27. February 2010 by Teri Ellis.

Image by Teri Ellis via Flickr

I’ll be posting most of my new information on AzLadyInRealEstateBlog.com.   This will contain good information for buyers and sellers in the Phoenix real estate market. Searching for a home, searching for a specific community? Then watch carefully. I will be setting up one-click links to properties throughout the valley. In the meantime, please feel free to contact me if you would like me to set you up on a portal specific to your searches.

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1. December 2009 by Teri Ellis.

Drop Bidding in Arizona is illegal! Apparently there is a disturbing trend in the Phoenix, Arizona real estate market known as “drop bidding” on the properties being put up for auction. I’ve provided a link for the reader’s further enlightenment; however, “as usual” those that choose to stretch the boundaries of truth are finding other ways to cheat others out of purchasing these homes.

In a nut shell, a drop bid is a tactic used to sell a property faster. Though this practice is legal in some states, drop bids are illegal in Arizona.  Arizona law requires that opening bids on the foreclosure properties are to be posted at 9:00 a.m. the day before the auctions. This is so all potential bidders, including the homeowner, have the information in time to research a property and line up the money to bid. [The Arizona Republic - 11/22/2009, p. A20]

The drop bid is happening on the courthouse steps the day of the auction. It appears as though a few “insiders” are the ones privy to this information and, thus, are able to grab the deals before the regular folk can even have a chance!

I cannot even believe how corrupt our country has become! Everywhere I turn, there’s another story of thievery and greed! What is to become of our world if this continues?

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13. October 2009 by Teri Ellis.

Beautiful Custom Home in Buckeye, Arizona

19829 West Lower Buckeye Road, Buckeye, AZ 85326 View Map

Custom family/entertainer’s home complete with:

*Travertine throughout
*Double pane low e windows
*solid knotty alder wood doors
*plush carpeting
*Four fireplaces
*Center Courtyard surrounded by home and fireplace and fountain and plants
*HUGE rooms
*Formal Dining/Living Area
*Great Room with fireplace and niches
*Kitchen - Butler’s Pantry - Wolf stove and ovens - lots of drawers and counter space - two islands with sinks
*Four bedrooms - each has own bath with granite countertops
*Four car garage with an RV garage
Two lots, two homes. Ten acres, irrigated

Must see to appreciate!!!

Details

Asking Price:

1,700,000

MLS:

4270083

Sq. Feet:

5477

Lot Size:

10 ACRE

Bedrooms:

4

Bathrooms:

4.5

# of Floors:

1

Garage Size:

4

Year Built:

2007

Contact Info

Teri Ellis, Realtor
Broker, ABR, CRS, ePRO, GRI, MRE

Dir 480.216-3334
Email | Website

All information is deemed reliable but is not guaranteed.

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3. October 2009 by Teri Ellis.

Lately, I’ve been inundated with requests to purchase bank owned properties - particularly in the neighborhood price range of $50,000. Since short sales take months and months to even find out if the buyer can purchase the home, I’ll deal more particularly with REO’s or bank owned or foreclosed homes.

When a home is foreclosed upon, all other liens are wiped out. In a short sale, more often than not, the seller has a second as well; therefore, the problems arise because the holder of the second is typically difficult to work with. Since it’s very costly for the bank to foreclose on a home, they often try and work with the second and therefore, take months to work out an acceptable deal for both banks.

     I recently found a home for a buyer - bank owned - the buyer had an accepted offer of $86,000, ordered a home inspection performed at a cost of over $300 out of pocket to him, had the utilities turned on for additional out of pocket, and hired a plumber to fix a water pipe in order to have the home inspection. Everything went according to plan - and then - shortly before closing, the selling agent notified us that title was unable to insure the home. There were liens on the home.

     Long story short, after speaking with the title officer, one particular investor (bank) had purchased properties from another investor/bank. (Think of Country Wide and Bank of America as an example) 300 homes fell out BECAUSE the properties had not been foreclosed upon, thereby preventing the title company to insure. Liens were on all of the properties. As I mentioned, it is expensive to go through a foreclosure process for the banks. It appears that this was yet another example of fraud! My buyer is out the money he spent to get into the home, as well as 299 other buyers just with that title company.

     Though many of the bank owned are successful, this is just one example of the unknown backlash of purchasing a bank owned. No disclosures by the owner, buyer is purchasing as is, and subject to the bank’s rules.

     My recommendation? Make sure you listen to the advice of your Realtor. Chances are, they are more in tune with the market than you are. Try and remember also? The cheaper home is not necessarily a good buy after all…..

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17. August 2009 by Teri Ellis.

I posted a blog a year ago on my Teri Ellis Active Rain Blog about fissures appearing throughout Phoenix and surrounding areas, including Queen Creek, Arizona!!! It has now reared its ugly head once more. Check out my blog from last year in order to grab the links to the information you might need.

I received a call today from a woman living in Pecan Creek - North. She found my name online, and thought maybe I could “direct” her to a place she could lodge a concern or complaint about the “sink holes” appearing in her yard and that of her neighbors’ homes.

The builder, Fulton, had not remedied her problem, and customer service seemed unwilling to make certain her home was on stable ground. She told me that there were now issues with her water pipe. Her neighbor was experiencing similar problems and, in fact, cracks seemed to be causing stress on her patio.

My immediate thought was: “I was showing homes in that neighborhood last Saturday!!!”  These are definitely warnings that need to be out there for potential home buyers/sellers.

My suggestions included: writing to Fulton Homes, reviewing the information HERE!!!! - and checking out the Arizona Department of Real Estate  as well as sharing information on Twitter and Facebook to get the word out. I also told her I would post it on my blogs so people could be on the lookout.

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4. August 2009 by Teri Ellis.

Recently I received a telephone call from a Realtor from another state. He introduced himself, told me he had found me through Active Rain, and knew so and so, and so and so.

After we finished with our introductions, he told me he had a client that had a home in Mesa, Arizona, and they wanted to find someone to list it for them. As I began to question him on the circumstances of the sale, he said that they just “needed” it listed. I prodded him further asking if they had taken out a second and if they were upside down. He said, yes, and basically needed it listed in order to complete their purchase of a home through him.

He further went on to tell me that they didn’t really care whether they sold it or not, and he didn’t need a referral fee. Sound fishy? Yep, to me it did – and was.

I told him this: “they are buying another home and bailing on this one,” and he pretty much indicated that this was the case though “he didn’t know for sure.” I told him that was mortgage fraud knowing when you purchase one home that you are walking from the other one!! You see, I have very strong feelings about this type of transaction. NO WONDER we are in such dire straits in America!! People don’t think twice about their obligations to keep their promises – AND – this agent had never heard of the Buy and Bail scheme. Yeah, right!!

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3. August 2009 by Teri Ellis.

According to our MLS stats, the 85209 zip code in Mesa, Arizona shows that we are now in a buyer/seller market. Six months is typically the “middle” mark. We’ll have to see what July holds, but notice in August 2007, we had 11.4 months’ supply of homes on the market. As of June, 2009, 6.5 months’ supply of homes.

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4. April 2009 by Teri Ellis.

I think it’s important to watch our market and to pay attention to how many active listings and how many homes are under contract or pending.  As of today, April 3, 2009, there were 45,694 Active and 11,896 Pending Listings in our MLS.

On March 19 - 15 days ago -  our inventory of active listings across the board (including Single Family, townhomes, condos, mobile homes, etc.) was 48,837 active listings! AND we had 10,869 pending or under contract.

I have listed below the numbers representing ONLY the Single Family Residents -  Active and the Pending as of today in the city and/or the zip code designated:

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2. April 2009 by Teri Ellis.

I’ve posted the numbers recently at above 48,000 active listings and 10,000 pending (under contract). Today, there are 11,456 under contract and 46,049, a drop of over 2,000 active listings in two weeks.

Please keep checking back for the numbers. The lower the active listings’ number goes, the fewer months of inventory. If you’re thinking about purchasing a home …. these numbers are important to you.

Have a good week.

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1. April 2009 by Teri Ellis.

I have always been a proponent of purchasing a home rather than renting one; however, it seems that more and more people are contacting me to find them a rental home. They want to “rent” a home rather than to buy! Just this past week, I showed two separate clients a rental.

I am also receiving calls from those that have purchased a home through me – and are now foreclosing or considering short sales.

Almost without exception, these homebuyers who purchased a home through me have refinanced or acquired a second loan on their home purchased six or seven years ago.  Due to our market, they are upside down and cannot sell their home. As a result, they need to “rent.”

There are, of course, other reasons, but being upside down due to refinancing seems to be at the top of the list.

Many former homeowners are now needing “or” wanting to rent a home. Because of their inability to pay the loan on their home thereby short selling or foreclosing, investors are flooding the market picking up homes at prices not seen in years. Typically an investor makes needed “fixes” and “repairs,” and then puts the most recent purchase on the market as a rental. Therefore, purchasing property as a rental has become increasingly more affordable.

So? If you were to ask me if it’s a good idea to purchase a home NOW, I would say a resounding YES. Whether for investment purposes or to live in – I’ve never seen a better market to purchase. Just be very careful when thinking of a short sale – or a bank owned. Become educated on what that is about.

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