15. March 2012 by Teri Ellis.

I enjoy providing useful information to those residing in and around Phoenix and Mesa, Arizona. Typically I just write specific and individual posts; however, this time around, I’ll include more than one tidbit in one blog post:

First: SRP is offering “The Great Fridge-a-Thon Roundup. To save energy costs on that old fridge or freezer that is sitting in your garage, and you are an SRP customer, and to have someone pick up your working fridge or freezer (they will even mail you a check for $30), then visit fridgeathon.com for instructions, and save money each year.

Second: Call 602.374-6808 to get a check up on your new or old cooling system. For $29.95 per unit (excluding tax), a licensed, bonded and insured contractor will perform a 16-point checkup on your cooling equipment. This is a savings of 50%. To take advantage of this offer, call the SRP Certified Contractor Program at: 602.274-6808. For more details, go to savewithsrp.com. Offer expires April 30, 2012!

Third: If you have been putting off replacing an older central air conditioner, don’t risk an expensive breakdown during the hottest time of the year. Stay cool this summer with the SRIP Cool Cash Rebate Program. Cool Cash provides as much as $400 back when you install a new, qualifying high-efficiency system by April 30, 2012! For more information, call 602.264-3108 or logon to savewithsrp.com.

I hope this is helpful to many of you. When you are ready to buy or sell a home in the Phoenix and Mesa Valley, give me a call at: 480.382-8711 for answers to questions or the opportunity to list your home or help you find one.

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10. August 2011 by Teri Ellis.

When going into a new home subdivision, be sure to bring your Realtor!  Did you know? The agent at the new home subdivision represents the BUILDER, not the BUYER! I’ve gathered together more suggestions and tips from the Department of Real Estate – along with my own ideas for your information:

New Homes in a Subdivision

1.  You should read the Arizona Department of Real Estate Public Report. By law, this document must be given to you before you sign the purchase contract. You must sign a receipt for the Report. By signing the receipt, you imply that you have read the report.

The Public Report will inform you about such things as:

• Flooding and drainage disclosure
• A description of adjacent land and uses
• Who provides electricity, telephone, gas, water and sewage disposal
• Common community and recreation facilities
• Assurances for completion of improvements
• Local services and facilities, including schools, shopping facilities, public transportation, medical facilities, fire protection, ambulance service, police protection and garbage services
• Taxes and assessments
• Property owners association details

If you have any questions about the Public Report, you are welcome to call the Arizona Department of Real Estate at 602-468-1414. A Subdivision Representative will assist you with your questions.

The cover sheet of the Public Report contains a disclaimer by the Department of Real Estate. Read it carefully. Most importantly, note that it states:

“Not all of the information in this report has been verified by the Department; certain information has been accepted by the Department as true and accurate based on attestation of the subdivider and/or the subdivider’s agents. You should verify all facts before signing any documents.”

2.  Read the purchase contract carefully. Note that if the builder or developer is not placing your earnest money deposit in escrow, the funds may be placed in the builder’s or developer’s general funds account, and may be used for any purpose. You could lose the money if the builder or developer declares bankruptcy or otherwise goes out of business. If the funds are not going to be placed in escrow, that fact must be stated in a separate paragraph in the purchase contract and you are required to initial that paragraph. Make sure you understand where your earnest money is going to be deposited.

3.  Before you sign a purchase contract, drive around the home for at least a mile or more in every direction to see how the surrounding area appears to you and what land use of safety issues exist in the area. Is there a storm drain or canal nearby that might pose a hazard to your children? Is the home or building site near an airport or a manufacturing plant? Visit the area at different times of day, on weekends and in the evening. Disturbing noises and odors can travel farther at night.

In areas where there are expanses of vacant land nearby, check city or county zoning maps to see if nearby property is zoned for apartments, industrial or commercial use. Land zoned for commercial use might be used to construct anything from a shopping center to a hotel. To obtain this information, call the city or county planning and zoning department listed in your telephone directory.

Check Arizona Department of Transportation maps to find the nearest future freeway routes, and whether roads in the area are slated for widening. For information about reviewing the maps, call 602-255-7011.

3.  Call the school district serving the subdivision to determine whether nearby schools are accepting new students. Some school districts have placed a cap on enrollment. You may find that your children cannot attend the school nearest you and may even be transported to another community.

4.  Read the deed restrictions, also called CC&Rs (covenants, conditions and restrictions). You might find some of the CC&Rs are very strict, especially those addressing landscaping, RV parking, play equipment, satellite antennas, and other common amenities — particularly if the subdivision is governed by a homeowner’s association.

5.  Check out the homebuilder with the Arizona Registrar of Contractors. You can determine the number of complaints customers have filed against the contractor, whether any are unresolved and whether the builder’s license has ever been suspended or revoked. You may reach the Registrar of Contractors at 602.542-1525.

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20. June 2011 by Teri Ellis.

When working with a Buyer, I heartily recommend they purchase (about $350) a home inspection! I provide several names of individuals or companies that are ASHI certified, and the Buyer chooses. Most of the companies will also do a termite inspection at the same time for a small additional charge. Home inspection prices are based on the square footage of the home, whether it has a pool, age, etc.

For those Buyers who do choose to have a home inspection, I would suggest  they also  arrange for the inspector to re-inspect the home after the repairs have been made to make certain the repairs have adequately been completed. 

On more than one occasion, when the home inspector did a re-inspection, it was found that the roof had not been repaired, or the other items of importance were not completed to the satisfaction of the Buyer. This isn’t necessarily the Seller’s doing. The Seller will probably not be climbing up on the roof to inspect the job. It’s could be the negligence of the repair person hired by the Seller to complete the “fixes” and the “repairs”.

Today our active listings total 22,948, and our pending contracts are almost to 13,547. The active listings are going down as much as 1,000 per week in the past couple of months.  Could it be? We are heading toward a housing shortage? Only time will tell! Buy why wait until we’re all scrambling to find an affordable home – competing with one another. That’s just what drives prices up.  With the interest rates as low as they are, Buyers need to seriously consider making their move!

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16. June 2011 by Teri Ellis.

Craig’s list has taken one more noticeable leap into eliminating the possibility of being scammed for home buyers and/or those searching for a rental. As of today, when posting a new listing in Chandler,  Arizona for a  four bedroom home with a pool, I was required to enter my telephone number enabling Craig’s List to send me a text with an identification number which I would then use to enable my post to go through. One more level of security for those unsuspecting consumers searching online. Good news!

To search the entire Phoenix Metropolitan area including Mesa, Gilbert, Gold Canyon, Chandler, Queen Creek, click here – MLS. For any questions or information requests, feel free to call me, Teri Ellis, at Homes Arizona Real Estate – 480.382-8711. OR you can email me at: Teri@TeriEllis.com, follow me at Facebook – Mesa Arizona Real Estate, or Twitter – MesaAzHomes

Posted in Chandler, Arizona, four bedroom pool home, Real Estate, Rental Properties, Homes Arizona, Real Estate Market | Print | No Comments »

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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3. October 2009 by Teri Ellis.

Phoenix, Arizona is hosting the Save the Dream Tour (Neighborhood Assistance Corporation). Lenders are modifying the loans to meet the needs of thousands of home owners suffering a loss of their homes. Held at the Phoenix Convention Center.

Check out details below:

 http://www.prweb.com/releases/2009/10/prweb2982084.htm

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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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17. August 2009 by Teri Ellis.

Our MLS Stats for ENTIRE MLS (including Greater Phoenix Area of Maricopa and Pinal County for the past Two YEARS!!! I think it helps each of us get a better picture of the market. I’ve shared two graphs: One with the inventory decline during the past 24 months, and the other showing the “absorption” rate, or month’s supply of homes. The closer the number gets to six months, the closer we are to an “even” market. More months mean: a buyer’s market, and less mean: a seller’s market. I’m seeing an even market in most areas; however, there are still areas that lean one way or the other.

As you can clearly see, the median price is leveling out, AND the inventory is coming down at a quickening pace.

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