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Ask Me about Tucson Foreclosures, Short Sales & REOs! It’s My Specialty!

I specialize in Foreclosures, REOs “Bank Owned or Lender Owned” Homes and Short Sales and I am here to answer your questions!

For immediate assistance or to get information on everything you need to know about this process, feel free to contact me at (520) 404-4996 or fill out the form below. Your personal contact information is valued and Will Remain Private.

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Tucson MLS Updates

Pima County Distressed Property Report November 15 – December 15

  ACTIVE  SHORT SALES REO % DISTRESSED SOLD  SHORT SALES REO % DISTRESSED
By County                
Maricopa County  34,446 12,575 4,473 49.49% 6,768 1,421 2,759 61.76%
Pima County  7,745 1,604 815 31.23% 988 149 285 43.93%
Pinal County 4,144 1,714 655 57.17% 961 195 438 65.87%
 
Phoenix Area                
Ahwatukee-Foothills 678 265 61 48.08% 112 23 31 48.21%
Anthem 235 136 10 62.13% 58 19 15 58.62%
Apache Junction  469 128 80 44.35% 82 17 39 68.29%
Avondale  541 314 101 76.71% 198 39 111 75.76%
Buckeye 921 386 175 60.91% 236 52 123 74.15%
Chandler   1,665 755 206 57.72% 365 87 120 56.71%
Carefree-Cave Creek 596 135 37 28.86% 59 12 23 59.32%
Fountain Hills 607 107 52 26.19% 57 11 19 52.63%
Gilbert   1,810 977 181 63.98% 397 118 109 57.18%
Glendale 1,421 677 267 66.43% 417 94 183 66.43%
Goodyear   715 319 109 59.86% 201 50 79 64.18%
Mesa 3,365 1,225 481 50.70% 663 135 279 62.44%
Paradise Valley  523 54 19 13.96% 23 6 6 52.17%
Peoria   1,363 610 192 58.84% 282 68 116 65.25%
Phoenix   8,768 3,497 1,438 56.28% 1,987 374 936 65.93%
Queen Creek  1,168 682 132 69.69% 370 103 130 62.97%
Scottsdale  4,909 1,078 369 29.48% 581 112 171 48.71%
Sun City   1,492 109 75 12.33% 178 9 24 18.54%
Sun City West  577 24 17 7.11% 76 0 5 6.58%
Surprise 1,546 748 179 59.96% 352 88 126 60.80%
Tempe   926 256 129 41.58% 97 16 28 45.36%
 
Tucson Area                
Central Tucson 954 134 110 25.58% 122 17 30 38.52%
East Tucson  483 106 58 33.95% 58 12 13 43.10%
North Tucson 763 57 27 11.01% 71 9 9 25.35%
Northeast Tucson  446 53 31 18.83% 45 6 8 31.11%
Northwest Tucson 2,023 401 170 28.23% 230 36 41 33.48%
South Tucson  528 210 115 61.55% 89 16 47 70.79%
Southeast Tucson  587 191 56 42.08% 90 14 18 35.56%
Southwest Tucson 597 178 100 46.57% 100 16 53 69.00%
West Tucson  423 81 48 30.50% 56 8 24 57.14%
Extended Northwest  139 22 21 30.94% 21 1 7 38.10%
Extended South  539 150 55 38.03% 78 13 29 53.85%
Extended Southwest  362 38 30 18.78% 40 5 11 40.00%
Extended West  74 14 11 33.78% 3 0 0 0.00%
All Tucson  6,014 1,249 669 31.89% 779 122 238 46.21%
                 
Prescott MLS 2,446 221 262 19.75% 200 17 79 48.00%
Lake Havasu MLS 4,189 357 751 26.45% 382 28 190 57.07%
Green Valley MLS 921 43 24 7.27% 61 4 2 9.84%
White Mountains MLS 1,895 64 137 10.61% 81 4 28 39.51%

 

Information is taken from ARMLS, TARMLS, WARDEX, GV/SAH MLS, PAAR MLS & White Mntns MLS on 12/16/09 and includes All Residential Actives, all dwelling types. Solds are for the period 11/15/09 – 12/15/09. REOs are Foreclosures (Real Estate Owned)

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Recent Blog Posts

Tucson Short Sales – Part 5 – End Game Short Sales

This is the fifth and final installment in my Tucson Short Sales series.  I would suggest reading part one (Tucson Short Sales – Part 1 – What are Short Sales?) part two (Tucson Short Sales – Part 2 – I’m Ready to Short Sale My Home.. What Are The Repercussions?)  part three (Tucson Short Sales – Part 3 – How to Short Sale My Home) and part four (Tucson Short Sales – Part 4 – The Offer is in to the Bank) before reading this article.

Once your purchase package has been submitted to the bank it will typically pass through several levels before reaching someone who has the actual authority to make a decision on the offer.

endofroad 244x200 Tucson Short Sales   Part 5   End Game Short SalesLarger lenders have different negotiators at each level who each have a specific task. A bottom level negotiator will typically review a package for completeness and ensure that everything is signed as required. A mid-level negotiator will typically order an appraisal or BPO on the property to find current market value and then attach that to the file and pass it on. And a high level negotiator will take all of the information provided along with the valuation of the home and render a decision.

The same process applies for smaller banks but usually one negotiator handles all of the tasks listed above.

How much will the bank accept?” is the question I am usually asked by potential clients.

You will usually hear that there is a magic formula that lenders use to decide whether or not a short sale offer is sufficient. And truthfully, there probably are. But there isn’t an industry standard that can be cited in this article that you can use to accurately gauge your chances of obtaining a short sale acceptance.

It is different for every lender and for every situation. I’ve had deals with the same lender (Bank of America) where they were willing to accept different percentage of payoffs for properties just months apart. By the time you read this article the standards will have probably changed again and they will continue to evolve for the next few years as we work our way out of this mess.

If you would like to search the Tucson MLS for Short Sale, Bank-Owned, or Foreclosure homes, search for Tucson Homes for Sale or contact me for a comprehensive list.

If you would like assistance in avoiding foreclosure feel free to contact me for a no-cost consultation.

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Surprise! You’re in a flood zone!

Housing CrisisAfter waking up this morning and having a cup of coffee I came across the following article in the LA Times while progressing through my daily news read:

 Homeowners forced to buy flood insurance after FEMA redraws maps

I had eerie flashbacks to our own situation here in Marana back in 2006 after moving into my house because .. well.. the same thing happened!

Some background to catch you up:

http://www.michaelkrotchie.com/fema-revising-flood-plain-maps-in-pima-county/
http://www.michaelkrotchie.com/marana-floodplain-issue-closer-to-being-resolved/

I find it frustrating that FEMA proposes “revised” floodplain maps without first consulting with the areas involved. In most cases the town/city/county(s) end up coming out of pocket for a private study to be performed to find out if FEMA’s assessment really is valid.

Here in Marana, most of the areas placed in the new floodplain were removed, with only a small portion being re-classified into the floodplain.

Essentially what is happening is that FEMA is playing the “better safe than sorry” card and drawing new maps to be in “danger zones” and then placing the onus on homeowners or government officials to prove them wrong. Don’t get me wrong, no one wants to be unsafe, but no one wants to suffer from the effects of being in a floodplain if they don’t have to.

(Just a brief note if you didn’t read the above articles, for federally backed mortgages (almost all of them are), flood insurance is required if you are designated to be in a floodplain.)

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Pima County Distressed Property Report Oct 12-Nov12

ACTIVE LISTINGS SHORT SALES REO % DISTRESSED SOLD LISTINGS SHORT SALES REO % DISTRESSED
By County
Maricopa County 33,892 12,477 4,148 49.05% 7,361 1,372 3,148 61.40%
Pima County 7,874 1,584 785 30.09% 1,092 106 348 41.58%
Pinal County 4,042 1,703 611 57.25% 892 155 433 65.92%
Phoenix Area
Ahwatukee-Foothills 651 240 53 45.01% 111 25 30 49.55%
Anthem 246 143 14 63.82% 69 17 17 49.28%
Apache Junction 459 124 70 42.27% 80 7 43 62.50%
Avondale 516 314 79 76.16% 189 41 100 74.60%
Buckeye 878 396 149 62.07% 250 37 141 71.20%
Chandler 1,640 745 194 57.26% 402 99 130 56.97%
Carefree-Cave Creek 606 133 37 28.05% 56 8 19 48.21%
Fountain Hills 596 101 50 25.34% 50 5 17 44.00%
Gilbert 1,782 965 163 63.30% 430 122 130 58.60%
Glendale 1,402 669 250 65.55% 456 78 233 68.20%
Goodyear 736 350 109 62.36% 188 34 81 61.17%
Mesa 3,235 1,188 430 50.02% 804 156 320 59.20%
Paradise Valley 515 56 22 15.15% 33 4 8 36.36%
Peoria 1,311 556 171 55.45% 306 67 127 63.40%
Phoenix 8,662 3,479 1,342 55.66% 2,200 342 1,128 66.82%
Queen Creek 1,189 724 118 70.82% 374 82 145 60.70%
Scottsdale 4,932 1,119 335 29.48% 567 108 155 46.38%
Sun City 1,458 111 78 12.96% 183 9 30 21.31%
Sun City West 566 25 17 7.42% 72 4 7 15.28%
Surprise 1,549 725 177 58.23% 378 80 152 61.38%
Tempe 894 244 115 40.16% 164 26 47 44.51%
Tucson Area
Central Tucson 976 120 107 23.26% 140 8 34 30.00%
East Tucson 501 110 50 31.94% 78 6 22 35.90%
North Tucson 771 62 24 11.15% 78 5 17 28.21%
Northeast Tucson 462 45 24 14.94% 46 5 10 32.61%
Northwest Tucson 2,043 385 148 26.09% 273 27 67 34.43%
South Tucson 533 220 110 61.91% 116 14 67 69.83%
Southeast Tucson 579 177 59 40.76% 95 9 26 36.84%
Southwest Tucson 623 193 111 48.80% 99 12 43 55.56%
West Tucson 437 75 56 29.98% 64 7 26 51.56%
Extended Northwest 152 20 19 25.66% 17 1 7 47.06%
Extended South 546 137 51 34.43% 76 9 23 42.11%
Extended Southwest 346 38 29 19.36% 25 4 5 36.00%
Extended West 74 13 8 28.38% 2 0 1 50.00%
All Tucson 6,155 1,256 655 31.05% 898 79 296 41.76%
Prescott MLS 2,496 276 258 21.39% 223 22 78 44.84%
Lake Havasu MLS 3,537 215 434 18.35% 354 25 191 61.02%
Green Valley MLS 918 45 25 7.63% 51 3 5 15.69%
White Mountains MLS 2,011 74 141 10.69% 110 4 30 30.91%

Information is taken from ARMLS, TARMLS, WARDEX, GV/SAH MLS, PAAR MLS & White Mntns MLS on 11/13/09 and includes All Residential Actives, all dwelling types. Solds are for the period 10/12/09 – 11/12/09. REOs are Foreclosures (Real Estate Owned)

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1351 East Fort Lowell #E, Tucson, AZ 85719 – Great Investment Opportunity

1351 East Fort Lowell #E

1351 East Fort Lowell #E

Check out this cozy, perfectly located 3Br/3ba condo located in the heart of the city.  Fabulous location near bus, shopping & UA.  Pool view from master bedroom balcony or covered patio, HOA fees include roof, exterior paint, hazard insurance, landscaping, exterior pest control. Priced to sell!

$99,500

Google Maps Link

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USDA Loosens Income Limits on No-PMI Loans

Zero-down programs are few and far between these days, but one stalwart just got an upgrade!

USDA Guaranteed Rural Development loans offer 100% financing with no monthly Private Mortgage Insurance. Seriously, did you hear me? I said NO monthly PMI.

Although income restrictions for this program are determined based on the number of people living in a household, these limits were loosened beginning April 20. Previously, the income limitations were based on the exact number of people living in the home. For example, the limit for two people was different from the limit for one person; the limit for three people was different from the limit for two people, etc.

As of April 20, however, the household income limitations are grouped into two categories: 1-4 Person Households and 5-8 Person Households. This is great news!

It means that higher income earners with fewer people in the household may be more likely to qualify.

In non high-cost counties, where 1-4 people reside in a home, the income limit will now be $70,750. In homes where 5-8 people reside, the limit is $93,400. While these figures serve as a guide, there are certain formulas to arrive at these numbers where people can earn more and still qualify.

Now just because you see the word “rural” in the program name, it doesn’t mean we’re talking farmland here.   Rural generally is defined as areas that are not densely populated and have fewer neighborhoods – but you might be surprised at how many neighborhoods qualify. To check if a home you are interested in would qualify click the link below.

Is my property eligible for USDA Guaranteed Rural Housing financing?

More buyers will have the ability to buy a home without a down payment. Also, when it comes to USDA Rural Housing loans, the seller can pay closing costs up to 6%. When you combine these benefits with the available tax credit of up to $8,000 for first time home buyers, helping more people get into the home of their dreams is suddenly a lot easier.

To learn more about how this program can help you sell more homes, and how people earning more than the limits listed above can qualify, give us a call. This is a great opportunity to increase your business and your share of the market.

Sincerely,

Anita Becker
Coldwell Banker Home Loans
(520) 730-0969

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