. With technology ever evolving real estate consumers can have instant access to a plethora of real estate tools right on their smartphone. What tools do I speak of? Apps, of course.

Here is a sampling of real estate apps I have downloaded on my iPhone 5- Bankrate Mortgage App (daily interest rates), Mortgage Calculator, New Home Source, Behr Color Smart App, Realtor.com, Zillow (not a fan of Zillow, but hey, why not), Houzz (for great decorating ideas), ARMLS (Realtor MLS), Shea Homes, Redfin, to name a few. Having a Twitter app and following @myrealestatecop is not a bad idea either (wink, wink).

It amazes me how much information is right at my fingertips. If a client asks me about the daily interest rate I simply pull up the Bankrate app and tell them the overnight national average. If I am asked what a mortgage payment will look like on a 250K home with 20% down I go right to my mortgage calculator app (don’t forget to add insurance and taxes!). I can also search the MLS, coordinate colors and get design ideas on the spot.

These great real estate tools are available to everyone, so why not start using them? Make sure either you or your real estate agent is tech savy so you are not missing out on these great sources of information.

 

Mortgage Rates to Remain Low in 2013?

With new home sales up around 20% for 2012 there is a growing uncertainty mortgage rates will remain low throughout 2013. Recently, Freddie Mac has forecasted rising mortgage rates for 2013, but there is optimism rates will not rise above 4 percent.

It’s clear the housing market is recovering throughout the country as consumers are willing to spend on real estate. New home build permits are on the rise and foreclosures are down.

Despite statistical data and real estate trends, no one has a crystal ball to forsee what the economy will do in 2013. My suggestion, if you are in the market now is a great time to lock in your interest rate, before we fall off the “fiscal cliff.”

 

What Happens After a Contract is Accepted?

As an Arizona Realtor I can only speak to the rules governing our state. When a home buyer receives notification thier offer has been accepted several cogs are sent into motion. First, a home inspection should be ordered because the inspection period in Arizona is 10 days following the acceptance of the contract.

Next, if the transaction is financed, the lender will order an appraisal to determine their opinion of what the property is worth. The buyer will immediately open escrow with the title company chosen in the purchase contract.

The buyer should also take this inspection period time to further investigate the property beyond the walls of the home. We use a buyers advisory packet which contains information on how to conduct due diligence in regards to issues buyers might find important to them.

During the escrow period, the title company will be hard at work checking the title to the property and ensuring the transfer of title will not be an issue. The loan will be in underwriting and often times lenders will require buyers provide updated financial information during this period.

There are approximately 57 people involved in every real estate transaction. Your agent is only one of them however, they will be overseeing the work of others involved. This is why it is important to choose an agent who will put forth the time and effort to see your transaction through until the keys are in your hand.

 

Random Real Estate Tip of the Day

When financing a home purchase remember not to make any major purchases (cars, furniture, etc.) until AFTER you have closed escrow and moved in to your new abode.

Major purchases can effect your credit and therefore your ability to qualify for a home loan. Your credit is generally run when you initially qualify for a home loan and again just before closing.

I know you are excited to decorate and furnish your new home, but please make sure to purchase responsibly! After all, what good is all that pretty furniture without a home to put it in?

 

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Priciest Home Sales in Scottsdale and Paradise Valley

An owner of a refrigerated-services company, a former CEO of a company that owned the most Burger King franchises in the U.S., an owner of a concrete company in Washington state and investors from Chicago are among the buyers and sellers in this week’s priciest home sales in the Scottsdale/Paradise Valley area surrounding Phoenix.

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$5,350,000

LAL Scottsdale LLC, an Arizona limited-liability company in Omaha, Neb., whose managing member is Lance Larsen, paid cash for a new home on the south side of the Desert Highlands Golf Club in Scottsdale. Lance S. Larsen is president and owner of Millard Refrigerated Services, the second-largest refrigerated-warehouse and distribution company in the United States. The home was sold by Vern Bennett as manager of Colco LLC, a member of HCA investment LLC, a Washington state LLC.

$4,620,000

Matthew Hulsizer and his wife, Jennifer Just, paid cash for a 16,105-square-foot home built in 2001 on the east side of the Whisper Rock Golf Club in Scottsdale. Along with his wife, Hulsizer is a co-founder of Peak6 Investments, an option-trading and risk-management firm in Chicago. Hulsizer is CEO and Jennifer is chief administrative officer. Hulsizer, a former college hockey player, withdrew a bid to acquire the Phoenix Coyotes last summer. The home was sold by William H. Gibbs.

$3,700,000

Sara J. Jaro, as trustee of the Sarah J. Jaro 2003 Trust, paid cash for a new home on the western edge of the Silverleaf Club in Scottsdale. Her husband, Lawrence E. Jaro, was chief executive officer of AmeriKing, doing business as the National Restaurant Enterprises in Westchester, Ill., which at one time was one of the largest holders of Burger King franchises in the country with more than 100 in the Chicago area alone. The home was sold by Anthony and Rebecca Salcito, as trustees of their 2006 trust. Anthony J. Salcito Jr. is vice president and co-owner of Salcito Custom Homes and managing member of Discount Disposal Services, both in Scottsdale.

$3,300,000

Ty and Stacie Reoh purchased a 8,722-square-foot home built in 2009 at Troon Canyon Estates on the east side of Troon Mountain in Scottsdale. Ty Reoh is the owner of Superior Concrete in Lake Stevens, Wash. The home, which has a 1,300-square-foot pool, was sold by DHB Real Estate, whose sole member is New York Community Bancorp.

$2,745,000

Matthew and Kristina Carter, as trustees of the Carter Family Revocable Trust, bought a 7,274-square-foot home with pool built in 2000 at Kensington Estates in Paradise Valley. Matthew Carter is a partner at Ironwood Investment Counsel, a wealth and investment firm in Scottsdale. The home was sold by Mills and Loretta Brown, as trustees of their 1996 trust. Mills Brown is a partner and principal of Ross Brown Partners in Phoenix, a commercial real-estate company. In 1992, Mills and a partner purchased Valley Dodge and changed its name to Performance Dodge LLC. They continue to operate the dealership.

- Researched by John McLean and the Information Market (via AZcentral)

We Know Agents!

If you live outside of Arizona and need to find a Realtor look no further than www.weknowagents.com! My team created WeKnowAgents.com to help home buyers and sellers find quality agents in any location in the United States, even abroad in some cases.

If you are looking for a quality agent be sure to visit www.weknowagents.com. We identify, interview and introduce you to top Realtors anywhere in the country. Best of all our services are free!

Do not be fooled by mega real estate agents who have excellent marketing campaigns. You will simply be passed to their less knowledgeable staff. Let us interview agents for you to ensure you will receive top quality service and representation. And if you do live in Arizona let us take care of you!

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Good News for Phoenix Real Estate Market

Look to the epicenter of where the housing crisis began, Maricopa County, to see proof of economic hope. Housing prices have risen 3 to 4 percent from the previous year in one of the hardest hit foreclosure markets in the country.

Now buyers in the Phoenix area are changing course among fierce competition for properties. If a home is priced accordingly it will sell quickly. Many real estate experts are proclaiming Phoenix a sellers market once again. Buyers are now standing in line behind multiple offers for properties they wish to acquire.

Experts also believe housing prices in Maricopa County have reached their floor and are bouncing back. Recent data has indicated a shift in the market. With interest rates still low, this could be an optimal time for anyone looking to buy or sell real estate.

Canadian Home Buyers Flock to Arizona

Arizona was one of the hardest hit states in terms of foreclosures in recent years. This makes Arizona a prime target for real estate investors from all over the world, especially Canada.

A strong Canadian dollar and rock bottom real estate prices have Canadians flocking to sunny Arizona to snatch up investment properties.

The majority of Canadian home buyers are paying cash for Arizona investment properties because it is often difficult for Canadians to borrow from American lenders.

We are also seeing a trend in buyers from Hong Kong and Europe buying investment properties in Arizona. Many are focused on Scottsdale real estate as oppossed to buying directly in Phoenix.