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.
May 5, 2009 by Tucson Realtor - Michael Krotchie · Leave a Comment
| New Listings | 147 |
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| Back on Market | 33 |
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| Price Increases | 5 |
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| Price Reductions | 107 |
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| Contingents | 89 |
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| Pendings | 40 |
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| Solds | 52 |
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| Expireds | 19 |
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| Inactives | 40 |
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April 27, 2009 by Tucson Realtor - Michael Krotchie · Leave a Comment
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.
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
April 21, 2009 by Tucson Realtor - Michael Krotchie · Leave a Comment
Prime one-acre commercial property with I-10 exposure ready to house your business! Massive 2,400 sq.ft steel warehouse built in 2006 has 400 sq.ft. of interior space steel-framed, wired, plumbed & ready to finish. Building has roll-up door,three phase power only 30 ft away and septic is already installed. Adonis Road to be put through to Tangerine soon, buy now and be part of the Marana expansion!
April 5, 2009 by Tucson Realtor - Michael Krotchie · Leave a Comment
Being a University of Arizona alumni I try to make as many sports events as I can and yesterday’s Spring Game was no exception. Expectations in Tucson are high coming off of last season’s 8-5 finish and victory over BYU (YouTube video below) at the Las Vegas Bowl and the quarterback situation for this season remains unresolved. I was hoping to see either Matt Scott or Nick Foles lock their hold on the position but it appears to still be up in the air.
Las Vegas Bowl 2008 Highlights
The weather was perfect for the scrimmage and several thousand fans showed up to support the Wildcats. I just wished the wife and I had gotten there a bit earlier as we missed the free hats they were giving out. Before the scrimmage there was a meet and greet with the team and fans lined up to get autographs from several Wildcats; I noticed the crowd around Rob “Gronk” Gronkowski was especially large and with good reason, he is probably one of the best TEs in the nation and should provide some offensive fireworks again this season.
The White team prevailed 23-21 over the Blue team and I look forward to the upcoming season, hopefully we can continue last season’s successes and make another bowl game! Below are some photos that I snapped from the stands, enjoy!
March 19, 2009 by Tucson Realtor - Michael Krotchie · 1 Comment
Just came across an article on CNN that details the release of a website designed to help homeowners see if they qualify for assistance under Obama’s foreclosure prevention program that was released two weeks ago.
Obama Housing Fix: Banks Aren’t Ready
I think the consumer website (www.makinghomeaffordable.gov) is a superb idea and for all of you homeowners who are unsure if you qualify for aid you need to check it out. There is a hotline to call with further questions and a comprehensive FAQs page that provides extensive resources. My favorite offering is the free assistance of a HUD-approved counselor to help determine your eligibility for the programs.
March 12, 2009 by Tucson Realtor - Michael Krotchie · 1 Comment
This is the second in a series of three blog articles detailing and explaining the Arizona Real Estate Purchase Contract.
I would recommend reading the first blog article first if you haven’t already: Arizona Real Estate Purchase Contract – Property and Financing Section
Sections 3, 4 and 5 of the Purchase Contract deal with Title & Escrow, Disclosures and Warranties, respectively.
Lines 89 through 114 specify the Escrow and Title company that the Buyer has elected to use during the Purchase process. Sometimes Escrow and Title are separate companies, in which case there would be two company names and two phone numbers, and other times one company handles both duties.
Section 3f discusses how the earnest money can be released in the event of a dispute between Buyer and Seller. Essentially it indemnifies the escrow company of any liability in case of such event and directs all actions to be dictated by the Purchase Contract.
Sections 3g and 3h explain who will pay for any outstanding assessments or liens against the property and 3i discusses necessary action in case of the Buyer being a foreign resident or non-resident alien.
Section 4a discussed the Seller Property and Disclosure Statement (SPDS) which is commonly referred to as the “SPUDS” by agents. The SPDS is the document where the Seller lists any and all defects/details they are aware of regarding the property. This document must be provided to the Buyer within five (5) days of Contract Acceptance which gives them time to review the document during their inspection period.
Also within five days of Contract Acceptance the Seller must provide a 5-year Insurance Claims History report to the Buyer. Section 4b is has a few purposes. First, to let the Buyer know if there were any claims to the property (fire, vandalism, plumbing issues, etc.). And second, to alert to the Buyer to the possiblity that the home may not be insurable. If the home is not insurable the Buyer will probably not qualify for most traditional lending programs.
Section 4c deals with Lead-Based Paint Disclosures and what the Seller’s obligations are to the Buyer. The Buyer also has an option to back out of the deal at this point and retain their earnest deposit.
Sections 4d and 4e deal with an Affidavit of Disclosure and the Seller’s responsibility to inform Buyer if there are any changes to the Premises or disclosures during the escrow proces.
The warranties section is a particularly important section of the Contract and many deals fall apart at this stage. The Arizona Real Estate Purchase Contract is extremely Buyer-friendly and protects them to the fullest.
Section 5a states which systems, appliances and other equipment is required to be in working condition by COE. It also specifies that Property must in the “substantially same condition” as on the date of Contract acceptance. Many Sellers think that they are not obligated to have everything in working condition to sell their home, but if this is the case, they should have the Buyer submit an As-Is Addendum that specifically waives their rights to have these warranted items in working order.
Section 5b states that Seller has disclosed all known latent defects to Buyer and that all labor/services/materials/machinery/fixtures/tools utilized in the 150 days prior to COE have been completely paid for. This section is to protect the Buyer against having to pay for items that Seller had not paid for before COE.
Section 5C is where the Buyer asserts that Buyer has disclosed to Seller anything that may affect the Buyer’s ability to close escrow. There is also a write-in section where Buyer can spell-out what verbal representations they are relying on (if any); typically this section is filled out with “NONE“.
As you can see these sections of theArizona Purchase Contract are laden with many important details and timelines. Keep in mind that this Purchase Contract is periodically updated by the Arizona Association of Realtors (AAR) and that this article is only as current as when it was written. Hopefully you come away from this article a better informed consumer!
Stay tuned for part three of the Arizona Real Estate Purchase Contract – Dissected and Explained series:
I've lived in the Old Pueblo for more than a decade and have an intimate knowledge of Tucson as well as the surrounding areas. I go hiking and traveling whenever I have a break from real estate (which isn't often enough!) and enjoy taking in an Arizona sunset while relaxing in my backyard. Read more...
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