Short Sale My Queen Creek Home: July 2008

Your dollar is doing well, and with Arizona real estate, it is definitely a buyer's market.

Maybe you have a client looking for an investment property, a winter (snowbird) home or you or your client are looking for a home to retire in.

I specialize in helping Canadians find just the right property in Arizona....and I pay a 25% referral fee to other agents, and that includes Canadian Agents!

Welcome Canadians to Arizona!

You may have heard the stories about the AZ Real Estate market being in a slight recession. Much of what you may have heard is true. The good news is that only sellers of homes are negatively affected. Buyers are in the driver's seat! The Arizona/Phoenix Market offers a plethora of choices which will open your eyes to the incredible buying power of the Canadian dollar, and give you insight into why so many of your friends and family are now Canadians buying Real Estate in the US.

The Valley offers homes for many different Canadian lifestyles.

• Affordable houses under $150,000 (1000-2000 sqft new ones!!!) with golf/resort style amenities
• Gated and/or 55+ communities with golf/resort style amenities!
• Townhomes & Condos perfect for Canadian snowbirds
• Multimillion dollar palaces built on the side of a mountain, surrounded by saguaro cactus.
• Homes on golf courses which allow our Canadian snowbirds to be able to tee off from their back yard

The pictures above are of a masterplanned community where you can purchase a 2000+sf home with a CASITA and 3 Car Garage that backs right onto that beautiful golf course....for less than $300,000!

Canadians buying US Real Estate are enjoying the weather, and are especially impressed with the value of the homes. Many canadians in arizona tell me that the same homes that we find for $250,000 now would go for $750,000 in Canada. Canadians in Arizona love the fact that they can play golf on any one of Phoenix's hundreds of courses in the dead of winter. One of the major draws for our Canadian neighbors is the 300 days of sunshine in Arizona. A wise man once said "You never have to shovel Sunshine!"

There are several choices to make when a Canadian is buying US Real Estate:

Foreclosures and New Builds are priced so well right now, it would be insane to overlook either of these options. Generally many resale homes are priced above market value

Short sales in AZ are overrated because of the 4-6+ week response time on the offer. Many Canadians buying US Real Estate have made a decision, and are ready to move on it. Generally, the new build homes are complete with warranties, but foreclosures and short sales are sold as-is. When Canadians in Arizona come to visit, they don't want to wait 4 weeks until they are back in Canada to find out their offer was not accepted.

It is better to put in several different offers on distressed foreclosures, in the time it would take to get a response on just one short sale.

We can provide loans to Canadian citizens for 2^nd / Vacation Homes in Arizona

With a minimum 25% down payment and documentable income and assets.  The loans are 30 Year Fixed and the rates are currently around 6.25%.  Below is the information that we collect for Canadian loans.  

• Most recent 2 years T-4's
• Self Employed (YTD P/L and Balance Sheet)
• Most recent 30 days paystubs
• All pages of most recent 2 months bank statements (cannot be internet printouts unless they show your full name and full account #)
• All pages of most recent  RSP statements (cannot be internet printouts unless they show your full name and full account#)
• Clear Copy of your Passports
• We run an international credit report.  The report will need to list 4 accounts.  If 4 accounts do not register we'll need a letter(s) from creditors confirming on time payments to meet the minimum of 4.
• All pages/schedules of your most recent 2 years federal tax returns. 

Please keep in mind that there is never a fee to use a buyer's Realtor in the US. I am sure this is similar in Canada. The seller or builder will pay my fees.....and I will pay you a referral! Why not get some information on the housing market and help your client become a Canadian in Arizona?

         2008          

This is the year to BUY 

your NEW HOME in Arizona!

From the low 100,000's....

Grand Opening Opportunities and Resort Style Amenities

Come Stay and Play for a few days!

Vacation Getaway  Experience Sun City Anthem first-hand     at your leisure. 3 night stay packages Stay in an actual home Complimentary Golf Cart for your use Participate in community & club events Play golf like a resident Lounge by the resort-style pool

be a VIP Guest and experience all that Sun City Anthem has to offer. Stay in a fully furnished model home which comes complete with your own golf cart for touring the community.  at the Union Center complete with fitness center, craft hobby rooms, social hall, yoga & spinning classes, cyber cafe with wireless internet, indoor walking track, resort-style indoor and outdoor pools and more. Enjoy Arizona's beautiful outdoors at our pickle ball courts, horseshoe pits, bocce ball courts, and a practice putting green. at the the Poston Butte Golf Club, Anthem's golf course, professionally managed by Troon Golf, the best in the world in golf course management. at the ASU Lifelong Learning Center: Tour the high-tech computer center, state-of-the-art lecture hall, video conferencing and program regular semester classes.

With the Vacation Getaways at Sun City Anthem, you now have the opportunity to experience a Sun City first hand with no limitations.

Call Jessica at 602-677-7977

and make a reservation (the rates are phenomenal!) or to learn how you can become the newest member of this exclusive community!

Anthem at Merrill Ranch is the next generation in the premier master planned communities located approximately 30 minutes south of US 60/E of I-10, off of Hunt Highway in the beautiful Sonoran Desert.

With a vibrant resort-style feel to the community and similar amenities to its predecessor in the North Valley, the new Anthem at Merrill Ranch in the East Valley will feature:

At Parkside (All Ages)

43,000-square foot community center
Big Splash Water Park
Soccer and baseball fields
Catch-and-release fishing lake
Extensive trail system
Ramadas and picnic areas
32-foot rock climbing wall
Aquatic center
Tennis center
Poston Butte Golf Club
Anthem K-8 School

                                                   view slideshow of Parkside amenties below:

                                                

   at Sun City Anthem Merrill Ranch (age restricted 55+) 

                                                      48,000 square foot recreation center featuring:

• State-of-the art fitness and wellness center
• Resort style indoor and outdoor pools
• Indoor walking track
• Yoga and group fitness studio
• Massage rooms
• Arizona State University Lifelong Learning Academy
• Arts & Crafts rooms
• Social hall and demonstration kitchen
• Cyber cafe with wireless internet
• Expansive patio with views of the lake and Poston Butte Golf Club

view slideshow of Sun City amenties below:

1. How do you think the banks will be or are starting to handle the short sales that are not hardship cases, but folks simply walking away from a loss of equity that could take 10 years to recover?

2. I realize that the MI companies have a lot to do with the ultimate decision, but isn't it still in the bank's best interest to take the short sale if the home is being sold at or near market value? 

3. Why, why why do the banks even care if there is a hardship if the owner is walking away, regardless of their financial status? They basically have two choices....take the short sale or take the foreclosure.

I currently have 4 short sale listings, all in the early stages, and would love to hear from the Short Sale Agents how their experiences have been with the following lenders.  Any tips/tricks/advice that may help with my success?

Chase, CitiMortgage, Wilshire, and HomEq servicer for EquiFirst

Thanks, your feedback is appreciated!

Friday was a Bad, Bad day.  I just recently found out that Wachovia doesn't want to fund my well qualified Canadian buyer's loan with FIFTY PERCENT DOWN in the thriving community of Anthem at Merrill Ranch in Florence (That's right, I said 50%). The property she was under contract to purchase was a beautiful 3600 sf home with a 3 Car garage, granite, 25k in flooring, corner wash lot, in Anthem at Merrill Ranch, for $197k! Does the bank really think the value of this home could drop to $100k? I just don't get it.

If anyone has had experience with getting these banks/servicing companies to refund the deposit, even though they technically have the right to keep it, I am all ears. HEELLLLLLLLLLLLPPPP!!! In this case it is actually Select Portfolio Servicing (for Wells Fargo).

Here is the email I sent to the seller's agent:

Hello Jim,

I just received notice that your client does not want to refund my buyer's $5000 earnest deposit, per the 15 day loan commitment period specified in the paperwork.  I don't know if there is much you can do to help, but I would truly appreciate it if you could forward this along.

Please, I am earnestly requesting your client to reconsider. My client entered into this transaction in good faith, with every intention of closing escrow.  The loan decline was completely out of my client's control, and was not determined until after the appraisal was received, when it was determined that the property was categorized as  "excessive risk".  On June 20^th, upon contract acceptance, we even did further due diligence and specifically confirmed with the lender that they would lend against this particular property.  We were told that, for the Anthem at Merrill Ranch area, which is in Pinal County, they will lend up to 55%.  As a matter of fact, my client is completely approved to make a purchase, just not on the particular property in question. 

I realize that my client agreed to your client's written terms, but please consider that 15 days is an extremely short period of time to expect a buyer to have all conditions removed and be ready to close escrow, considering that most escrows involving financing take at least 30 days to complete. 

Please also consider that the Arizona Residential Resale Real Estate Purchase Contract terms state that the buyer is entitled to a return of the earnest money if, after diligent and good faith effort, buyer is unable to obtain loan approval without conditions by COE date.  It also states that buyer's obligation to complete this sale is contingent upon an appraisal of the premises by an appraiser acceptable to lender for at least the sales price.   It continues to state that If the premises fails to appraise for the sales price, buyer has five (5) days after notice of the appraised value to cancel this contract and receive a refund of the earnest money. This property did NOT appraise at the full sales price.

My client has done nothing wrong.  Both the appraisal and loan approval are issues with this transaction.  She diligently pursued the loan commitment and gave her best efforts. I advised you immediately upon notice from Wachovia that they would not lend against the property in question.  I am begging you to take all the facts into consideration, and reconsider your decision to refund my buyer's deposit.  She wants to purchase another property, and it could be your client's.  It's the right thing to do.  Thank you for your time and consideration,

Jessica Sulliman

Ashby Realty Group, LLC