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.
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)
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!
Contact me for more information about this property
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!
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.
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.
Sections 3, 4 and 5 of the Purchase Contract deal with Title & Escrow, Disclosures and Warranties, respectively.
Section 3 – Title & Escrow
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 4 – Disclosures
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.
Section 5 – Warranties
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!
The Tucson Association of Realtors released their February 2009 MLS Statistics today and it paints an encouraging (if bland) analysis of MLS activity last month.
Here are the main highlights from the report:
When comparing this year to ‘08 we see very moderate declines and a big improvement over the January comparison… This leveling off indicates we are experiencing more predictable activity and less drama.
The median sales price is now $178,000, 11% lower than last year but remarkably close to the ‘05 median sales price of $186,500. It appears that realistic pricing is a strategy that’s taking hold.
Our current listing inventory counts are very encouraging. We now have 7,532 active listings as opposed to February ‘08 when we had 9,168. That’s a 17.84% reduction and if you compare it to the mere .75% drop in sales you can see that we’re gaining ground.
The bottom line is that it was a pretty boring month. Which, in this market, is good news (funny how that works isn’t it?).
February 2009 Absorption Rate
Current Absorption Rate for the Tucson market stands at 11.4 months.
“Absorption Rates” means the average number of homes sold per month over a particular period of time. It is a solid indication of market conditions and predicting how long a property may be on the market before being sold.
At 11.4 months the absorption rate for February 2009 is an improvement over the 13 month absorption rate we saw in January.
What constitutes a Buyers Market, a Sellers Market and a Neutral Market?
The amount of inventory determines market sway. A “Neutral Market” is 6 months of inventory. Anything less than that is a “Sellers Market”, and conversely, an inventory of more than 6 months is a “Buyers Market.”
Tucson still is in the throes of a Buyer’s market but appears to be on the path to recovery. As I wrote in my January 2009 MLS Statistics post last month I think the Tucson market will continue to remain relatively anemic until mid-summer when things will being to actually pick up.
There it is folks, Tucson MLS Statistics for February 2009. To view the full report click here.
And for those of you who are wondering what the jousting image at the top of this post has to do with MLS statistics, the answer is.. nothing. BUT, the Arizona Renaissance Festival is in full swing and if you have a chance I would recommend stopping by!
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...
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. 
